http://www.businesswire.com/news/home/20091104006458/en
Operating Loss Declines 60% and Net Loss Allocable to Common Shareholders
Decreases 82% over Third Quarter 2008 Results
PORTLAND, Ore.--(Business Wire)--
Bioject Medical Technologies Inc. (OTCBB: BJCT), a leading developer of
needle-free injection therapy systems, today announced financial results for the
third quarter of 2009.
For the quarter ended September 30, 2009, Bioject reported revenues of $1.5
million, compared to $1.7 million reported in the comparable year ago quarter.
Third quarter 2009 product sales were $1.4million compared to $1.5 million in
the third quarter of the prior year. License and technology fees for the 2009
quarter were $105,000, compared to $139,000 in the year-ago quarter. Operating
expenses for the third quarter of 2009 were $1.7 million, compared to $2.2
million in the comparable 2008 period, a 20% decrease from the year-ago period.
The Company reported a third quarter 2009 operating loss of $210,000, compared
to an operating loss of $525,000 in the prior year period, a 60% decrease.
Included in the current quarter operating loss of $210,000 is $228,000 of
non-cash charges comprised of non-cash compensation expense related to the fair
value of stock-based awards, warrants and stock funding of $65,000 and
depreciation and amortization of $163,000. The Company reported a third quarter
2009 net loss allocable to common shareholders of $187,000, compared to net loss
allocable to common shareholders of $1.1 million in the comparable year-ago
quarter. At September 30, 2009, the Company reported cash and cash equivalents
of $0.9 million.
Basic and diluted net loss per common share for the quarter ended September 30,
2009 were $0.01 per share on 17.2 million weighted average shares outstanding,
compared to a net loss of $0.07 per share on 16.0 million weighted average
shares outstanding for the same period last year.
For the nine months ended September 30, 2009, Bioject reported a net loss
allocable to common shareholders of $737,000 on revenues of $5.2 million. This
compares to a net loss allocable to common shareholders of $2.8 million on
revenues of $5.1 million for the same period last year.
Basic and diluted net loss per share for the nine months ended September 30,
2009 were $0.04 per share on 16.9 million weighted average shares outstanding
compared to a net loss of $0.18 per share on 15.7 million weighted average
shares outstanding for the comparable period last year.
"Bioject continues to carefully manage operations, delivering a 60% reduction in
operating loss for the third quarter of 2009 and a 75% reduction in operating
loss for the first nine months of 2009 as compared to the respective prior year
periods," said Ralph Makar, Bioject`s President and CEO. "Although our cash
operating loss has decreased significantly, payments on our debt obligations
have significantly impacted our cash reserves. Due to our limited financial
reserves, managing cash continues to be a priority, as well as working to grow
the business and secure new deals in a timely manner. While all of our efforts
to date have allowed us to maintain cash on hand at about the same level as at
the end of the third quarter of 2008, it is important that we secure additional
financing for the Company`s future. We believe the transaction contemplated by
the recently signed term sheet with Signet Healthcare Partners, regarding our
Series G Preferred Stock financing. will give us additional time to try to
secure financing or explore other strategic alternatives by providing Bioject
with additional capital and removing a significant amount of debt," said Mr.
Makar.
The Company will conduct a conference call to discuss third quarter results on
Thursday, November 5, 2009 at 10:00 a.m. Eastern Standard Time. Live audio of
the conference call will be available to investors, members of the news media
and the general public. To participate in the call via telephone, please dial
1-877-407-8037.
Bioject Medical Technologies Inc.,based in Portland, Oregon, is an innovative
developer and manufacturer of needle-free injection therapy systems (NFITS).
NFITS provide an empowering technology and work by forcing medication at high
speed through a tiny orifice held against the skin. This creates a fine stream
of high-pressure fluid penetrating the skin and depositing medication in the
tissue beneath. The Company is focused on developing mutually beneficial
agreements with leading pharmaceutical, biotechnology, and veterinary companies.
This press release contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995, including statements regarding
our proposed Series G Preferred Stock financing and our future success. Such
forward-looking statements involve known and unknown risks, uncertainties and
other factors that may cause the actual results, performance or achievements of
the Company, or industry results, to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking statements. Such risks, uncertainties and other factors include,
without limitation, the risk that the Company`s products will not be accepted by
the market, the risk that the Company will be unable to successfully develop and
negotiate new strategic relationships or maintain existing relationships,
uncertainties related to the time required for the Company to complete research
and development, obtain necessary clinical data and government clearances, the
risk that the Series G Preferred Stock financing does not close, the risk that
the Company will require additional financing even if the Series G Preferred
Stock financing closes, which it may not be able to secure on acceptable terms
if at all. Readers of this press release are referred to the Company`s filings
with the Securities and Exchange Commission, including the Company`s reports on
Form 10-K and Forms 10-Q for further discussions of factors that could affect
the Company`s business and its future results. Forward-looking statements are
based on the estimates and opinions of management on the date the statements are
made. The Company assumes no obligation to update forward-looking statements if
conditions or management`s estimates or opinions should change.
For more information about Bioject, visit www.bioject.com.
Bioject Medical Technologies Inc.
Condensed Consolidated Statements of Operations (Unaudited)
(In thousands, except share and per share data)
Three Months Nine Months Ended
Ended September 30, September 30,
2009 2008 2009 2008
Revenue:
Net sales of products $ 1,430 $ 1,512 $ 4,839 $ 4,569
License and technology fees 105 139 356 545
1,535 1,651 5,195 5,114
Operating expenses:
Manufacturing 1,001 1,083 3,122 3,372
Research and development 309 493 1,081 1,631
Selling, general and administrative 435 600 1,486 2,125
Total operating expenses 1,745 2,176 5,689 7,128
Operating loss (210 ) (525 ) (494 ) (2,014 )
Interest income 2 10 8 34
Interest expense (47 ) (126 ) (149 ) (454 )
Loss on extinguishment of debt - (598 ) - (598 )
Change in fair value of derivative liabilities 81 199 (65 ) 424
Loss from operations before preferred stock dividend (174 ) (1,040 ) (700 ) (2,608 )
Preferred stock dividend (13 ) (12 ) (37 ) (197 )
Net loss allocable to common shareholders $ (187 ) $ (1,052 ) $ (737 ) $ (2,805 )
Basic and diluted net loss per common share allocable to common shareholders $ (0.01 ) $ (0.07 ) $ (0.04 ) $ (0.18 )
Shares used in per share calculations 17,157,743 15,955,877 16,922,523 15,700,463
Bioject Medical Technologies Inc.
Condensed Consolidated Balance Sheet Data (Unaudited)
(In thousands)
September 30, December 31,
2009 2008
ASSETS
Current assets:
Cash and cash equivalents $ 877 $ 1,352
Accounts receivable 546 477
Inventories 941 1,007
Other 29 75
2,393 2,911
Property and equipment, net 1,196 1,609
Other assets, net 1,317 1,277
Total assets $ 4,906 $ 5,797
LIABILITIES AND
SHAREHOLDERS` EQUITY
Current liabilities:
Short-term notes payable $ 265 $ 689
Current portion of long-term debt 686 651
Accounts payable and accrued liabilities 1,247 1,353
Derivative liabilities 88 23
Deferred revenue 441 490
2,727 3,206
Long term liabilities:
Deferred revenue 1,277 1,348
Other long-term liabilities 375 310
Shareholders` equity:
Preferred stock 8,065 8,027
Common stock 114,256 113,963
Accumulated deficit (121,794 ) (121,057 )
527 933
Total liabilities and shareholders` equity $ 4,906 $ 5,797
Bioject Medical Technologies Inc.
Ralph Makar, 503-692-8001 ext. 4137
President and CEO
or
Chris Farrell, 503-692-8001 ext. 4132
Vice President of Finance
Copyright Business Wire 2009
