GAITHERSBURG, Md., Aug. 9 /PRNewswire-FirstCall/ -- BioVeris
Corporation (NASDAQ:BIOV) reported today the financial results for
its fiscal first quarter ended June 30, 2006, and filed its
Quarterly Report on Form 10-Q with the Securities and Exchange
Commission. BioVeris recorded revenues of $4.1 million for the
fiscal 2007 first quarter ended June 30, 2006, compared to $4.9
million in the corresponding prior year period. Revenues include
product sales of $3.6 million for the quarter ended June 30, 2006,
compared to $4.6 million in the corresponding prior year period.
Product sales in the current quarter were from $1.5 million of
biosecurity products and $2.1 million of products for the life
science market. Changes in product sales in the current quarter
reflect the change of orders and product deliveries, which are
based on customers' requirements. Product costs were $2.4 million
(66% of total product sales) for the quarter ended June 30, 2006
compared to $2.0 million (45% of total product sales) in the
corresponding prior year period. The current year increase includes
approximately $100,000 of costs incurred in connection with
detection module upgrades for certain existing customers. Product
costs also increased due to higher service costs related to
detection modules. Research and development expenses decreased to
$4.3 million for the quarter ended June 30, 2006 from $4.8 million
in the corresponding prior year period. Research and development
expenditures decreased in the current period due primarily to lower
facilities and personnel costs. Research and development expenses
primarily relate to ongoing development costs and product
enhancements associated with vaccines, the M-SERIES family of
products, development of new assays and research and development of
new systems and technologies, including point-of-care products.
Selling, general and administrative expenses were $6.2 million for
the quarter ended June 30, 2006 and $5.7 million in the
corresponding prior year period. The increase in selling, general
and administrative costs in the quarter ended June 30, 2006 was
primarily attributable to an increase in professional and outside
service costs related to continued compliance with Section 404 of
the Sarbanes-Oxley Act of 2002, compensation expense associated
with the implementation of SFAS 123R, and to fees incurred in
conjunction with the review of Roche's compliance with the
restrictions in its license to BioVeris' ECL technology. BioVeris'
net loss for the quarter ended June 30, 2006 was $7.4 million
($0.27 per common share, compared to a net loss of $6.7 million
($0.25 per common share) for the quarter ended June 30, 2005. At
June 30, 2006, BioVeris had cash, cash equivalents and short-term
investments of $61.5 million. BioVeris Corporation is a global
integrated health care company developing proprietary technologies
in diagnostics and vaccinology. The Company is dedicated to the
development and commercialization of innovative products and
services for healthcare providers, their patients and their
communities. BioVeris is headquartered in Gaithersburg, Maryland.
Further information about BioVeris is available at
http://www.bioveris.com/. This press release contains
forward-looking statements within the meaning of the federal
securities laws that relate to future events or BioVeris' future
financial performance. All statements in this press release that
are not historical facts, including any statements about
consolidation of future financial information and future financial
or operational plans are hereby identified as "forward-looking
statements." The words "may," "should," "will," "expect," "could,"
"anticipate," "believe," "estimate," "plan," "intend" and similar
expressions have been used to identify certain of the
forward-looking statements. In this press release, BioVeris has
based these forward-looking statements on management's current
expectations, estimates and projections and they are subject to a
number of risks, uncertainties and assumptions that could cause
actual results to differ materially from those described in the
forward-looking statements. Such forward-looking statements should,
therefore, be considered in light of various important factors,
including changes in BioVeris' strategy and business plans;
BioVeris' ability to develop and introduce new or enhanced
products; BioVeris' ability to enter into new collaborations on
favorable terms, if at all; and changes in general economic,
business and industry conditions. The foregoing sets forth some,
but not all, of the factors that could impact upon BioVeris'
ability to achieve results described in any forward-looking
statements. A more complete description of the risks applicable to
BioVeris is provided in the Company's filings with the SEC
available at the SEC's web site at http://www.sec.gov/. Investors
are cautioned not to place undue reliance on these forward-looking
statements. Investors also should understand that it is not
possible to predict or identify all risk factors and that neither
this list nor the factors identified in BioVeris' SEC filings
should be considered a complete statement of all potential risks
and uncertainties. BioVeris has no obligation to publicly update or
release any revisions to these forward- looking statements to
reflect events or circumstances after the date of this press
release. (Financial data follows.) BioVeris Corporation
Consolidated Statement of Operations (In thousands, except per
share data) (Unaudited) Three Months Ended June 30, June 30, 2006
2005 REVENUES: Product sales $ 3,590 $ 4,580 Royalty income 498 309
Total 4,088 4,889 OPERATING COSTS AND EXPENSES: Product costs 2,384
2,048 Research and development 4,262 4,765 Selling, general, and
administrative 6,202 5,681 Total 12,848 12,494 LOSS FROM OPERATIONS
(8,760) (7,605) INTEREST INCOME 1,201 1,318 OTHER, NET 187 (381)
NET LOSS $ (7,372) $ (6,668) Net loss per common share (basic and
diluted) $ (0.27) $ (0.25) COMMON SHARES OUTSTANDING (basic and
diluted) 26,880 26,728 BioVeris Corporation Consolidated Balance
Sheets (In thousands) (Unaudited) June 30, March 31, 2006 2006
ASSETS CURRENT ASSETS: Cash and cash equivalents $ 37,266 $ 29,693
Short-term investments 24,226 39,938 Accounts receivable, net 2,920
3,360 Inventory, net 6,476 5,429 Other current assets 2,329 2,508
Total current assets 73,217 80,928 Equipment and leasehold
improvements, net 3,340 3,456 OTHER NONCURRENT ASSETS: Note
receivable, net 5,857 5,666 Technology licenses 14,869 15,356 Other
447 447 TOTAL ASSETS $ 97,730 $ 105,853 LIABILITIES AND
STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable and
accrued expenses $ 5,055 $ 5,362 Accrued wages and benefits 1,267
1,862 Other current liabilities 1,739 1,520 Total current
liabilities 8,061 8,744 NONCURRENT DEFERRED LIABILITIES 135 546
Total liabilities 8,196 9,290 SERIES B PREFERRED STOCK, 1,000
shares designated, issued and outstanding 7,500 7,500 STOCKHOLDERS'
EQUITY: Preferred stock, par value $0.01 per share, 15,000,000
shares authorized, issuable in series: Series A, 600,000 shares
designated, none issued - - Common stock, par value $0.001 per
share, 100,000,000 shares authorized, 27,239,000 and 27,238,000
shares issued and outstanding at June 30, 2006 and March 31, 2006,
respectively 27 27 Additional paid-in capital 204,593 205,997
Deferred compensation - (1,688) Accumulated other comprehensive
loss (47) (128) Accumulated deficit (122,539) (115,145) Total
stockholders' equity 82,034 89,063 TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 97,730 $ 105,853 DATASOURCE: BioVeris
Corporation CONTACT: George Migausky of BioVeris Corporation,
+1-301-869-9800, ext. 2013; or investors: Jonathan Fassberg of The
Trout Group, +1-212-477-9007, ext. 16; or media: Paul Caminiti or
Andrew Cole of Citigate Sard Verbinnen, +1-212-687-8080 Web site:
http://www.bioveris.com/
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