GAITHERSBURG, Md., Feb. 6 /PRNewswire-FirstCall/ -- BioVeris
Corporation (NASDAQ:BIOV) reported today the financial results for
its fiscal third quarter ended December 31, 2006. BioVeris recorded
revenues of $9.1 million for the fiscal 2007 third quarter ended
December 31, 2006, compared to $5.5 million in the corresponding
prior year period. Revenues for the nine months ended December 31,
2006 were $18.7 million, compared to $16.5 million in the
corresponding prior year period. Revenues include product sales,
which were $5.6 million for the three months ended December 31,
2006, compared to $5.1 million in the corresponding prior year
period. Product sales were $14.1 million for the nine months ended
December 31, 2006, compared to $15.4 million in the corresponding
prior year period. Sales of biosecurity products for the three and
nine months ended December 31, 2006 were $2.7 million and $6.3
million, respectively, compared to $1.8 million and $7.2 million in
the respective prior year periods. Sales of products for the life
science market for the three and nine months ended December 31,
2006 were $2.9 million and $7.8 million, respectively, compared to
$3.3 million and $8.2 million in the respective prior year periods.
These changes in product sales reflect the change of orders and
product deliveries which are based on customers' requirements.
During the three months ended December 31, 2006, BioVeris also
received and recognized as revenue, a $2.8 million payment from
Roche Diagnostics, an operating division of F. Hoffman LaRoche Ltd
(Roche). This payment represents Roche's unilateral, preliminary
calculation of amounts owed to BioVeris for Roche's sales to
certain customers in 2004 that were outside Roche's licensed field,
under a license agreement between the parties. BioVeris has
notified Roche that the $2.8 million payment does not represent
full satisfaction of Roche's obligations for 2004 out-of-field
sales and BioVeris has expressly reserved all rights to seek
additional payments. Additionally, BioVeris does not believe that
this payment is indicative of amounts that will be owed for years
after 2004. Product costs were $2.2 million (39% of total product
sales) for the quarter ended December 31, 2006 compared to $2.5
million (49% of total product sales) in the corresponding prior
year period. Product costs were $7.9 million (56% of total product
sales) for the nine months ended December 31, 2006 compared to $6.6
million (43% of total product sales) in the corresponding prior
year period. The current year includes approximately $300,000 and
$800,000 of costs incurred during the three and nine month periods,
respectively, in connection with detection module upgrades for
certain existing customers. During the three months ended December
31, 2006, approximately $200,000 of costs associated with BioVeris'
Quality Systems Initiative (QSI), which were not clearly related to
production, were reclassified as research and development expenses.
Product costs also decreased in the current quarter by
approximately $400,000 due to higher margin reagent sales being a
larger component of the sales mix. Product costs increased in the
current nine month period due to higher service costs related to
instrumentation. Research and development expenses were $4.9
million for the quarter ended December 31, 2006, compared to $4.1
million in the corresponding prior year period. Research and
development expenses were $13.5 million for the nine months ended
December 31, 2006, compared to $13.1 million in the corresponding
prior year period. During the three months ended December 31, 2006,
approximately $200,000 of costs associated with BioVeris' QSI
project, which were not clearly related to production, were
reclassified as research and development expenses. Research and
development expenditures also increased in the current three and
nine month periods due primarily to higher facilities and
consulting 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 in
each of the quarters ended December 31, 2006 and 2005. Selling,
general and administrative expenses were $18.5 million in the nine
months ended December 31, 2006, compared to $18.8 million in the
prior year period. Changes in selling, general and administrative
costs in the quarter and nine months ended December 31, 2006 are
primarily attributable to an increase in professional fees,
including the fees of the independent field monitor reviewing
Roche's compliance with the license between Roche and BioVeris, and
the independent auditor examining the sales and accounting records
and accounts of all uses of BioVeris' technology by Roche, offset
by lower facilities costs and legal and accounting related fees.
The net loss for the quarter ended December 31, 2006 was $2.7
million ($0.10 per common share), compared to a net loss of $7.5
million ($0.28 per common share) in the corresponding prior year
period. The net loss for the nine months ended December 31, 2006
was $17.1 million ($0.64 per common share), compared to a net loss
of $20.7 million ($0.77 per common share) in the corresponding
prior year period. At December 31, 2006, the Company had cash, cash
equivalents and short- term investments of $50.0 million. BioVeris
Corporation is a global health care and biosecurity 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 future
financial information, future payments from Roche 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 Nine Months Ended
December 31, December 31, 2006 2005 2006 2005 REVENUES: Product
sales $5,583 $5,051 $14,143 $15,420 Roche payment 2,800 - 2,800 -
Royalty income 763 414 1,777 1,084 Total 9,146 5,465 18,720 16,504
OPERATING COSTS AND EXPENSES: Product costs 2,160 2,459 7,949 6,625
Research and development 4,936 4,122 13,530 13,136 Selling,
general, and administrative 6,238 6,238 18,458 18,816 Total 13,334
12,819 39,937 38,577 LOSS FROM OPERATIONS (4,188) (7,354) (21,217)
(22,073) INTEREST INCOME 1,285 116 3,742 2,684 OTHER, NET 179 (272)
350 (1,292) NET LOSS $(2,724) $(7,510) $17,125) $(20,681) Net loss
per common share (basic and diluted) $(0.10) $(0.28) $(0.64)
$(0.77) COMMON SHARES OUTSTANDING (basic and diluted) 26,959 26,841
26,923 26,793 BioVeris Corporation Consolidated Balance Sheet (In
thousands) (Unaudited) December 31, March 31, 2006 2006 ASSETS
CURRENT ASSETS: Cash and cash equivalents $ 30,969 $ 29,693
Short-term investments 19,019 39,938 Accounts receivable, net 5,248
3,360 Note receivable- current 1,405 1,230 Inventory, net 7,108
5,429 Other current assets 1,822 2,508 Total current assets 65,571
82,158 Equipment and leasehold improvements, net 3,652 3,456 OTHER
NONCURRENT ASSETS: Note receivable, net 4,836 4,436 Technology
licenses 13,894 15,356 Other 447 447 TOTAL ASSETS $ 88,400 $
105,853 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES:
Accounts payable and accrued expenses $ 5,001 $ 5,362 Accrued wages
and benefits 1,591 1,862 Other current liabilities 780 1,520 Total
current liabilities 7,372 8,744 NONCURRENT DEFERRED LIABILITIES 610
546 Total liabilities 7,982 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, 27,241,000 and 27,238,000
shares issued and outstanding at December 31, 2006 and March 31,
2006, respectively 27 27 Additional paid-in capital 205,238 205,997
Deferred compensation 0 (1,688) Accumulated other comprehensive
loss (9) (128) Accumulated deficit (132,338) (115,145) Total
stockholders' equity 72,918 89,063 TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 88,400 $ 105,853 DATASOURCE: BioVeris
Corporation CONTACT: George Migausky of BioVeris Corporation,
+1-301-869-9800, ext. 2013; Investors: Jonathan Fassberg of The
Trout Group, +1-212-477-9007, ext. 16; or Media: Paul Caminiti or
Andrew Cole of Sard Verbinnen & Co., +1-212-687-8080, all for
BioVeris Corporation Web site: http://www.bioveris.com/
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