GAITHERSBURG, Md., June 7 /PRNewswire-FirstCall/ -- BioVeris
Corporation (NASDAQ:BIOV) reported today its financial results for
the quarter and year ended March 31, 2007 and filed its Annual
Report on Form 10-K with the Securities and Exchange Commission.
BioVeris recorded revenues of $24.1 million for the fiscal year
ended March 31, 2007, compared to $20.6 million for the last fiscal
year. Revenues for the three months ended March 31, 2007 were $5.3
million, compared to $4.1 million for the same period in 2006.
Revenues include product sales of $4.9 million and $19.0 million
during the three months and year ended March 31, 2007,
respectively, compared to $3.6 million and $19.1 million for the
same respective prior year periods. Sales of biosecurity products
for fiscal 2007 were $8.5 million, a decrease of $100,000 from the
prior year. Sales of products for the life science market were
$10.5 million for both fiscal 2007 and 2006. These product sales
reflect orders and product deliveries which are based on customers'
requirements. During the fiscal year ended March 31, 2007, 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 represented 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. As previously announced, on April 4,
2007, BioVeris and Roche Holding Ltd. entered into a merger
agreement, pursuant to which BioVeris agreed to be acquired by
Roche Holding Ltd. for $21.50 per share in cash. Product costs were
$3.1 million (64% of total product sales) for the three months
ended March 31, 2007 compared to $2.1 million (57% of total product
sales) in the corresponding prior year period. Product costs were
$11.0 million (58% of total product sales) for the year ended March
31, 2007 compared to $8.7 million (46% of total product sales) in
the corresponding prior year period. The current year increase
includes approximately $400,000 and $1.2 million of costs incurred
during the three months and year ended March 31, 2007,
respectively, in connection with detection module upgrades for
certain existing customers. Product costs also increased in fiscal
2007 by approximately $1.1 million due to lower margin instrument
sales being a larger component of the sales mix and higher service
costs related to instrumentation. Research and development expenses
were $5.0 million for the three months ended March 31, 2007 and
$4.6 million for the corresponding prior year period. Research and
development expenses increased to $18.5 million for the year ended
March 31, 2007 from $17.7 million for the corresponding prior year
period. Research and development expenditures increased in the
current year 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 $7.3 million for the three months
ended March 31, 2007 compared to $5.9 million in the corresponding
prior year period. Selling, general and administrative expenses
were $24.6 million for the year ended March 31, 2007 compared to
$24.7 million in the corresponding prior year period. Included as
selling, general and administrative expenses during fiscal 2007 was
share-based compensation expense under FAS 123R associated with our
2003 Stock Incentive Plan of approximately $600,000. These expenses
in the current year were offset by lower facilities costs and legal
and accounting related fees. Costs of $5.3 million in the current
year associated with the proposed Roche merger, disputes with Roche
over the license agreement between Roche and the Company, fees of
the independent field monitor reviewing Roche's compliance with the
license agreement between the parties, and the independent auditor
examining the sales and accounting records and accounts of all uses
of the Company's technology by Roche, are classified as Roche and
merger related costs. There were no significant similar costs in
the prior fiscal year. BioVeris' net loss for the three months
ended March 31, 2007 was $13.4 million ($0.49 per common share),
compared to a net loss of $7.2 million ($0.27 per common share) in
the corresponding prior year period. BioVeris' net loss for the
year ended March 31, 2007 was $30.5 million ($1.13 per common
share), compared to a net loss of $27.9 million ($1.04 per common
share) in the corresponding prior year period. At March 31, 2007,
the Company had cash, cash equivalents and short-term investments
of $44.0 million. BioVeris Corporation Safe Harbor 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. BioVeris Corporation Consolidated Statement of Operations
(In thousands, except per share data) (Unaudited) Three Months
Ended Twelve Months Ended March 31, March 31, 2007 2006 2007 2006
REVENUES: Product sales $ 4,815 $ 3,634 $ 18,958 $ 19,054 Roche
payment - - 2,800 - Royalty income 528 477 2,305 1,561 Total 5,343
4,111 24,063 20,615 OPERATING COSTS AND EXPENSES: Product costs
3,085 2,081 11,034 8,706 Research and development 4,989 4,559
18,518 17,695 Selling, general, and administrative 7,256 5,872
24,621 24,688 Roche and merger related costs 4,214 - 5,306 - Total
19,544 12,512 59,479 51,089 LOSS FROM OPERATIONS (14,201) (8,401)
(35,416) (30,474) INTEREST INCOME 765 1,167 4,506 3,851 OTHER, NET
74 62 424 (1,230) NET LOSS $(13,362) $ (7,172) $ (30,486) $
(27,853) Net loss per common share (basic and diluted) $ (0.50) $
(0.27) (1.13) $ (1.04) COMMON SHARES OUTSTANDING (basic and
diluted) 26,990 26,862 26,940 26,810 BioVeris Corporation
Consolidated Balance Sheets (In thousands, except share data)
(Unaudited) March 31, 2007 2006 ASSETS CURRENT ASSETS: Cash and
cash equivalents $ 17,550 $ 29,693 Short-term investments 26,428
39,938 Accounts receivable, net 4,966 3,360 Note receivable -
current 1,603 1,230 Inventory, net 6,446 5,429 Other current assets
1,524 2,508 Total current assets 58,517 82,158 Equipment and
leasehold improvements, net 3,617 3,456 OTHER NONCURRENT ASSETS:
Note receivable 4,388 4,436 Technology licenses 13,406 15,356 Other
437 447 TOTAL ASSETS $ 80,365 $ 105,853 LIABILITIES AND
STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable and
accrued expenses $ 8,177 $ 5,362 Accrued wages and benefits 3,426
1,862 Other current liabilities 603 1,520 Total current liabilities
12,206 8,744 NONCURRENT DEFERRED LIABILITIES 816 546 Total
liabilities 13,022 9,290 COMMITMENTS and CONTINGENCIES 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, 27,248,000
and 27,238,000 shares issued and outstanding 27 27 Additional
paid-in capital 205,549 205,997 Deferred compensation - (1,688)
Accumulated other comprehensive loss (5) (128) Accumulated deficit
(145,728) (115,145) Total stockholders' equity 59,843 89,063 TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY $ 80,365 $ 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,
Andrew Cole, +1-415-618-8750, or Lesley Bogdanow, +1-212-687-8080,
both of Sard Verbinnen & Co Web site: http://www.bioveris.com/
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