Physiometrix Announces Third-Quarter and Nine-Month Financial
Results Momentum Continues for Company's PSA 4000 NO. BILLERICA,
Mass., Oct. 30 /PRNewswire-FirstCall/ -- Physiometrix, Inc.
announced today that revenues for the third quarter ended September
30, 2003, were $609,000, compared with revenues of $94,000 for the
same period in 2002. Revenues for the third quarter increased by
205 percent, sequentially, compared with revenues of $200,000 for
the second quarter of 2003. The net loss for the third quarter of
2003 was $(1,124,000), or a net loss of $(0.13) per share, compared
with a net loss of $(1,226,000), or a net loss of $(0.15) per
share, for the same period in 2002. For the nine months ended
September 30, 2003, revenues were $1,048,000, a 277 percent
increase compared with revenues of $278,000 for the same period in
2002. The net loss for the first nine months of 2003 was
$(3,608,000), or a net loss of $(0.43) per share, compared with a
net loss of $(4,589,000), or a net loss of $(0.54) per share, for
the same period in 2002. "We are pleased with the results of the
third quarter," said John A. Williams, president and chief
executive officer of Physiometrix. "Our technology continues to
gain traction in the marketplace, as was evidenced by strong
interest at our booth at the recent American Society of
Anesthesiologists meeting in San Francisco." "We recently announced
that our partner, Baxter Healthcare, is significantly expanding its
sales coverage for our PSA 4000," said Williams. "We believe this
is a positive indicator of their belief in the promise of our
technology. Baxter is continuing its emphasis in our key, targeted
market segments." "Shipments of new PSA 4000 monitors to Baxter
began this quarter, and we had sequential growth in our array sales
as well. With continued progress in sales, we also anticipate
growth in revenues from the third quarter to the fourth," Williams
said. "The current penetration of the market for
level-of-consciousness monitoring is a very small percentage of
applicable procedures worldwide, and we believe our partner Baxter
Healthcare will be effective in capturing that potential. For
example, we are enthusiastic about the opportunity in the Intensive
Care Unit (ICU), and there are key studies both planned and
underway that we anticipate will validate the utility and economics
of the PSA 4000 opportunity and will be drivers of the
sales-and-marketing effort by Baxter," continued Williams. "No
doubt, sales execution and overall adoption rates for depth-of-
consciousness monitoring are the key issues for our company. We
believe we have by-passed many of the risks that faced us in the
past. We have FDA- cleared technology, many thousands of successful
uses in the field, and a very strong partner to gain broad
distribution. We will continue to work diligently to achieve
greater penetration for the PSA 4000 and create increased value for
our shareholders," Williams concluded. Physiometrix believes that,
based on its current cash burn rate as well as current cash
reserves and anticipated sales of PSA 4000 units during the
remainder of fiscal 2003, it will have sufficient funding and
working capital to carry it into the first quarter of next year. In
addition, Physiometrix believes that the introduction of the PSA
4000 frontal array is providing Physiometrix with an opportunity to
address the key factor affecting market acceptance of the Company's
products and will provide an opportunity for sales growth during
2003 and beyond. Physiometrix will hold a telephone conference call
to discuss third- quarter and nine-month 2003 financial results, as
well as management's comments related to the Company's business, at
11:00 A.M. (Eastern) today, October 30, 2003. The call can be
accessed at 888-243-0812. A replay of today's conference call will
be available beginning at the conclusion of today's conference call
until 11:59 P.M. (Eastern) on November 4, 2003. Replay callers in
the U.S. must dial 888-266-2081 (Passcode # 307092). Designed for
use by anesthesiologists, the PSA 4000 is a device that enables an
anesthesiologist to monitor and manage a patient's level of
consciousness under anesthesia in the operating room or intensive
care unit. The PSA 4000 has the potential to enhance patient care,
improve recovery times and save lives in hospitals across the U.S.
and around the world. Physiometrix Inc. designs, manufactures and
markets noninvasive medical products -- based on novel gel
materials, sophisticated signal-processing electronics
technologies, and proprietary software -- for use in anesthesia-
monitoring during surgical procedures. Safe Harbor Statement
Statements in this press release regarding Physiometrix's growth
and future business results of the Company are "forward-looking"
statements as defined in the Private Securities Litigation Reform
Act of 1995. Such statements are based upon management's current
expectations and are subject to a number of factors and
uncertainties. Information contained in these forward-looking
statements is inherently uncertain, and actual performance and
results may differ materially due to many important factors. Such
factors that could cause actual results to differ materially from
any forward-looking statements made by the Company include, among
others, revenue estimates, dependence on existing and future
products, uncertainty of market acceptance, intense competition,
partnership agreements, and government regulations, especially
regulatory approvals. Other relevant risks are described in the
Company's Form 10-K filed March 28, 2003 and Form 10Q and 10Q/A
dated August 7 and 28, 2003, respectively with the SEC. CONTACT:
Daniel W. Muehl, CFO, Physiometrix Inc., 978-670-2422 - Financial
Tables to Follow - Physiometrix, Inc. Condensed Statements of
Operations (Unaudited) Three Months Ended Nine Months Ended
September 30 September 30 2003 2002 2003 2002 Revenues $609,095
$94,023 $1,048,363 $277,623 Costs and expenses: Cost of goods sold
657,332 244,530 1,328,578 782,010 Research and development 391,822
419,073 1,189,246 1,921,288 Selling, general, and administrative
685,731 681,633 2,156,304 2,264,514 1,734,885 1,345,236 4,674,128
4,967,812 Operating loss (1,125,790) (1,251,213) (3,625,765)
(4,690,189) Interest income, net 1,537 24,973 17,614 101,030 Net
loss $(1,124,253) $(1,226,240) $(3,608,151) $(4,589,159) Net loss
per share $(0.13) $(0.15) $(0.43) $(0.54) Shares used in computing
Net loss per share 8,422,994 8,422,994 8,422,994 8,422,415
Physiometrix, Inc. Condensed Balance Sheets (Unaudited) September
30 December 31 2003 2002 ASSETS Current assets: Cash, cash
equivalents and short term investments $634,655 $3,933,917 Other
current assets 1,324,795 1,506,643 Total current assets 1,959,450
5,440,560 Property, plant and equipment, net 201,426 367,451 Other
long term assets - - Total assets $2,160,876 $ 5,808,011
LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts
payable and accrued expenses $360,337 $459,726 Total current
liabilities 360,337 459,726 Total stockholders' equity 1,800,539
5,348,285 Total liabilities and stockholders' equity $2,160,876 $
5,808,011 DATASOURCE: Physiometrix, Inc. CONTACT: Daniel W. Muehl,
CFO of Physiometrix Inc., +1-978-670-2422 Web site:
http://physiometrix.com/
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