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HumaScan Inc. Reports Second Quarter Results
Thursday, August 14, 1997 08:43 AM ET
CRANFORD, N.J. -- HumaScan Inc. (Nasdaq: HMSC), the manufacturer and marketer of the
BreastAlert(TM) Differential Temperature Sensor ("DTS"), an adjunctive medical screening device
for the early detection of breast disease, today announced results for the quarter ended June 30,
1997.
The Company reported a net loss of $831,700, or $0.11 per share, for the second quarter of 1997
compared to a net loss of $418,700, or $0.08 per share, in the second quarter of 1996. The
weighted average number of common shares outstanding for the quarter increased to 7,720,313 from
5,124,926 in the prior year's second quarter, due to a private placement in May 1996 and the
Company's initial public offering in August 1996.
The increased loss for the quarter was primarily related to planned increases in staffing, overhead
levels, continued development costs for manufacturing, and marketing.
"We have made significant progress in refining the manufacturing process and, consistent with our
June 12th release, we anticipate that the initial introduction of the BreastAlert DTS will occur in
December 1997," said Donald Brounstein, President and Chief Executive Officer of HumaScan. "We
expect the manufacturing refinements to enable us to consistently manufacture a reliable and quality
product."
For the six months ended June 30, 1997, the Company reported a net loss of $1,435,300, or $0.19
per share, compared to a net loss of $657,000, or $0.14 per share, in 1996. The weighted average
number of common shares outstanding for the period increased to 7,720,313 from 4,725,822 due to
a private placement in May 1996 and the Company's initial public offering in August 1996.
The BreastAlert DTS is a non-invasive, adjunctive screening device for the early detection of breast
disease, to be used by primary care physicians, gynecologists and other medical specialists. It is used
to detect temperature differences between breasts which may indicate the presence of breast disease,
including breast cancer, at the time of clinical breast examination.
This release contains forward-looking information, including statements
regarding the positive impact that this adjunctive product may have in
assisting physicians in early detection of breast disease in women.
Additional information on factors that could potentially affect the
Company's financial results may be found in the Company's filings with the
Securities and Exchange Commission. To receive additional information on
HumaScan Inc., via fax, at no charge,
dial 1-800-PRO-INFO and enter code HMSC.
HumaScan Inc.
Summary Financial Data
Three Months Ended Six Months Ended
June 30, June 30,
Statement of Operations 1997 1996 1997 1996
Data:
Interest Income $160,800 $1,900 $321,000 $3,100
Operating expenses 992,500 420,600 1,756,300 660,100
Net loss $(831,700) $(418,700) $(1,435,300) $(657,000)
Net loss per common
share $ (0.11) $ (0.08) $ (0.19) $ (0.14)
Shares used in
computing net loss
per share 7,720,313 5,124,926 7,720,313 4,725,822
Balance Sheet Data: June 30, December 31,
1997 1996
Cash, cash equivalents and investments $10,693,600 $12,509,500
Working capital $ 9,539,400 $11,200,300
Total assets $12,805,200 $14,469,000
Total current liabilities $ 1,201,000 $ 1,424,800
Long-term debt, less current portion $ 31,000 $ 35,700
Total stockholders' equity $11,573,200 $13,008,500
/CONTACT: Kenneth Hollander, Chief Financial Officer of HumaScan, 908-709-3434; or Alison
Ziegler, General Info., Brian Gill, Analyst Info., or Deanne Eagle, Media Info., all of The Financial
Relations Board, 212-661-8030/
Quote for referenced ticker symbols: HMSC
c 1997, PR Newswire
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