InforMax Announces Second Quarter Revenue and Net Loss Per Share Results
BETHESDA, Md.--(BUSINESS WIRE)--August 1, 2001--InforMax, Inc. announced today that for the second quarter ended June 30, 2001, it had revenues of $ 7.6 million, representing an increase of 129% over the $3.3 million achieved for the same period last year, and total bookings of $ 8.4 million, representing an increase of 72% over the same period last year.
The revenue performance is stronger than the Company's previous guidance of $7.0 million for the second quarter. "Bookings" represents the total face amount of contracted sales of Company products and services in the period.
The Company also reported a net loss per share for the second quarter, excluding certain non-cash charges related to stock based compensation, of $(0.16), compared to a net loss per share of $(0.51) for the same period last year. This net loss per share is better than the Company's previous guidance of $(0.18).
Including these non-cash charges, the Company had a second quarter net loss per share of $(0.17) compared to a net loss per share of
(0.59) for the second quarter of 2000.
For the six months ended June 30, 2001, the Company had revenues of $14.2 million, representing an increase of 117% over the $6.5 million achieved for the same period last year, and total bookings of $15.5 million, representing an increase of 72% over the same period last year.
Excluding certain non-cash charges related to stock based compensation, the Company reported a net loss per share for the six months ended June 30, 2001 of $(0.35), compared to a net loss per share of $(0.97) for the same period in 2000.
Including these non-cash charges, the Company had a net loss per share of $(0.38) for the six months ended June 30, 2001 compared to a net loss per share of $(1.18) for the same period last year.
The Company's net loss per share in the second quarter ended June 30, 2001, reported above, is based on weighted average common shares outstanding of 22,474,514. This amount has increased by approximately two million shares from the first quarter of 2001.
Excluding the impact of this increase in weighted average common shares outstanding, the Company's net loss per share, excluding certain non-cash charges, would have been $(0.17) for the second quarter, which is still better than the Company's guidance of $(0.18) on a comparable basis. For the six months ended June 30, 2001, the net loss per share, excluding certain non-cash charges, would have been
(0.39).
InforMax also stated that it continues to feel comfortable that it will meet its previous guidance for revenue estimates for the fiscal year 2001 of $32 million. The Company now estimates a net loss per share for the year, excluding non-cash charges, in the range of
(0.54) to $(0.60).
This estimate is based on projected weighted average common shares outstanding for the full-year of 22.9 million. Based on the weighted average common shares previously projected for the full year 2001 of 20.7 million, the forecasted net loss per share would be $(0.60) to
(0.66). This is an improvement versus the Company's previously forecasted range of $(0.62) to $(0.68) net loss per share.
Alex Titomirov, Ph.D., Chairman and Chief Executive Officer, emphasized that the Company continues to be optimistic about its sales pipeline, the strength of the bioinformatics software market and its expectation of achieving profitability by the fourth quarter of 2002. "Our second quarter revenue and total bookings results represent record levels for InforMax and serve to highlight the continued strength of both GenoMax, our enterprise bioinformatics platform, and Vector NTI Suite for the desktop," said Titomirov. "During the second quarter, we added four new customers for GenoMax with orders averaging $1,046,000, compared to $545,000 in the first quarter of 2001 and $377,000 in the fourth quarter of 2000. This significant increase includes the largest single transaction that InforMax has ever completed as well as the first sale of BioRS, an integration and retrieval system for handling large amounts of genomic data, which InforMax sells as part of an exclusive distribution agreement with BioMax Informatics AG. These transactions, combined with continued strong revenue growth momentum from Vector NTI, reflect our Company's growing success in selling our broad suite of enterprise and desktop software applications."
"Looking forward," said Titomirov, "we plan to continue to build on our leadership position in the growing markets for the enterprise and desktop bioinformatics software solutions. InforMax is best positioned in the industry to become the 'partner of choice' with the scientific community in both the private, academic and public sectors, as well as with other companies looking to establish a commercial foothold in the genomics and proteomics sectors. We look to become the leading supplier of the key enabling technology to identify and validate biological targets as part of the drug discovery process. We have a strong management team in place and continue to build our R&D and sales talent to lead our anticipated accelerated growth plans for the Company. Given our strong balance sheet, with a cash position of over $70 million, combined with a broad and diverse customer base, we plan to move aggressively during the balance of 2001 to execute our strategy and grow our business through releasing new products, establishing alliances with other major players in the life sciences sector and developing our professional services business line. In addition, as our better than anticipated net loss per share results in the second quarter reflect, our bottom line performance is benefiting from the organization's strong focus on cost management and leveraging our overhead and technical infrastructure as we ramp up revenues." |
