ChemTrak reports results for 1997
BusinessWire, Tuesday, April 15, 1997 at 08:54
SUNNYVALE, Calif.--(BUSINESS WIRE)--April 15, 1997--ChemTrak
Inc. (NASDAQ:CMTR) Tuesday reported a net loss of $1,295,000
($0.11 loss per share) for the first quarter ended March 31, 1997.
Total revenues were $1,441,000 for the period, including
$608,000 in product sales. During the same three month period in
1996, the company reported a net loss of $1,496,000 ($0.15 loss per
share) on total revenues of $1,006,000, including $856,000 of
product sales.
The product revenues of $608,000 for the first quarter of 1997,
represent an increase of $165,000 or 37% over 1996 fourth quarter
product revenues, although they were $248,000, or 29%, below the
$856,000 reported for the same period in 1996, primarily due to
initial stocking orders in 1996.
"The sales growth we have seen in the first quarter can be
attributed to the beginning of the introduction of ColoCARE. The
first quarter 1996 product revenues were high due to the
re-introduction of the company's successful home cholesterol test
which is sold under ChemTrak's CholesTrak brand name," said Edward
F. Covell, president and chief executive officer of ChemTrak.
Funded research and other revenues of $833,000 included a
milestone payment from Astra Merck who will market ChemTrak's H.
Pylori test as HpChek. The company also received a license fee from
Selfcare Inc. of Waltham, Mass. for the Pan-European licensing and
distribution agreement for marketing the AWARE home HIV test system.
Marketing, general and administrative expense were higher during this
period reflecting higher advertising and direct marketing expense to
support increasing sales of CholesTrak.
"We are pleased to be able to report that product cost and
product development expenses have been kept under those of both the
first and last quarters of 1996 even during a new product launch.
This comes as a result of the focus of our new management team,"
Covell said.
ChemTrak has progressed toward its objective of becoming a
multi-product company. It continues to ship CholesTrak, and has
begun shipments of ColoCARE, a home test for the detection of the
early warning signs of colorectal disease, and of HpChek, the H.
Pylori test to its distributor, Astra Merck. While the company is
continuing to wait for FDA clearance, it anticipates launching its
AWARE home HIV test service in the United States later this year
following such clearance.
ChemTrak is a full-service personal medical diagnostics company
that develops and manufactures reliable and easy-to-use medical
testing systems. ChemTrak medical test kits are designed to screen
and diagnose health conditions with accuracy comparable to physicians
office and laboratory instrumented tests.
Except for the historical information contained herein, this
news release contains forward-looking statements that involve risks
and uncertainties. Actual results might differ materially from
these statements due to risks and uncertainties, including
determinations by the FDA, the impact of competitive product and
pricing, the timely development and acceptance of new products and
medical market conditions and other factors discussed in the
company's form 10K.
*T
CHEMTRAK INCORPORATED
SUMMARY STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(Unaudited)
First quarter ended
March 31,
1997 1996
Net revenues:
Product sales $608 $856
Funded research and other 833 150
Total revenues 1,441 1,006
Cost and expenses:
Cost of product revenues 704 731
Research and development 453 744
Marketing, general and administrative 1,623 1,094
Total costs and expenses 2,780 2,569
Operating income (loss) (1,339) (1,563)
Interest and other income 44 67
Net loss $(1,295) $(1,496)
Net loss per share $(0.11) $(0.15)
Shares used in calculating per share data 12,085 9,732
CHEMTRAK INCORPORATED
BALANCE SHEET DATA
(In thousands)
March 31, 1997 Dec. 31, 1996
Cash, cash equivalents and
short-term investments 4,069 4,692
Working capital 3,723 4,656
Property and equipment, net 2,499 2,738
Total assets 7,980 8,841
Total stockholders equity 5,180 5,030
CONTACT: ChemTrak, Sunnyvale
Donald V. Fluken, CFO
408/773-8156
or
Freeman/McCue Public Relations
714/557-3663
KEYWORD: CALIFORNIA FN
INDUSTRY KEYWORD: MEDICINE EARNINGS |
