Aurora Biosciences Reports Doubling of Revenue for First Quarter 2000
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SAN DIEGO, April 27 /PRNewswire/ -- Aurora Biosciences Corporation (Nasdaq: ABSC) today announced financial results for the first quarter ended March 31, 2000. For the first quarter 2000, Aurora reported revenue of $12.8 million compared to revenue of $6.5 million for the first quarter 1999. Aurora also reported net income for the quarter of $28,000, or $0.00 per share, compared to a net loss of $4.4 million, or $0.26 per share, for the first quarter 1999.
Revenue for the first quarter 2000 increased 96% compared to first quarter 1999. Sales of drug discovery technologies, services and systems to new customers, primarily Pfizer, led to the increase. The Company continued to generate significant revenue from existing customers including Bristol-Myers Squibb, Lilly, Merck and Warner-Lambert. Ion channel discovery instrumentation and services for Glaxo Wellcome and American Home Products and a genomics technology license to Rigel also contributed to the increase. Cost of revenue increased in the first quarter 2000 due to the growth in revenue. Research and development expenses decreased as a result of the assignment of scientific resources to support revenue-generating programs. Aurora continues to invest in research and development programs to provide for future growth. Selling, general & administrative expenses increased primarily due to expanding the sales and marketing function. Net interest income increased with the receipt of $71 million in net proceeds from the private placement of 1.8 million shares of common stock in February 2000.
"The strong revenue growth reflects the value of our technologies to our pharmaceutical and biotechnology customers. We have expanded our relationships with existing customers and built business with new customers," said Stuart J.M. Collinson, Ph.D., Aurora's chairman, chief executive officer and president. "The additional capital raised this year brings our cash and investments balance to over $105 million. We continue to pursue our goal of industrializing drug discovery with smarter, faster discovery technologies that enable our customers to find new medicine candidates."
The Company's quarterly and annual financial performance may be subject to fluctuations depending on factors such as revenue recognized from contracts and collaborations, timing of the delivery of technologies and systems, the completion of contracted service commitments to Aurora's customers and potential future acquisitions of complimentary assets or technologies. Accordingly, revenue and operating results for prior periods may not be predictive of Aurora's future financial results.
Aurora designs, develops and commercializes advanced drug discovery technologies, services and systems to accelerate the discovery of new medicines. The Company's core technologies include a broad portfolio of proprietary fluorescence assay technologies, including its GeneBLAzer(TM) and VIPR(TM) technologies, its functional genomics GenomeScreen(TM) program, its automated master compound store, the AMCS, and its ultra-high throughput screening system (UHTSS(TM) Platform) and subsystems to miniaturize and automate drug screening and profiling assays derived from those technologies. Aurora technologies have been commercially validated by over 15 major life sciences companies and research organizations, including American Home Products, Bristol-Myers Squibb Co., Cystic Fibrosis Foundation, Glaxo Wellcome, Genentech, Inc., Eli Lilly & Co., Merck & Co., Inc., NV Organon Laboratories, Pfizer, Inc., and Warner-Lambert Company, in the form of commercialization agreements for discovery services, licenses or systems. For additional information on Aurora's services and products, please contact Sales and Marketing via email at marcom@aurorabio.com.
Statements in this press release that are not strictly historical are "forward-looking" statements which involve a high degree of risk and uncertainty. Such forward-looking statements include statements regarding future revenue, costs and profitability, continued commercialization and expansion of Aurora's research programs and customer base, and potential acquisitions and strategic opportunities. Such statements reflect corporate goals or objectives and the actual events or results may differ materially from those described in such forward-looking statements. Factors that could cause or contribute to differences include risks regarding the ability to attract additional customers; risks relating to potential strategic transactions that the Company may undertake or investments or acquisitions the Company may make; the Company's dependence on existing and future pharmaceutical and biotechnology collaborations; the Company's ability to timely complete the development, manufacture and assembly of its technologically complex UHTSS Platform and AMCS system; the Company's new and uncertain technology; the Company's dependence on patents and proprietary rights; and the development or availability of competing systems. These factors and others are more fully described in the Company's Annual Report on Form 10-K/A for the fiscal year ended December 31, 1999, as filed with the Securities and Exchange Commission. For additional corporate information, visit the Aurora website at aurorabio.com.
GeneBLAzer(TM), GenomeScreen(TM), UHTSS(TM) and VIPR(TM) are trademarks of Aurora Biosciences Corporation.
AURORA BIOSCIENCES CORPORATION
SELECTED FINANCIAL DATA
(In thousands, except per share amounts)
Statement of Operations data: Quarters ended March 31,
2000 1999
(Unaudited)
Revenue $12,800 $6,519
Operating expenses:
Cost of revenue 7,804 5,927
Research and development 2,619 2,851
Selling, general and administrative 3,267 2,374
Total operating expenses 13,690 11,152
Interest income, net 918 209
Net income (loss) $28 $(4,424)
Basic and diluted net income (loss) per share $0.00 $(0.26)
Weighted-average shares outstanding:
Basic 18,627 16,737
Diluted 21,310 16,737
Balance Sheet data: Mar. 31, 2000 Dec. 31, 1999
(Unaudited)
Cash, cash equivalents and investments $105,492 $36,618
Total assets 139,374 63,862
Capital lease and loan obligations,
less current portion 4,733 4,343
Accumulated deficit (21,551) (21,579)
Total stockholders' equity 113,791 40,314
SOURCE Aurora Biosciences Corporation
CO: Aurora Biosciences Corporation
ST: California
IN: HEA BIO
SU: ERN
04/27/2000 16:02 EDT prnewswire.com |
