Aurora Biosciences Reports Financial Results for Second Quarter 2000;Third Consecutive Profitable Quarter
--From AOL. Not in the best format. I'll look for something better.-- Cooters
SAN DIEGO, July 31 /PRNewswire/ -- Aurora Biosciences Corporation (Nasdaq: ABSC) today announced financial results for the second quarter ended June 30, 2000. Net income for the second quarter 2000 was $4.2 million, or $0.19 per share on a diluted basis, compared to a net loss of $0.4 million, or $0.03 per share, for the second quarter 1999. Revenue increased 34% to $17.5 million for the second quarter 2000 compared to $13.0 million for the second quarter 1999.
For the six-month period ended June 30, 2000, net income was $4.3 million, or $0.20 per share on a diluted basis, compared to a net loss of $4.9 million, or $0.29 per share, for the same period in 1999. Revenue increased 55% to $30.3 million for the six-month period compared to $19.6 million for the same period in 1999.
"We continue to be pleased with the growth of our core businesses. Our top-line growth was strong, and we increased our cash position by $2.2 million, to over $107 million," commented Stuart J.M. Collinson, Ph.D, Aurora's chairman, chief executive officer and president. "We believe that Aurora is well positioned to capitalize on the opportunities that have been created through the sequencing of the human genome. We intend to leverage our formidable technological assets such as the UHTSS(TM) Platform, proprietary fluorescence assays, ion channel technology and functional genomics initiatives to take the science of drug discovery to the next level."
The revenue growth in the second quarter resulted from a new ion channel discovery collaboration with Johnson and Johnson and our continuing collaborations with Pfizer, American Home Products and Glaxo Wellcome. Cost of revenue increased due to the growth in revenue and other expenses increased with the overall growth of the company. Net interest and other income increased significantly due to increased cash and investments resulting from a $71 million private placement of common stock in February 2000. Also contributing to the increase in other income was the recognition of a gain of $1.7 million from the sale of shares of Cytovia, Inc. to Maxim Pharmaceuticals.
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, Eli Lilly & Co., Glaxo Wellcome, Genentech, Inc., Johnson & Johnson, 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, and subsequent Forms 10-Q, 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
AURORA BIOSCIENCES CORPORATION
SELECTED FINANCIAL DATA
(In thousands, except per share amounts)
Statement of
Operations data: Quarters ended Six months ended
June 30, June 30,
2000 1999 2000 1999
(Unaudited) (Unaudited)
Revenue $17,529 $13,042 $30,329 $19,561
Operating expenses:
Cost of revenue 9,172 7,241 16,976 13,167
Research and
development 3,393 3,213 6,012 6,065
Selling, general
and administrative 3,835 3,191 7,102 5,565
Total operating
expenses 16,400 13,645 30,090 24,797
Interest and
other, net 3,343 170 4,261 379
Income (loss)
before taxes 4,472 (433) 4,500 (4,857)
Income taxes (240) -- (240) --
Net income (loss) $4,232 $(433) $ 4,260 $(4,857)
Basic net income (loss)
per share $0.21 $(0.03) $0.22 $ (0.29)
Diluted net income (loss)
per share $0.19 $(0.03) $0.20 $ (0.29)
Weighted-average shares
outstanding:
Basic 19,959 16,897 19,293 16,817
Diluted 22,227 16,897 21,769 16,817
Balance Sheet data: June 30, 2000 Dec. 31, 1999
(Unaudited)
Cash, cash equivalents and investments $107,698 $36,618
Total assets 150,881 63,862
Capital lease and loan obligations,
less current portion 4,588 4,343
Accumulated deficit (17,319) (21,579)
Total stockholders' equity 121,668 40,314
SOURCE Aurora Biosciences Corporation
CO: Aurora Biosciences Corporation
ST: California
IN: MTC BIO
SU: ERN
07/31/2000 16:48 EDT prnewswire.com |
