ViroLogic Announces First Quarter 2001 Financial ResultsRevenue Increases 252 Percent Versus First Quarter 2000
SOUTH SAN FRANCISCO, Calif., May 9, 2001 /PRNewswire via COMTEX/ -- ViroLogic, Inc. (NASD: VLGC) today reported financial results for the first quarter ended March 31, 2001.
The company reported revenue of $3.1 million for the first quarter of 2001, a 252 percent increase over revenue of $0.9 million for the same period in 2000. Revenue from ViroLogic's flagship product, PhenoSense(TM) HIV, has steadily increased since its commercial launch in November 1999, reflecting growing physician demand for routine drug resistance testing in HIV patient care and increased use of resistance testing by pharmaceutical companies to develop more effective new antiretroviral agents.
"We are extremely pleased with the continued growth of our business in the first quarter of this year," said Bill Young, ViroLogic's Chairman and CEO. "Use of resistance testing technology is becoming a standard of care and practice among physicians and pharmaceutical companies, in large part due to recommendations and guidelines put forth by leading AIDS groups and a FDA advisory committee. Our latest market research indicates that physicians intend to use resistance testing, specifically phenotyping, more often in the future, and our increased sales reflect this growing acceptance. Also during the quarter, MediCal, the nation's largest Medicaid program, approved reimbursement of PhenoSense HIV, demonstrating growing acceptance among payers. We also entered our 10th pharmaceutical company collaboration to aid development of new antiretroviral agents; continued to expand our sales and marketing efforts nationwide; and moved new products from our pipeline closer to the market."
Operating expenses for the first quarter were $10.4 million, compared to $6.4 million for the same period in 2000. The increase in operating expenses was primarily due to continued expansion in clinical laboratory operations, research and development activities, sales and marketing activities and corporate infrastructure. Net loss for the quarter was $7.0 million, or $0.35 per share, compared to a pro-forma net loss of $5.5 million, or $0.42 per share, for the same period in 2000. The 2000 pro-forma figures exclude a deemed dividend and assume conversion of the outstanding shares of convertible preferred stock from the original date of the preferred stock issuance. In the first quarter of 2000, the Company recorded a deemed dividend to preferred stockholders of $15.7 million, which resulted from the sale of Series C preferred stock in January and February of 2000 at a price per share below the deemed fair value of the Company's stock at the time of sale of the preferred stock. The Company had $18.9 million of cash, restricted cash, and short-term investments as of March 31, 2001.
Conference Call Details
ViroLogic's first quarter 2001 financial results conference call is scheduled for today at 5:00 PM EDT. The conference call will be open to all interested parties through a real-time audio web broadcast at the ViroLogic corporate web site, virologic.com. Interested parties may also participate in the teleconference by calling 800-633-8494 or 212-346-6418 for international callers.
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