Genomica Corporation Reports Financial Results for the Three and Six Months Ended June 30, 2001
BOULDER, Colo.--(BW HealthWire)--Aug. 7, 2001--Genomica Corporation (Nasdaq: GNOM - news), a leading developer of innovative software products that facilitate drug discovery and development, today announced financial results for the three and six months ended June 30, 2001.
For the second quarter, the Company posted a pro forma net loss of $3.8 million, or $0.17 per share, compared to a pro forma net loss of $2.9 million, or $0.19 per share, for the same period in 2000.
Total revenues for the second quarter were $464,000, an increase of 17% from $396,000 during the same period of 2000. The increase in revenues was primarily due to licensing fees from the LinkMapper product and consulting fees generated from Genomica's strategic alliance with Applied Biosystems.
Total operating expenses for the second quarter, excluding non-cash compensation charges, were $5.9 million, compared to $3.5 million during the same period of 2000. The increase in operating expenses reflects a 107% increase in the Company's employee base, with additions primarily in software development and sales and marketing.
Pro forma net loss for the second quarter excludes non-cash compensation charges of $2.0 million in 2001 and $4.2 million during the same period in 2000. Pro forma weighted-average common shares outstanding used to compute pro forma net loss per share takes into account the effects of an assumed conversion of the Company's preferred stock outstanding in 2000 into shares of common stock at the beginning of the reporting period, or the date of original issuance if later.
Genomica ended the quarter with cash, investments and interest receivable on investments of $115.5 million.
``We continue to focus on becoming the market leader combining software and information based on genetic variation,'' said Teresa Ayers, Chief Executive Officer of Genomica Corporation. ``The conversion of our software to the Java(TM)/Oracle® platform is progressing and is scheduled for delivery in the first quarter of next year. We have delivered two new products to the market this year, LinkMapper and Discovery Manager(TM) Select, as well as delivering our dmCORE(TM) product to Applied Biosystems, pursuant to our strategic alliance. With a solid foundation of industry-leading software solutions and $115 million in capital resources, Genomica is well positioned to seize opportunities and adapt to changes in the rapidly expanding field of genomics-based drug discovery and development.''
2001 Financial Outlook
The Company remains on track to meet the financial expectations released with the first-quarter earnings announcement on April 30, 2001. Pro forma net loss for 2001, excluding non-cash compensation charges, is expected to be in the range of $15.2 million to $16.2 million, or $0.68 to $0.73 per share.
Genomica anticipates total revenues will be in the range of $1.7 million to $2.0 million. Revenues from the sale of Discovery Manager are expected to be $1.6 million to $1.8 million for 2001. Revenues from the sale of LinkMapper are expected to be $100,000 to $125,000 for the year.
Total operating expenses, excluding non-cash compensation charges, are anticipated to be in the range of $24.8 million to $25.5 million. Excluding non-cash compensation charges, the operating expense breakdown is as follows: R&D expenses in the range of $12.9 million to $13.2 million; sales and marketing expenses in the range of $6.1 million to $6.2 million; and, general and administrative expenses in the range of $5.0 million to $5.2 million. Non-cash compensation charges are expected to remain in the $8.2 million to $8.3 million range.
Conference Call and Web Cast Scheduled for August 8, 2001, at 10:00 a.m. Eastern
Genomica will hold a conference call on August 8, 2001, at 10:00 a.m. Eastern to discuss the second-quarter results. Teresa Ayers, Chief Executive Officer, and Dan Hudspeth, Chief Financial Officer, will lead the call.
Date: Wednesday, August 8, 2001
Time: 10:00 a.m. Eastern
Conference call numbers:
Toll-free: 888/569-5033
Toll/International: 719/457-2653
Webcast: www.genomica.com
A replay of the conference call can be accessed by dialing toll-free 888/203-1112 and outside the U.S., 719/457-0820. The access code is 410296. The replay and webcast will be available through August 15, 2001.
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