XGEN misses by 6 cents on revenue miss of $600K:
>>ALAMEDA, Calif., Nov. 3 /PRNewswire-FirstCall/ -- Xenogen Corporation (Nasdaq: XGEN - News), maker of advanced imaging systems including instruments, biological solutions and software designed to accelerate drug discovery and development, today reported financial results for the 2005 third quarter and nine months ended September 30, 2005.
Total revenue for the third quarter of 2005 was $8.7 million, a 30% increase over 2004 third quarter revenue of $6.7 million. The increase resulted primarily from increased sales of IVIS System units and the associated licensing fees. IVIS System sales and licensing fees accounted for 49% and 30% of the growth, respectively. Loss from operations for the third quarter of 2005 was approximately $5.9 million, compared to a loss from operations of $5.3 million for the 2004 third quarter. Net loss for the third quarter of 2005 was $5.9 million, or a loss of $0.34 per share, compared to a net loss of $5.4 million, or a loss of $0.43 per share, for the 2004 third quarter.
"IVIS System unit sales totaled 21 in the third quarter of 2005, which includes three unit sales to commercial customers. This compares to 18 IVIS System unit sales in the third quarter last year, which included only one unit sale to a commercial customer," said David W. Carter, Chairman and Chief Executive Officer.
Total revenue for the first nine months of 2005 was $27.7 million, a 31% increase over total revenue of $21.2 million for the first nine months of 2004. The increase primarily reflects increased IVIS System unit sales and associated licensing fees. In addition, the average selling price of IVIS Systems increased 30% during the first nine months of 2005 versus the comparable period in 2004. Loss from operations for the first nine months of 2005 was approximately $14.6 million, compared to a loss from operations of $16.7 million for the comparable period in 2004. Net loss for the first nine months of 2005 was $14.8 million, or a loss of $0.94 per share, compared to a net loss of $16.8 million, or a loss of $3.48 per share, for the comparable period in 2004.
Mr. Carter continued, "Xenogen is gaining operating leverage in 2005. Through the first nine months of 2005, we have increased total revenue 31% for the year over year period while total operating expense has increased only 5% during that timeframe. With the completion of our debt transactions and equity financing last quarter, we believe we have the cash required to drive the Company to profitability."
Third-Quarter 2005 Financial Results Conference Call/Webcast
Xenogen management will host a live conference call and webcast with investors today, November 3, 2005, at 5:00 p.m. Eastern Time/2:00 p.m. Pacific Time to discuss 2005 third-quarter results and the business outlook going forward. Investors and other interested parties may access the call by dialing 800-475-3716 in the U.S. and 719-457-2728 internationally. Additionally, a live audio webcast will be available through Xenogen's website at xenogen.com . A phone replay will be available for 48 hours following the completion of the call by dialing 888-203-1112 (domestic) or 719-457-0820 (international), and entering in reservation code 251-4643. The web cast will be archived and available on the Xenogen website for 14 days.<<
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Revenues down a million sequentially, earnings off 9 cents sequentially. Sigh. Definitely a long term investment. Though I suspect the poor quarter was somewhat anticipated, it wouldn't surprise me to see new lows and buying opportunities.
Cheers, Tuck |
