FMRX future looks Great.................
Thursday October 16 8:00 AM EDT
FemRx Reports Third Quarter Financial Results
SUNNYVALE, Calif., Oct. 16 /PRNewswire/ -- FemRx, Inc. (Nasdaq:FMRX), a leader in the development of innovative products for gynecologic disorders, today announced financial results for the third quarter and nine months ended September 30, 1997.
Net sales for the three month period were $529,000, an increase of 31% over the second quarter of 1997. The Company reported no revenue for the same period in 1996. The net loss for the quarter was $2.9 million, or $0.33 per share on 8.8 million shares outstanding, compared to a net loss of $2.8 million, or $0.31 per share, in the third quarter of 1996.
Net sales for the nine months ended September 30, 1997 were $1.0 million; no revenue was reported for the similar period last year. The net loss for the nine months was $8.3 million, or $0.94 per share on 8.7 million shares outstanding, compared to a net loss of $6.3 million, or $0.95 per share on 6.6 million shares outstanding, for the first nine months of 1996.
''We are pleased with the progress made during the quarter on a number of fronts,'' said Andrew M. Thompson, FemRx president and chief executive officer. ''Financial results were in line with our plan. We added to our Center of Excellence program -- bringing the total number of hospitals to over 60. Two new products began commercial shipments in September, and our sales and marketing staff has been expanded to capitalize on the growing market opportunity.''
According to Thompson, the new Centers of Excellence include Columbia Woman's Hospital in Houston, Texas, and Inova Fairfax Hospital in Fairfax, Virgina. ''These are two of the finest women's hospitals in the country, and our work with them will enable significantly more women to be informed about OPERA and have access to the latest technology,'' he said.
In September, the Company initiated commercial shipments of the Diva(TM) laparoscopic morcellator and the OPERA STAR SL(R), the first hysteroscope to allow the use of safer isotonic solutions, such as normal saline. ''Diva and OPERA STAR SL enable more gynecologists to offer women procedures that are safe, effective, minimally invasive alternatives to hysterectomy,'' said Thompson.
FemRx, Inc., headquartered in Sunnyvale, Calif., has developed innovative surgical systems for the diagnosis and treatment of gynecologic disorders. FemRx's proprietary OPERA STAR(R) and Flo-Stat(TM) systems are used during a surgical intervention called OPERA(TM) (Out-Patient Endometrial Resection/Ablation) that provides a minimally invasive alternative to hysterectomy for patients suffering from abnormal uterine bleeding (AUB). The company's DIVA(TM) device, a proprietary laparoscopic morcellator, is used in surgical myomectomy as reproductive therapy (SMART(TM)) procedures to assist in the removal of fibroids. Under development is the Soprano(TM) cryo-ablation system. The company markets its products through its Center of Excellence and National Providers of Excellence programs which are partnerships between FemRx and healthcare providers aimed at increasing the awareness of the OPERA procedure through jointly sponsored patient and physician outreach and physician training. FemRx common stock is traded on the Nasdaq Stock Market under the symbol FMRX and the company's World Wide Web address is www.femrx.com.
FemRx, Inc.
Condensed Statement of Operations
(In thousands, except per share data)
(unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
1997 1996 1997 1996
Net Sales $ 529 $ -- $ 1,012 $ --
Costs and expenses
Cost of goods sold 557 -- 1,927 --
Research and development 823 1,499 2,401 3,828
Selling, general and
administrative 2,194 1,599 5,556 3,112
Total costs and expenses 3,574 3,098 9,884 6,940
Loss from operations (3,045) (3,098) (8,872) (6,940)
Interest income 186 331 658 705
Interest expense (12) (13) (36) (37)
Net loss $ (2,871) $ (2,780) $ (8,250) $(6,272)
Net loss per share $ (0.33) $ (0.31) $ (0.94) $ (0.95)
Shares used in computing net
loss per share 8,769 8,837 8,748 6,575
FemRx, Inc.
Condensed Balance Sheets
(In thousands)
Assets
September 30, December 31,
1997 1996
(unaudited) (see note below)
Current assets:
Cash and short term investments $ 11,548 $ 19,918
Accounts receivable, net 532 60
Inventories 751 340
Prepaid and other current assets 298 256
Total current assets 13,129 20,574
Property and equipment, net 1,376 1,429
Deposits and other assets 240 37
Total assets $ 14,745 $ 22,040
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable and accrued liabilities $ 2,128 $ 1,344
Current portion of capital lease obligations 158 141
Total current liabilities 2,286 1,485
Noncurrent portion of capital lease
obligations 176 272
Stockholders' equity:
Common stock 33,278 33,247
Deferred compensation (477) (696)
Accumulated deficit (20,518) (12,268)
Total stockholders' equity 12,283 20,283
Total liabilities and stockholders' equity $ 14,745 $ 22,040
NOTE: This press release contains forward-looking statements that involve risks and uncertainties that could cause actual results or events to differ materially from those in such forward-looking statements. Potential risks and uncertainties include, without limitation, those mentioned in FemRx's Form 10-K dated March 21, 1997.
For more information on FemRx via fax at no cost, dial 800-PRO-INFO (908-544-2850 outside the U.S.), ticker symbol FMRX.
SOURCE FemRx, Inc.
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