Caprius, Inc. Reports Financial Results for First Quarter Ended December 31, 1997
WILMINGTON, Mass.--(BUSINESS WIRE)--Feb. 13, 1998--Caprius, Inc. (NASDAQ: CAPR - BERLIN: CAX), which was formed by the November 11, 1997 merger between Advanced NMR Systems, Inc. and Advanced Mammography Systems, Inc., today reported results for the first quarter ended December 31, 1997.
Caprius announced a net loss of $8,737,468, equal to $1.45 per share, for the first quarter 1998. The net loss includes a non-recurring/non cash charge of $7,168,647 related to the write-off of the value of research and development purchased in the merger. On a pro-forma basis adjusting for the purchased R & D and assuming the AMS merger had occurred on October 1, 1997, the net loss would have been $0.29.
Jack Nelson, chairman and chief executive officer, Caprius, commented ''although the write-off is required under generally accepted accounting principals, we believe the technology acquired is of significant value. There is also a benefit in that future periods will not be negatively impacted by the amortization of this intangible asset. The significant progress made in the areas of debt reduction and organizational effectiveness has made us a stronger and more focused company.''
Additionally, the company recorded approximately $45,000 in net patient revenue from its wholly owned site at the Faulkner Sagoff Centre. Nelson further stated, ''this marks yet another milestone for Caprius as it signifies the start of the commercialization of the Aurora(R) system. This revenue stream is expected to grow significantly with increased patient volume and with the opening of new sites at the University of Arkansas for Medical Sciences, AK, Magee Women's Hospital, PA, and Englewood Hospital and Medical Center, NJ, which are expected in the second and third quarters.''
Caprius, Inc. is dedicated to the development and commercialization of the Aurora(tm) System, the only FDA-cleared, MRI-based breast imaging system.
This release may include forward-looking statements from the Company that may or may not materialize. Any such forward-looking statements involve a number of risks and uncertainties, which could cause the Company's future results of operations to differ materially from those anticipated. Additional information on factors that could potentially affect the Company's financial results may be found in the Company's filings with the Securities and Exchange Commission.
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