BioSepra Announces Fourth Quarter Results
MARLBOROUGH, Mass.--(BW HealthWire)--Feb. 17, 1998--BioSepra
Inc. (NASDAQ:BSEP) today announced results for the fourth quarter
and year-end of 1997.
For the three months ended Dec. 31, 1997, BioSepra recorded
revenues of $6.0 million, compared with $3.6 million for the three
months ended Dec. 31, 1996. This includes the recognition of
licensing fees previously received by the company and recorded as
differed revenues. The company's fourth quarter results also
include a one-time $4.2 million restructuring and impairment charge.
Excluding that charge, the company would have reported net income
of $2.4 million, or $0.29 per share for the quarter.
For the year ended Dec. 31, 1997, the company reported a net
loss of $3.8 million, or $0.45 per share, compared to a net loss of
$2.1 million, or $0.27 per share for 1996. Excluding the one-time
$4.2 million restructuring and impairment charge, the company would
have reported net income of $375,000, or $0.04 per share for the
year.
"We made some definite progress and took actions to reinforce
our business moving forward," said Jean-Marie Vogel, president and
chief executive officer. These actions include:
- the restructuring of the company to discontinue low-margin
hardware and focus on the increased production of high-margin
disposable media, which resulted in a restructuring charge of
$851,000;
- the recognition of an impairment charge of $3.3 million to
write down long-term assets to their fair market value, which the
company believes will reduce its non-operating expenses moving
forward; and
- the settlement of a long-standing lawsuit.
Added Vogel, "We also made progress in the product and
technology area; we licensed new technology for large-scale antibody
purification; and, in November, we received and shipped the first
commercial order from a major genomics company for our new ultra
high throughput plasmid purification kit."
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Still keeping track of this puppy but haven't jumped back in yet. Looks like they are doing all the right things though. Did you ever get any yourself? |
