1998 Quarterly Income Statement .........................
Prudential Securities has estimated the following
Operating Earnings for BIOX:
1998 $0.76
1999 $2.24
The Year Over Year % Change is 294% !!!!!!!
Please note that their estimate (IMO) EXCLUDES LICENSE FEES payments.
Below is my projection of 1998 Revenues and Earnings based on
the Prudential Securites quarterly earnings estimate for 1998.
It EXCLUDES 1998 License Fees which, at a minimum,
will be $6.0 million from AHP.
Regards,
John McCarthy
See footnotes at end for additional information.
1998 Quarterly Projected
Income Statement
Quarterly E.P.S. estimates are from PRUDENTIAL SECURITIES
Biomatrix Inc.
(BIOX)
EXCLUDES CONTRACTUAL LICENSE FEES
(of $6.0 mil. from AHP)
Prior
-1997- ------------ 1998 ------------- Annual
Q4 CTY DIST COMP Q1 Q2 Q3 Q4 YEAR Est.
------ ---- --- ---- ------ ------ ------ ------ ------ ------
4,600 USA AHP BMY 3,600 8,100 11,900 13,550 37,150
300 GER AHP ANIK 300 350 600 700 1,950
0 OTH AHP ANIK 50 50 65 65 230
------ ---- --- ---- ------ ------ ------ ------ ------ ------
4,900 TOTA AHP 3,950 8,500 12,565 14,315 39,330
------ ---- --- ---- ------ ------ ------ ------ ------ ------
250 FRA BI ANIK 300 400 500 600 1,800
350 CAN RPR BMY 400 300 200 200 1,100
250 SWE ROC ANIK 200 250 250 300 1,000
0 UK BIO ANIK 25 25 50 50 150
15 ITAL REC ANIK 25 25 35 35 120
------ ---- --- ---- ------ ------ ------ ------ ------ ------
5,765 TOTA SYNVISC 4,900 9,500 13,600 15,500 43,500
====== ==== === ==== ====== ====== ====== ====== ====== ======
400 HYLAFORM CGEN 400 400 400 400 1,600
82 COSMETICS 200 200 200 200 800
------ ---- --- ---- ------ ------ ------ ------ ------ ------
1,439 LICENSE FEES 0 0 0 0 0
------ ---- --- ---- ------ ------ ------ ------ ------ ------
7,686 REVENUES 5,500 10,100 14,200 16,100 45,900
====== ==== === ==== ====== ====== ====== ====== ====== ======
------ ---- --- ---- ------ ------ ------ ------ ------ ------
0.27 COGS % 0.35 0.35 0.35 0.35 0.35
------ ---- --- ---- ------ ------ ------ ------ ------ ------
1,699 COGS $ 1,925 3,535 4,970 5,635 16,065
====== ==== === ==== ====== ====== ====== ====== ====== ======
------ ---- --- ---- ------ ------ ------ ------ ------ ------
0.73 GM % 0.65 0.65 0.65 0.65 0.65
------ ---- --- ---- ------ ------ ------ ------ ------ ------
4,548 GM $ 3,575 6,565 9,230 10,465 29,835
1,439 LIC $ 0 0 0 0 0
------ ---- --- ---- ------ ------ ------ ------ ------ ------
5,987 GM $ 3,575 6,565 9,230 10,465 29,835
====== ==== === ==== ====== ====== ====== ====== ====== ======
1,590 R&D 1,650 1,750 1,950 2,150 7,500
2,586 G&A 2,650 2,800 2,950 3,200 11,600
------ ---- --- ---- ------ ------ ------ ------ ------ ------
4,176 TOE 4,300 4,550 4,900 5,350 19,100
------ ---- --- ---- ------ ------ ------ ------ ------ ------
------ ---- --- ---- ------ ------ ------ ------ ------ ------
1,811 OPEARTNG INC (725) 2,015 4,330 5,115 10,735
------ ---- --- ---- ------ ------ ------ ------ ------ ------
INT.(INCOME)
(401) NET (300) (340) (380) (420) (1,440)
------ ---- --- ---- ------ ------ ------ ------ ------ ------
2,212 EBT (425) 2,355 4,710 5,535 12,175
------ ---- --- ---- ------ ------ ------ ------ ------ ------
10 TAX PROV % 0 25 25 25
215 TAX PROV $ 0 589 1,178 1,384 3,150
------ ---- --- ---- ------ ------ ------ ------ ------ ------
1,997 EAT (425) 1,766 3,533 4,151 9,025
====== ==== === ==== ====== ====== ====== ====== ====== ======
11,538 SHARES OUT 11,600 11,750 11,850 12,000
====== ==== === ==== ====== ====== ====== ====== ====== ======
0.17 E.P.S (0.04) 0.15 0.30 0.35 0.76
====== ==== === ==== ====== ====== ====== ====== ====== ======
======================================================
Footnotes:
======================================================
(A) 1998 E.P.S. increases to $1.13 when the $6.0 mil. AHP
license fee is included. This payment will be made in 4th Qtr.
(B) 1998 E.P.S. increases to $1.26 when the $6.0 mil. AHP
license fee is included *AND* a GUESSTIMATED $2.0 mil.
payment from Boehringer Ingelheim is included.
(C) License Fee Discussion:
Biomatrix is entitled to TWO types of license fees:
Contractual Based and
Performance Based
Below is the current status of each.
======================================================
Contractual Fee Payments:
======================================================
(1) American Home Products:
Past Payments: $17.4 Million
1998 Payments: $ 6.0 Million
1998 Quarter : 4th
Total Contractual Payments: $23.4 Million
======================================================
Performance Based:
======================================================
(1) Boehringer Ingelheim - Product sales in France,
Algeria,Morracco
Past Payments: $0.0 Million
1998 Payments: Unknown
1998 Quarter : Unknown
Total Potential Payments: $8.0 Million
From the Dec 1996 Press release ....
--------------------------------------------------------
Under the terms of the agreement, Boehringer Ingelheim will
pay Biomatrix a licensing fee of up to $8.0 million, which
includes up-front fees and milestone payments at certain
sales volumes.
(2) Bayer AG - Product sales in Israel, Australia, New Zeland
Taiwan, Singapore, Indonesia, Thailand, Malaysia.
Past Payments: $3.0 Million
1998 Payments: Unknown
1998 Quarter : Unknown
Total Potential Payments: $5.0 Million
From the April 1997 Press release ....
--------------------------------------------------------
As part of this agreement, Bayer will pay Biomatrix a
licensing fee of up to $5 million including initial
and milestone payments. In addition, Bayer
(3) Novaritis - Product sales in Mexico, Central America,
South America, and Caribbean.
Past Payments: $0.0 Million
1998 Payments: Unknown
1998 Quarter : Unknown
Total Potential Payments: $3.5 Million
From the March 10 1998 Press release ....
--------------------------------------------------------
As part of this agreement, Novartis will pay Biomatrix
fees of approximately $3.5 million. In addition,
Novartis will fund three Biomatrix-employed Medical
Specialists to assist in the medical marketing effort
for Synvisc. Novartis, with
(4) Collagen - Product sales in European Economic Area,
Japan, Australia, Canada, Latin America
and the Middle East
This is for HYLAFORM - NOT SYNVISC
Past Payments: $5.0 Million
1998 Payments: $0.0
1998 Quarter : Unknown
Total Potential Payments: $12.0 Million
FDA REJECTION IN DECEMBER 1997
--------------------------------------------------------
The FDA rejected the data Biomatrix submitted for HYLAFORM.
Biox must redo the study.
It is anticipated that the FDA will review the data in 1999.
If approved, and if Collagen wants HYLAFORM in the USA, they
will pay BIOX a $7.0 million upfront payment.
From the November 11 1996 Press release ....
--------------------------------------------------------
Biomatrix was granted a CE mark for Hylaform viscoelastic
gel in December 1995, clearing the way for this product
to be marketed throughout the European Economic Area.
In addition, Biomatrix' agreement with Collagen includes the
right to market the product in Japan, Australia, Canada
and selected additional markets in Latin America and
the Middle East. Collagen pays a transfer price for product
shipments, as well as royalties on dermal augmentation product
end market sales. Collagen Corporation will have the
right to market the product in the United States, for
an additional payment, upon Biomatrix' receipt of U.S.
Food and Drug Administration regulatory
clearance.
(5) Rhone-Poulenc Rorer Inc - Product sales in Canada
Past Payments: $5.5 Million
Total Potential Payments: $5.5 Million
From the September 11, 1995 Press release ....
--------------------------------------------------------
Under the terms of this agreement, RPRCI will receive
exclusive distribution rights for Synvisc in Canada for
up to 15 years and pay Biomatrix a licensing fee of $3.5 million
up front and $2 million at a certain sales volume. RPRCI also
will cover the cost of Biomatrix' sales and customer service
organizations, which will continue to support Synvisc in Canada
in close cooperation with RPRCI. Biomatrix will manufacture
and supply Synvisc to RPRCI through its Canadian subsidiary,
Biomatrix Medical Canada Inc. |
