biz.yahoo.com
Biomatrix Reports 1998 Earnings of $1.02 Per Share; Annual Product Sales More Than Triple Compared to 1997
RIDGEFIELD, N.J., Feb. 23 /PRNewswire/ -- Biomatrix, Inc. (NYSE: BXM - news), today reported fourth quarter and year end financial results for the period ended December 31, 1998. For the fourth quarter 1998, Biomatrix reported net income of $7.4 million, or $0.61 per diluted share, on revenues of $18.8 million. This compares favorably to the fourth quarter 1997 when the company posted net income of $2.2 million, or $0.19 per diluted share, on revenues of $7.7 million. During the fourth quarter 1998, the company recorded a $6 million milestone fee from marketing partner, Wyeth-Ayerst Laboratories (a division of American Home Products, NYSE: AHP) marking the one year anniversary of the US launch of Synvisc®, Biomatrix' innovative treatment for osteoarthritis of the knee. Excluding license fees and nonrecurring tax benefits, net income per diluted share would have been $0.17, an increase of 89% compared to $0.09 recorded in the fourth quarter of 1997.
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