Xillix 1998 year end results
Xillix Technologies Corp XLX
Shares issued 31,786,474 Feb 23 close $1.00
Wed 24 Feb 99 News Release
Mr. Pierre Leduc reports
The company released financial results for the year ended Dec. 31, 1998.
Total revenues increased to $7.4-million for 1998 compared with
$5.1-million for 1997. Product revenues increased to $5.6-million in 1998
from $3.6-million in 1997. Gross margins increased significantly to 32 per
cent in 1998 compared with 4 per cent from the previous year. The loss from
operations decreased significantly to $3.6-million in 1998 from
$5.6-million in 1997. The net loss per share improved to 10 cents loss per
share in 1998 compared with 22 cents loss per share in 1997. As at Dec. 31,
1998 the company had working capital of $7.9-million including cash of
$4-million.
Highlights for 1998 include: increase in sales of Xillix LIFE systems,
completion of phase II clinical testing of the Xillix LIFE-GI and second
generation Xillix LIFE-Lung systems, strategic alliance formed with
Miravant Medical Imaging for a fully integrated method of detecting,
localizing and treating cancers, completion of feasibility studies of
Xillix LIFE-ENT for head and neck cancers and Xillix LIFE-GYN for detection
of gynecological cancers.
STATEMENT OF OPERATIONS
Three months ended Dec. 31
1998 1997
Revenue
Product sales $ 2,961,641 $ 1,576,054
Cost of sales 1,618,653 1,556,014
Gross margin 1,342,988 20,040
Other revenue
Contract revenue 772,822 41,652
Interest income 100,196 63,299
--------- -------
2,216,006 124,991
Expenses
Research and
development 1,128,746 974,098
Marketing, sales
and support 251,188 231,771
General and
administrative 529,955 678,276
Depreciation and
amortization 372,764 174,873
Other 5,724 (25,614)
--------- ---------
2,288,377 2,033,404
Loss from
operations 72,371 1,908,413
Net loss for
the year 72,371 1,908,413
Deficit,
beginning
of the year 34,118,538 29,298,523
Deficit, end
of year $34,190,909 $31,206,936
=========== ===========
Loss per share - 7 cents
STATEMENT OF OPERATIONS
Year ended Dec. 31
1998 1997
Revenue
Product sales $ 5,602,126 $ 3,622,701
Cost of sales 3,794,838 3,460,437
Gross margin 1,807,288 162,264
Other revenue
Contract revenue 1,502,606 1,247,107
Interest income 293,583 179,455
--------- ---------
3,603,477 1,588,826
Expenses
Research and
development 3,597,521 3,370,747
Marketing, sales
and support 885,735 997,252
General and
administrative 1,762,375 2,026,879
Depreciation and
amortization 1,075,378 894,848
Other (97,139) (40,126)
--------- ---------
7,223,870 7,249,600
Loss from
operations 3,620,393 5,660,774
Gain on sale
of investment
in Oncometrics
Imaging Corp.,
net 636,420 -
Net loss for
the year 2,983,973 5,660,774
Deficit, beginning of the year 31,206,936 25,546,162 Deficit, end of year
$34,190,909 $31,206,936 =========== =========== Loss per share 10 cents 22
cents
The company's annual general meeting will be held June 2, 1999 at 3 p.m. at
the Hotel Georgia, 801 West Georgia, Vancouver, British Columbia. |
