(COMTEX) B: Cell Robotics Reports 1998 Year-End Financial Results; Pr
B: Cell Robotics Reports 1998 Year-End Financial Results; Product Sales
Increased 42%; Total Revenues Up 38%
ALBUQUERQUE, N.M. (April 9) BW HEALTHWIRE -April 9, 1998--Cell Robotics
International Inc. (OTC BB:CRII) the developer of the Lasette(TM), a
laser finger perforator that allows the drawing of capillary blood in a
nearly painless manner, Friday announced financial results for the year
ended Dec. 31, 1998.
The company reported annual revenues of $1.43 million compared to
revenues of $1.04 million in the previous year; an increase of 37.7%.
The net loss for 1998 was $1.78 million compared to a net loss in 1997
of $2.47 million, an improvement of 28%.
The company also paid a preferred stock dividend of $247,227 in 1998,
bringing the net loss applicable to the common shareholders to $2.06
million, or $(0.39) per share, compared to net loss applicable to
common share holders in 1997 of $2.47 million, or $(0.48) per share.
During the year Cell Robotics received key U.S. Food and Drug
Administration (FDA) clearances for its Lasette product. Foremost was
the Dec. 7, 1998, clearance of the Lasette for use in the home,
enabling the company to sell to individuals with diabetes. Cell
Robotics is completing its development of the next generation Personal
Lasette for the home blood sampling market.
In March 1999, the company delivered prototype units of the Personal
Lasette to its exclusive marketing partner, Chronimed, which will
result in an additional equity investment into Cell Robotics by
Chronimed.
Diabetes is a chronic disease that has no cure and is the sixth-leading
cause of death by disease in the United States. According to the
American Diabetes Association, there are 15.7 million people, or 5.9%
of the population in the United States who have diabetes.
Approximately 2,200 people are diagnosed with diabetes each day, this
is equivalent to more than one person per minute. Worldwide there are
over 100 million people with diabetes.
Additionally, Cell Robotics delivered its first In-Vitro Fertilization
(IVF) Workstation to the European market in December and has since
delivered additional international systems and one system in the U.S.
as a "research only" instrument; making 1998 the first year in which
the company sold products from all three of its product lines.
Ronald K. Lohrding, chairman, president and chief executive officer of
Cell Robotics, commented, "In 1998 we were able to advance the
development of a number of product lines to the point of market entry
and the commencement of product sales. Consequently, product sales, as
well as total revenues, for the year increased.
"Also during the year, the Company received ISO 9001 certification,
insuring the Company's products meet quality and manufacturing
requirements. This certification, combined with Cell Robotics obtaining
the European Community approval (CE mark), allows us to sell our
products in Europe and many other countries.
"We believe that great possibilities lie ahead for all of our product
offerings and we look to the future with great excitement."
In addition to the Lasette, Cell Robotics International Inc.
manufactures, markets, and distributes scientific and medical laser
devices.
These devices include the In-Vitro Fertilization (IVF) Workstation,
designed to improve IVF pregnancy rates, and the Cell Robotics
Workstation, a research instrument that incorporates the
LaserTweezers(R) and LaserScissors(TM) for manipulating and cutting
cells and chromosomes.
Additional information is available on the Cell Robotics Web Site at
cellrobotics.com, by e-mail at crii@cellrobotics.com,
or by telephone at 505/343-1131.
As a cautionary note to investors, certain matters discussed in this
press release may be forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995.
Such matters involve risks and uncertainties that may cause actual
results to differ materially, including the following: changes in
economic conditions; general competitive factors; the company's ability
to execute its service and product sales plans; and the risks described
from time to time in the company's Securities and Exchange Commission
filings.
Cell Robotics International, Inc.
Consolidated Statements of Operations
Years ended Dec. 31,
1998 1997
Product sales $1,249,703 $879,490
Research and development grants 179,298 158,233
Total revenues 1,429,001 1,037,723
Product cost of goods sold (848,240) (599,153)
SBIR direct expenses (179,298) (159,052)
Total cost of goods sold (1,027,538) (758,205)
Gross profit 401,463 279,518
Operating expenses:
General and administrative 810,809 681,554
Marketing and sales 609,288 868,812
Research and development 849,166 1,245,125
Total operating expenses 2,269,263 2,795,491
Loss from operations (1,867,800) (2,515,973)
Other income (deductions):
Interest income 85,429 32,004
Interest expense (975) (723)
Other 0 11,800
Total other income 84,454 43,081
Net loss $(1,783,346) $(2,472,892)
Preferred stock dividends (274,227) 0
Net loss applicable to common
shareholders $(2,057,573) $(2,472,892)
Weighted average common shares
outstanding, basic and diluted 5,278,347 5,100,032
Net loss applicable to common
shareholders per common share,
basic and diluted $(0.39) $(0.48)
-0- sig/ix*
CONTACT: Cell Robotics Inc., Albuquerque
Craig Rogers, 719/590-1793
or
RCG Capital Markets Group Inc., Scottsdale, Ariz.
Jim Estrada or Brett Maas (Retail)
Joe Dorame (Analysts/Institutional)
Jeff Stanlis (Media)
602/675-0400
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