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VIDA
3 1/2
-5/32
delayed 20 mins - disclaimer
Tuesday April 20, 7:31 pm Eastern Time
Company Press Release
SOURCE: VidaMed, Inc.
VidaMed Reports Financial Results for First Quarter 1999
78% Rise in U.S. Usage of VidaMed's TUNA System
Texas and Pennsylvania Initiate Medicare Coverage for TUNA Procedure
FREMONT, Calif., April 20 /PRNewswire/ -- VidaMed, Inc. (Nasdaq: VIDA - news), today reported sales of $1,037,000 in the first quarter of 1999, with a net loss of $3,156,000, or ($0.16) per basic and diluted share, versus revenue of $1,664,000 and a net loss of $5,328,000, or ($0.34) per basic and diluted share a year ago.
The Company reported a significant rise in the usage of the TUNA (Trans Uretheral Needle Ablation) System, a minimally invasive system for the treatment of symptoms associated with enlarged prostate, or Benign Prostatic Hyperplasia (BPH). In the first quarter, U.S. usage, as indicated by sales of its disposable hand pieces, grew 78% from last year's fourth quarter. Overall revenue rose 92%, or $496,000, from last year's fourth quarter.
''This has been an important quarter in the evolution of VidaMed,'' said VidaMed President and CEO David J. Illingworth. ''The increase in usage is very encouraging. The revenue and usage growth is a direct result of our recent sales reorganization and the significant increase in state Medicare reimbursement approvals for the TUNA Procedure. State Medicare directors in California and Florida, accounting for 18% of our primary market, approved reimbursement early in the first quarter.''
The Company reported that two more of the top five Medicare states, Pennsylvania and Texas, initiated Medicare coverage for the TUNA Procedure in March. In addition, approval of the Texas Medicare Medical Policy, through Trailblazer Health Enterprises, Inc., also includes coverage in the states of Maryland, Delaware and the District of Columbia. The Company noted that Medicare reimbursement for the TUNA procedure is now available in 34 states, which account for more than two-thirds of the male population older than 50 in the U.S.
The Company said it continues to add sales and field clinical representatives as new states receive Medicare coverage.
VidaMed designs, develops and markets technologically and clinically advanced cost-effective systems for the treatment of urological conditions. VidaMed is headquartered in the Silicon Valley in Fremont, California.
Certain statements in this news release, including statements relating demand for, acceptance and awareness of the TUNA Procedure, contain forward-looking information. Actual results may vary significantly from those anticipated in such forward-looking statements due to risks and uncertainties, including the rate of adoption of the Procedure by the medical community, the impact of competitive treatments, products and pricing, the development and effectiveness of the Company's sales organization and marketing efforts, and other risks, including those set forth in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 31, 1999. The Company's actual results may differ significantly from the results anticipated by the forward-looking statements as a result of these and other factors.
For additional patient information and VidaMed's physician referral service please call 800-328-8781. For an investor information package on VidaMed, Inc. at no cost, please call 888-301-2498; or order it from VidaMed's web site at www.vidamed.com; or contact Richard Brounstein, Chief Financial Officer of VidaMed, 510-492-4940; or Jeffrey Goldberger of Stern & Co., 212-888-0044.
VIDAMED, INC.
Condensed Consolidated Statements of Operations
(Unaudited)
(in thousands, except per share amounts)
Three Months Ended
March, 31
1999 1998
Net revenue $ 1,037 $ 1,664
Cost of products sold 833 1,072
Gross profit 204 592
Operating expenses:
Research and development 814 1,132
Selling, general and administrative 2,504 4,607
Total operating expenses 3,318 5,739
Operating loss (3,114) (5,147)
Other income (expense) (42) (91)
Net loss $ (3,156) $ (5,238)
Net loss per basic and diluted share $ (0.16) $ (0.34)
Shares used in computing net loss per
basic and diluted share 20,313 15,238
VIDAMED, INC.
Condensed Consolidated Balance Sheets
(In thousands)
March 31, December 31,
1999 1998
(Unaudited) Audited
Assets:
Cash, cash equivalents
and short-term investments $ 7,816 $ 9,384
Other current assets 2,631 2,636
Property and equipment, net 1,542 1,797
Other assets, net 318 315
Total assets $ 12,307 $ 14,132
Liabilities and stockholders' equity:
Notes payable, current portion $ 912 $ 764
Accounts payable and accrued liabilities 4,003 4,031
Deferred revenue 231 229
Notes payable, noncurrent 1,607 1,785
Other long-term liabilities -- --
Total liabilities 6,753 6,809
Stockholders' equity 5,554 7,323
Total liabilities and
stockholders' equity $ 12,307 $ 14,132
SOURCE: VidaMed, Inc.
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