As if to rub salt in the wound of tech traders. . . .
Our little Robodoc somehow did not blow out earnings. . . evidently all those units that were sold in the last quarter did not generate revenues afterall. . .despite our best efforts to verify revenues.
Here is their Fourth quarter report:
Integrated Surgical Systems Announces Fourth Quarter Financial Reports And Total Year 1999 Results
DAVIS, Calif., March 29 /PRNewswire/ -- Integrated Surgical Systems, Inc. (ISS) (Nasdaq: RDOC; Easdaq: RDOC), a pioneer in medical robotics and the world leader in image-directed, robotic products for surgical applications in the fields of neurological and orthopedic surgeries, today announced financial results for the fourth quarter and year ending December 31, 1999.
1999: A Year of Transition and Change
For the fourth quarter of 1999, net revenues were $1.1 million compared to $2.0 million for the fourth quarter of 1998. Revenues for the quarter fell due partly to the impact of organizational changes both at the corporate and field levels and partly due to the decision made by some customers to wait for the availability of the Total Knee Arthroplasty (TKA) surgical application. Net loss for the quarter was $3.8 million, or $0.37 per share, compared to a loss of $3.1 million, or $0.55 per share, for the same period last year.
For the year ended December 31, 1999, ISS reported net revenues of $6.2 million, up 1.5% from revenues of $6.1 million in 1998. Net loss for the 12 month period was $11.6 million, or $1.47 per share on 7.9 million weighted average shares outstanding, versus a net loss of $10.6 million, or $1.91 per share on 5.6 million weighted average shares outstanding during the prior year period.
"While we are disappointed with the financial performance in 1999, many changes were instituted during the year that are targeted to improve our 2000 results significantly," said Dr. Ramesh Trivedi, President and Chief Executive Officer. The Company took major steps to further enhance its revenue potential for the coming years. ISS assigned exclusive rights to distribute its flagship products, namely the ROBODOC(R) Surgical Assistant System (ROBODOC(R)) for the orthopaedic market and the NeuroMate(TM) System (NeuroMate(TM)) for the neurosurgery market, to a German distributor for the entire European and Middle East territories. In return the distributor is required to purchase twenty-four (24) ROBODOC(R) and four NeuroMate(TM) Systems in 2000 and thirty-two (32) ROBODOC(R) and six (6) NeuroMate(TM) Systems in 2001.
Concurrently, ISS obtained additional funding of four million dollars from European and Middle East investors. As a result, the Company brought on three new directors while four previous directors resigned.
During 1999, the Company dedicated additional resources to the development of a total knee arthroplasty (TKA) application for the ROBODOC(R) Systems. As a result, ISS successfully performed the first worldwide TKA on March 27 in Frankfurt, Germany. The Company expects it to stimulate significantly the ROBODOC(R) sales on a worldwide basis since TKA is a more complex surgery to perform using current techniques and it is a more rapidly growing orthopaedic surgery than total hip arthroplasty (THA).
A major new development for the NeuroMate(TM) System was accomplished in the second half of 1999 when the frameless version was approved by the U.S. Food and Drug Administration (FDA). This frameless application replaces the traditional bulky and highly uncomfortable frame and arc system used today with a small fiducial marker. The NeuroMate(TM) saves hospitals over 90 minutes of expensive operating room time and greatly enhances patients' comfort. The Company plans to launch an active marketing campaign in 2000 to capitalize on these advantages. One of the major opportunities for this application is for the implantation of a deep brain stimulator for the treatment of Parkinson's disease.
During 1999 the Company held several meetings with the FDA with regards to the approval of the ROBODOC(R) System. As a result, ISS plans to initiate formal clinical studies at a limited number of sites in the U.S. for its proprietary pinless (DigiMatch) technology for total hip arthroplasty during the first half of 2000. The previous clinical studies were conducted using three pins as fiducial markers for the robot. The data from the previous studies will be used in conjunction with the new data from the pinless system to obtain the regulatory approval, which is expected in 2001.
The Company
Integrated Surgical Systems, Inc. develops, manufactures, markets and services computer-controlled, image-directed robotic products for surgical applications. ISS produces the ROBODOC(R) Surgical Assistant System (ROBODOC), which is designed for orthopedic applications. The ROBODOC(R) system has been used to perform precise total hip replacement surgeries on more than 6,000 patients worldwide. ROBODOC is currently being marketed in Europe and the Middle East. NeuroMate(TM), ISS's neurosurgery product, is the first robotic technology for use in stereotactic brain surgery. NeuroMate consists of a robotic arm assembly and a PC-based positioning system. The product interfaces to popular pre-surgical planning stations, which are offered by a number of third-party vendors. ISS has installed 16 NeuroMate systems in the U.S., France, Middle East, and Japan, which have supported neurosurgical procedures on more than 2,000 patients, to date.
Except for the historical information contained herein, the matters discussed in this news release are forward-looking statements that involve risks and uncertainties, including the timely development and market acceptance of new products and upgrades to existing products, the impact of competitive products and pricing, and other risks detailed from time to time in the company's filings with the Securities and Exchange Commission (SEC).
NOTE: ROBODOC(R) is a registered trademark of Integrated Surgical Systems, Inc. NeuroMate(TM) is a trademark of Integrated Surgical Systems, S.A.
For more information on Integrated Surgical Systems via fax at no cost, please call 800-PRO-INFO (732-544-2850 outside the U.S.), ticker symbol RDOC.
SOURCE Integrated Surgical Systems, Inc. |
