Been following MDCO loosely for a little while, not enough to know what was expected. But I'm a sucker for weakness in BLUE H stocks, so I'm adding it to the WatchList and soliciting comment. I'll put up some DD links in a while, probably Saturday.
>>CAMBRIDGE, Mass.--(BW HealthWire)--July 25, 2001--The Medicines Company (NASDAQ: MDCO - news) announced today its financial results for the quarter and six month periods ended June 30, 2001. Financial highlights for the quarter and the six month periods included:
Revenues of $2.0 million for the three months ended June 30, 2001 and $3.9 million for the six months ended June 30, 2001.
Net loss attributable to common stockholders of $16.0 million, or $0.49 per share, for the three months ended June 30, 2001, compared to a pro forma net loss attributable to common stockholders of $8.4 million, or $0.38 per share, for the three months ended June 30, 2000. For the six months ended June 30, 2001, the company had a net loss attributable to common stockholders of $35.1 million, or $1.12 per share, compared to a pro forma net loss attributable to common stockholders of $20.2 million, or $0.96 per share, for the six months ended June 30, 2000. The pro forma adjustments, which impact the results for the three and six months ended June 30, 2000, reflect the conversion of preferred stock, accrued dividends, convertible notes and accrued interest in 2000 and exclude interest expenses of $11.9 million and $19.4 million for the three and six months ended June 30, 2000, which are predominantly non-cash.
Net loss attributable to common stockholders of $16.0 million, or $0.49 per share, for the three months ended June 30, 2001, compared to a net loss attributable to common shareholders of $47.6 million, or $68.65 per share, for the three months ended June 30, 2000. For the six months ended June 30, 2001, the Company had a net loss attributable to common stockholders of $35.1 million, or $1.12 per share, compared to a net loss attributable to common stockholders of $68.4 million or $106.56 per share, for the six months ended June 30, 2000. The results for the three and six months ended June 30, 2000 include a non-cash dividend of $25.5 million, and interest expenses of $11.9 million and $19.4 million respectively, which are predominantly non-cash.
Loss from operations of $16.1 million for the three months ended June 30, 2001 compared to $8.7 million for the three months ended June 30, 2000. For the six months ended June 30, 2001, the Company had a loss from operations of $36.3 million compared to $20.5 million for the same period in 2000. The increases in these periods were due to increased selling, general and administrative expenses primarily from the Company's sales and marketing expenditures in connection with the commercial launch in the United States of ANGIOMAX®(bivalirudin) in January 2001, and to increased research and development expenses primarily due to increased clinical trial activities related to ANGIOMAX. The Company had a cost of revenue of $319,043 for the three months ended June 30, 2001 and $651,443 for the six months ended June 30, 2001. These increases in expenses were partially offset by revenue of $2.0 million in the three months ended June 30, 2001 and $3.9 million in the six months ended June 30, 2001 in comparison to the same periods in 2000.
As of June 30, 2001, the Company had cash, cash equivalents, marketable securities and accrued interest receivable of $90.1 million.
Business highlights for the quarter included:
Completion of a private placement of four million shares of newly issued common stock of the Company, with net proceeds to the Company of $41.8 million.
Announcement of results from part one and design of part two of the REPLACE clinical trial in patients undergoing coronary angioplasty.
Agreements with Grupo Ferrer Internacional to sell ANGIOMAX in Spain, Portugal, Greece and eighteen Latin American markets including Argentina, Brazil and Mexico and with Medison Pharma Ltd. to sell ANGIOMAX in Israel.
Completion of enrollment in the HERO-2 trial in patients presenting with acute myocardial infarction.
Key hires from major pharmaceutical and healthcare companies, which augment the Company's product development, medical affairs, sales and marketing, and human resources areas.
``We are pleased with the progress we have made in the ANGIOMAX launch and in building our organization,'' said Clive Meanwell, M.D., Ph.D., President and Chief Executive Officer. ``Less than six months into launch, we are seeing significant brand recognition and substantial interest in the features and benefits of ANGIOMAX. Based on our experience in the field, we believe the clinical community is recognizing ANGIOMAX's effectiveness and safety profile as compared to heparin, as well as the potential cost savings that ANGIOMAX can provide to hospitals.''
There will be a conference call with management today at 4:30 to discuss these results. To listen in, please dial 800.593.7038. If you are calling from outside the United States, please dial 1.847.619.6820. If you are unable to participate in the live call, an electronic recording will be available through August 1. To listen to the recording, please dial 888.843.8996 or 1.630.652.3044 from outside the United States. The passcode for the call is 4349298.<<
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Also noting some weakness in POZN, steady but not huge 144s. Looking for $8.25 as an entry.
Cheers, Tuck |
