IOX Amex 1.37..I have had this one out here a few times. Here is the www site for Liquid Ice...look for press releases on the top of the home page then click the various magazines that Liquid Ice has appeared in via press stories.
I like this one for several reasons (incl liquid ice, used by a major health conglomerate in my area and the fact that they posted record results for 1st qtr w/o any L.I. revenue)) so I have a solid position in it....there are 6.5m shares outstanding, another aspect of the profile I find appealing, and cash of about $4.8m...and I like the chart here:
liquidice.biz
finance.yahoo.com
(PR NEWSWIRE) IOMED to Distribute Liquid Ice(TM) in North America
IOMED to Distribute Liquid Ice(TM) in North America
Innovative Cool Compression Wrap Featured in National Media
SALT LAKE CITY, Nov. 15 /PRNewswire-FirstCall/ -- IOMED, Inc.
(Amex: IOX) today announced that it has initiated distribution of a
revolutionary new cool compression wrap, Liquid Ice(TM), to its served markets
in North America. Liquid Ice, which was first launched in early 2002, has
been featured in such popular magazines as Time, Self, Popular Science,
Kiplinger's, and Men's Journal, as well as on national and international
broadcast television including ABC and the BBC, among others. It was named
2002 Sports Product of the Year Runner-Up by Sports Edge magazine.
Manufactured by Americool, Inc. of Belmont, New Hampshire, Liquid Ice is
the world's first self-contained product that serves as a reusable cooling and
compression wrap. Needing no refrigeration and cooling for up to two hours,
Liquid Ice(TM) Ice Wrap offers more benefits and none of the drawbacks of an
ice pack. It cools without damaging the skin tissue, provides compression, is
both comfortable and flexible, and doesn't limit mobility.
Mr. Robert J. Lollini, COO and CFO of IOMED, said, "Liquid Ice is a
totally unique cooling method for the physical and occupational therapy and
sports medicine markets. Traditionally, clinicians have used conductive
cooling methods, such as ice sprays, cold packs and ice to treat patients, all
of which have limited effectiveness. Liquid Ice, which uses evaporative
cooling, lasts six times longer than conductive cooling methods, doesn't
damage skin tissue or limit mobility. We are very proud to add Liquid Ice to
our product line and believe this product could change the way cold therapy is
applied in our served markets."
Mr. Gerhard Hassler, CEO of Americool and inventor of Liquid Ice, said,
"We selected IOMED as our North American distributor because of the synergy
between our respective product lines. IOMED specializes in bringing novel,
high quality products and services to market, and we believe that the quality
and breadth of their distribution network gives us a phenomenal advantage in
getting Liquid Ice to our target markets. IOMED's iontophoretic drug delivery
systems are used by professional, semi-professional and Olympic athletes,
which are exactly the markets we are targeting with Liquid Ice. Some of the
things that impress me most about IOMED are the commitment toward excellence
of its team, their tenure in the market and the quality of the Company's
facilities. We are very excited about our relationship with IOMED and look
forward to their efforts in getting Liquid Ice into the physical and
occupational therapy and sports medicine markets."
The award-winning Liquid Ice product line includes ready-to-use cooling
compression wraps in two sizes and a recharger fluid that contains enough
concentrate for up to 40 applications. Visit www.iomed.com for more
information on Liquid Ice, including a list of frequently asked questions and
product testimonials, or contact IOMED Customer Service at 800-621-3347 for a
dealer nearest you.
IOMED is a leader in the development, manufacture and sale of active drug
transport systems primarily used to treat acute local inflammation in the
sports and occupational medicine and physical therapy markets. The Company is
seeking opportunities to market or develop new products designed to improve
the quality and efficiency of medical care in its served markets. In addition,
the Company is seeking collaborative opportunities to develop its non-invasive
drug delivery technology to satisfy substantial unmet medical needs. IOMED has
proprietary technology in various stages of research and product development
for the treatment of acute local inflammation and for the treatment of
ophthalmic disease.
B: IOMED Reports First Quarter Fiscal 2003 Results Company Retu
B: IOMED Reports First Quarter Fiscal 2003 Results Company Returns to
Profitability, Posts Record First Quarter Product Sales
SALT LAKE CITY, Oct 31, 2002 /PRNewswire-FirstCall via COMTEX/ -- IOMED, Inc.
(Amex: IOX) today reported financial results for the first quarter ended
September 30, 2002. The Company posted record first quarter product sales,
reported net income of $0.03 per share and generated $471,000 of operating cash
flow.
First Quarter Results
For the quarter ended September 30, 2002, total revenues were $2,993,000
compared with $2,886,000 a year ago. Product sales increased 18% to $2,942,000,
marking the highest first quarter product sales in the Company's history. The
increase in product sales is attributable in part to the return of the Company's
sales orders to normal levels following a shortage of an anti-inflammatory drug
often used in its products, which had negatively impacted sales orders during
the first quarter of the prior year.
Gross margin on product sales was 64% in the first quarter of fiscal 2003, the
same as the prior year quarter. Total operating expenses decreased 20% from a
year ago, reflecting the cost reduction measures the Company instituted last
fiscal year. Specifically, research and development costs decreased 67% to
$330,000 and selling, general and administrative costs decreased 12% to
$1,354,000 for the first quarter of fiscal 2003.
IOMED reported net income of $206,000, or $0.03 per share, for the first fiscal
quarter of 2003 compared to a net loss of $569,000, or $0.09 per share, a year
ago.
Cash Flow from Operations
IOMED generated $471,000 of cash from operating activities during the first
quarter of fiscal 2003, compared to consumption of $2.2 million of cash in the
prior year period. The increased cash generation from operations was a result of
higher quarterly sales, cost reduction and control measures implemented in the
prior year and changes in working capital.
At September 30, 2002, IOMED had total cash of $6,992,000, of which $2,180,000
is being held as a compensating balance under a long-term obligation and subject
to withdrawal restrictions. The Company anticipates that at its current
operating levels, existing cash balances and cash generated from operations will
be sufficient to fund its needs for the foreseeable future.
Management Comments
"We are pleased with our first quarter performance, having posted the biggest
first quarter product sales in our history, returning to profitability and
generating positive operating cash flow for the third consecutive quarter," said
Mr. Robert J. Lollini, COO and CFO. "Consistent profitability and positive cash
flow are critical first steps in our ability to grow. Our goals for fiscal 2003
include continued revenue growth, improved operating performance and the further
strengthening of our financial condition. In addition, we will continue to
develop and manage our intellectual property portfolio and will seek
collaborative opportunities to capitalize on the value of this portfolio through
sale or license. These efforts are consistent with our shift away from drug
delivery research to building the commercial business. The recent addition of
Ms. Jessica Barrett to the IOMED team as director of product marketing will aid
us in our efforts to redirect product development to the broadening of our
product offerings and ability to seek complementary product opportunities that
leverage our manufacturing and distribution capabilities." |
