Calypte Biomedical Announces Second Quarter and Six-Month Financial Results
August 12 2004 - 9:00AM
PR Newswire (US)
Calypte Biomedical Announces Second Quarter and Six-Month Financial
Results PLEASANTON, Calif., Aug. 12 /PRNewswire-FirstCall/ --
Calypte Biomedical Corporation (OTC:CYPT) (BULLETIN BOARD: CYPT)
today announced financial results for the second quarter and
six-months ended June 30, 2004. Revenue for the quarter increased
22% to $910,000, versus revenues of $749,000 for the comparable
period in 2003. The net loss attributable to common stockholders
for the quarter decreased 59% to $3.2 million, or $0.02 per common
share, compared to a net loss of $7.9 million, or $0.72 per common
share for the three months ended June 30, 2003. The net loss for
the second quarter of 2004 and 2003 included $0.5 million and $4.1
million, respectively, in non-cash charges that were primarily
related to the grants of common stock and options and warrants as
compensation for services and non-cash interest expense related
primarily to the accounting for Calypte's convertible debt
financing instruments. For the six months ended June 30, 2004,
revenues increased 23% to $1.9 million, versus revenues of $1.5
million for the same period last year. The net loss attributable to
common stockholders decreased by 49% to $7.3 million, or $0.05 per
common share, compared to a net loss of $14.3 million, or $1.70 per
common share for the six months ended June 30, 2003. The net loss
for the six months ended June 30, 2004 and 2003 included $1.0
million and $7.7 million, respectively, in non-cash charges that
were primarily related to the grants of common stock and options
and warrants as compensation for services and non-cash interest
expense related primarily to the accounting for Calypte's
convertible debt financing instruments. "We are pleased with the
strides that we have taken in the development of our rapid test
products this quarter. We have gained momentum and strength as we
move forward in the execution of our business plan," stated Richard
George, President and CEO. "We remain committed to and focused on
the introduction of our rapid HIV-1/2 diagnostic tests to the
international markets. In pursuit of this objective, we have
recently completed the second phase of our initial international
field trials of our urine, blood and oral fluid rapid HIV tests in
Thailand. We believe that the studies validate the technology for
our suite of rapid test products, and we plan to move all three
assays into manufacturing sequentially. We look forward to
completing the development of our rapid tests and the shifting of
our focus to commercializing our rapid test products," Dr. George
concluded. Calypte management will host a conference call today to
discuss and answer questions regarding the Company's second quarter
financial results as well as provide an update on the Company's
current activities at 11:00 a.m. Eastern Time. The call can be
accessed in the U.S. by dialing 800-435-1261 and outside of the
U.S. by dialing 617-614-4076 and entering conference identification
number 37168134. The conference call will also be webcast live at
http://www.calypte.com/ . An audio replay of the call will be
available until August 24, 2004, beginning approximately 1 hour
after the conference call ends, by dialing 888-286-8010 in the US,
or 617-801-6888 from outside of the U.S. The conference
identification number is 60270956. The replay will also be
available on http://www.calypte.com/ . About Calypte Biomedical:
Calypte Biomedical Corporation, headquartered in Pleasanton,
California, is a public healthcare company dedicated to the
development and commercialization of in vitro diagnostic tests,
primarily for the detection of antibodies to Human Immunodeficiency
Virus (HIV), and other sexually transmitted and infectious
diseases. Calypte's currently marketed laboratory-based tests
include an enzyme immunoassay (EIA) HIV-1 antibody screening test
and an HIV-1 antibody western blot supplemental test, the only two
FDA-approved HIV-1 antibody tests for use on urine samples, as well
as an FDA-approved serum HIV-1 antibody western blot supplemental
test. Calypte is actively engaged in developing new test products
for the rapid detection of HIV and other infectious diseases.
Calypte believes that there is a significant need for rapid
detection of such diseases globally to control their proliferation,
particularly in lesser-developed countries, which lack the medical
infrastructure to support laboratory-based testing. Calypte
believes that testing for HIV and other infectious diseases may
make important contributions to public health. Statements in this
press release that are not historical facts are forward-looking
statements within the meaning of the Securities Act of 1933, as
amended. Those statements include statements regarding the intent,
belief or current expectations of the Company and its management.
Such statements reflect management's current views, are based on
certain assumptions and involve risks and uncertainties. Actual
results, events, or performance may differ materially from the
above forward-looking statements due to a number of important
factors, and will be dependent upon a variety of factors,
including, but not limited to, the Company's ability to obtain
additional financing, demand for the Company's products, the
Company's success in designing and developing products, the
Company's research and development costs, the length of development
and product acceptance cycles, the amount that the Company invests
in new business opportunities and the timing of those investments,
competition, the degree to which the Company enters into commercial
agreements and strategic transactions and maintains and develops
commercial relationships, foreign exchange risks, world events,
international growth and expansion and changes in laws and
regulations. The Company undertakes no obligation to publicly
update these forward-looking statements to reflect events or
circumstances that occur after the date hereof or to reflect any
change in the Company's expectations with regard to these
forward-looking statements or the occurrence of unanticipated
events. Factors that may impact the Company's success are more
fully disclosed in the Company's most recent public filings with
the U.S. Securities and Exchange Commission ("SEC"), including its
annual report on Form 10-KSB for the year ended December 31, 2003
and its subsequent filings with the SEC. CALYPTE BIOMEDICAL
CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data) Unaudited Three Months Ended
Six Months Ended June 30, June 30, 2004 2003 2004 2003 Revenues:
Product sales $910 $749 $1,881 $1,533 Cost of product sales 1,013
1,550 2,993 2,965 Gross Margin (Loss) on product sales (103) (801)
(1,112) (1,432) Other operating expenses: Research and development
costs 573 335 1,114 649 Selling, general and administrative costs
2,539 5,609 4,736 9,619 Total other operating expenses 3,112 5,944
5,850 10,268 Loss from operations (3,215) (6,745) (6,962) (11,700)
Interest income (expense) (primarily non-cash for both periods)
(233) (1,258) (530) (2,772) Minority interest in consolidated joint
venture 190 - 190 - Other income (expense) 14 79 19 207 Loss before
income taxes (3,244) (7,924) (7,283) (14,265) Income taxes - - (2)
(2) Net loss (3,244) (7,924) (7,285) (14,267) Less dividends on
mandatorily redeemable Series A preferred stock - (30) - (60) Net
loss attributable to common stockholders $(3,244) $(7,954) $(7,285)
$(14,327) Net loss per share attributable to common stockholders
(basic and diluted) $(0.02) $(0.72) $(0.05) $(1.70) Weighted
average shares used to compute net loss per share attributable to
common stockholders (basic and diluted) 148,282 11,079 142,481
8,432 CALYPTE BIOMEDICAL CORPORATION AND SUBSIDIARY CONSOLIDATED
BALANCE SHEET DATA (in thousands) Unaudited June 30, December 31,
2004 2003 Cash and cash equivalents $6,036 $5,084 Working capital
5,761 2,865 Total Assets 11,869 9,517 Convertible notes and
debentures, net of discount 120 868 Other long term liabilities 108
157 Minority Interest in joint venture (133) 57 Mandatorily
redeemable Series A preferred stock 2,756 2,696 Total stockholders'
equity 4,688 917 Company Contact: Richard Brounstein, CFO (925)
730-7200 Email: Investor Relations Contact: Tim Clemensen,
Rubenstein Investor Relations Phone: 212-843-9337 Email:
DATASOURCE: Calypte Biomedical Corporation CONTACT: Richard
Brounstein, CFO of Calypte Biomedical Corporation, +1-925-730-7200,
; Investor Relations - Tim Clemensen, Rubenstein Investor
Relations, +1-212-843-9337, , for Calypte Biomedical Corporation
Web site: http://www.calypte.com/
Copyright