BioForm Announces Financial Results for Quarter Ended September 30, 2007, First Quarter of Fiscal 2008
December 13 2007 - 4:00PM
PR Newswire (US)
SAN MATEO, Calif., Dec. 13 /PRNewswire-FirstCall/ -- BioForm
Medical, Inc. (NASDAQ:BFRM) today announced its financial results
for the quarter ended September 30, 2007, which is the Company's
first quarter of fiscal year 2008. Net sales were $15.2 million for
the quarter ended September 30, 2007 as compared to $7.8 million
for the quarter ended September 30, 2006, an increase of $7.4
million or 95.1%. The net loss was $3.4 million for the quarter
ended September 30, 2007 as compared to $2.3 million for the
quarter ended September 30, 2006. "We are pleased that physicians
are rapidly adopting Radiesse(R) in their practices," stated Steve
Basta, Chief Executive Officer of BioForm Medical. "The growth of
Radiesse revenue over the last year reflects the continued growth
in aesthetics use of Radiesse following the facial aesthetics
approval in December 2006. The growth in sales versus the
prior-year quarter also demonstrates the benefit of our late 2006
sales force expansion. Our recent initial public offering in
November 2007 provides us with substantial resources to continue
our efforts to maximize the potential of Radiesse and our future
products in development, including the leading sclerotherapy
product in Europe for which we have U.S. rights, and a leading
surgical adhesive." Operating Results: Domestic sales were $12.6
million for the quarter ended September 30, 2007 compared to $6.8
million for the quarter ended September 30, 2006, an increase of
$5.8 million or 85.2%. International sales were $2.6 million for
the quarter ended September 30, 2007, compared to $1.0 million for
the quarter ended September 30, 2006, an increase of $1.6 million
or 164.5%. The Company attributes the sales increase primarily to
the growing appreciation by doctors of the benefits provided by
Radiesse dermal filler, clinical training programs, the hiring of
additional direct sales personnel and improvements in our
distributor network. Gross profit was $12.4 million for the quarter
ended September 30, 2007 as compared to $6.2 million for the
quarter ended September 30, 2006, an increase of $6.2 million, or
99.1%. As a percentage of sales, gross profit for the quarter ended
September 30, 2007 was 81.6% as compared to 80.0% for the quarter
ended September 30, 2006. The increase was due to lower product
overhead and royalty expenses per unit as volumes have grown.
Operating expenses were $16.0 million in the quarter ended
September 30, 2007 compared to $8.8 million in the quarter ended
September 30, 2006. The increase in operating expenses was
primarily attributable to an increase in sales and marketing costs
as a result of the continued expansion of our sales forces in the
United States and Europe, and higher employee related expenses in
research and development and general and administration. Net loss
per share applicable to common stockholders increased to $0.82 for
the quarter ended September 30, 2007 as compared to $0.68 for the
quarter ended September 30, 2006 due to the higher net loss
incurred. Use of Non-GAAP Financial Measures: To supplement our
condensed consolidated financial statements presented in accordance
with generally accepted accounting principles ("GAAP") in the
United States, this press release includes the pro forma basic and
diluted loss per common share which are defined as non-GAAP
financial measures by the SEC. We are presenting this information
to provide investors with information illustrating the effect of
converting all outstanding shares of our convertible preferred
stock into common stock upon the closing of our initial public
offering which occurred after the end of the quarter being
reported, but prior to the release of our quarterly report on Form
10-Q. The presentation of this financial information is not
intended to be considered as an alternative or substitute for the
financial information prepared and presented in accordance with
GAAP. Our non-GAAP financial measures included in this press
release may be different from and not comparable to similar
presentations by other companies. Subsequent Event -- Initial
Public Offering in November 2007: In November 2007, BioForm Medical
completed its initial public offering of 11,500,000 shares,
inclusive of the underwriter's full exercise of its over-allotment
option. The shares were sold for $8.00 per share, resulting in net
proceeds to the Company of approximately $83.4 million. As of
November 7, 2007, there were 46,200,183 total common stock shares
issued and outstanding. Fiscal Year 2008 Revenue Guidance: BioForm
Medical is providing revenue guidance for the full fiscal year 2008
ending June 30, 2008 of approximately $76 to $81 million of net
sales. Conference Call: BioForm Medical will hold a conference call
today at 2:30 pm Pacific Time (5:30 p.m. Eastern Time) to discuss
the financial results. The conference call will be webcast live on
the Investor Relations section of BioForm Medical's website at
http://www.bioform.com/. The conference call may be accessed by
dialing 888.661.5138 for callers in the U.S. and 913.312.0952 for
international callers. Please notify the operator that you would
like to join "BioForm Medical's First Quarter Earnings Call" and
provide the participant code "2949717", if prompted. About BioForm
Medical, Inc.: BioForm Medical, Inc. is a medical aesthetics
company headquartered in San Mateo, California. BioForm Medical is
dedicated to bringing doctors and their patients safe and effective
products for use in the dermatology, plastic surgery and ENT
markets. BioForm Medical's products include Radiesse(R) dermal
filler for use in facial aesthetics and vocal fold insufficiency,
and Coaptite(R) injectable implant for treating female stress
urinary incontinence which is marketed through a partnership with
Boston Scientific Corporation. BioForm Medical has licensed U.S.
marketing rights to Aethoxysklerol(R) sclerotherapy agent, which is
the leading worldwide sclerotherapy agent and is currently being
evaluated in a Phase III clinical trial. BioForm Medical has also
licensed BioGlue(R) surgical adhesive product for plastic surgery
applications, which is being developed in a partnership with
CryoLife, Inc. Forward-Looking Statements: This press release
contains forward-looking statements within the meaning of the U.S.
Private Securities Litigation Reform Act of 1995. Specifically,
statements concerning BioForm Medical's ability to continue to grow
demand for Radiesse, likelihood and timing of future product
introductions, as well as financial guidance for fiscal year 2008
are forward-looking statements within the meaning of the Safe
Harbor. Forward-looking statements are based on management's
current, preliminary expectations and are subject to risks and
uncertainties, which may cause BioForm Medical's actual results to
differ materially from the statements contained herein. BioForm
Medical's first quarter fiscal 2008 financial results, as discussed
in this release, are preliminary and unaudited, and subject to
adjustment. Further information on potential risk factors that
could affect BioForm Medical's business and its financial results
are detailed in its prospectus as filed with the Securities and
Exchange Commission on November 6, 2007. Undue reliance should not
be placed on forward-looking statements, especially guidance on
future financial performance, which speaks only as of the date they
are made. BioForm Medical undertakes no obligation to update
publicly any forward-looking statements to reflect new information,
events or circumstances after the date they were made, or to
reflect the occurrence of unanticipated events. Contact: Adam
Gridley 650.286.4025 Vice President, Corporate Development BioForm
Medical, Inc. BioForm Medical, Inc. Summary Statement of Operations
(Unaudited) (in thousands, except per share data) Three months
ended September 30, 2007 2006 Net sales $15,201 $7,790 Cost of
sales 2,792 1,559 Gross profit 12,409 6,231 Operating expenses:
Sales and marketing 11,754 6,453 Research and development 2,181
1,021 General and administrative 2,024 1,321 Total operating
expenses 15,959 8,795 Other income (expenses), net Interest income,
net 161 254 Other income (expenses), net 31 (12) Loss before income
taxes (3,358) (2,322) Provision for income taxes 58 20 Net loss
$(3,416) $(2,342) Net loss per common share, basic and diluted
$(0.82) $(0.68) Pro forma net loss per common share, basic and
diluted $(0.10) Basic and diluted weighted-average common shares
4,166 3,461 Pro forma basic and diluted weighted- average common
shares 34,533 BioForm Medical, Inc. Condensed Consolidated Balance
Sheets September 30, June 30, 2007 2007 (unaudited) ASSETS Current
assets: Cash and cash equivalents $10,468 $17,610 Accounts
receivable, net of allowance for doubtful accounts of $451 at
September 30, 2007 and $428 at June 30, 2007, respectively 8,058
7,725 Inventories 5,274 4,864 Prepaid initial public offering costs
1,348 66 Prepaid royalties 1,281 . Prepaid other 1,153 1,128 Other
current assets 233 262 Total current assets 27,815 31,655 Property
and equipment, net 6,553 5,741 Prepaid royalties 3,409 . Other
long-term assets 147 103 Total assets $37,924 $37,499 LIABILITIES
AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable
$2,783 $3,754 Deferred revenues 363 446 Accrued royalty expenses
5,748 869 Other accrued liabilities 5,783 6,686 Capital lease
obligations, current portion 32 20 Total current liabilities 14,709
11,775 Capital lease obligations, long-term portion 87 36 Total
Liabilities 14,796 11,811 Total stockholders' equity 23,128 25,688
Total liabilities and stockholders' equity $37,924 $37,499
DATASOURCE: BioForm Medical, Inc. CONTACT: Adam Gridley, Vice
President, Corporate Development of BioForm Medical, Inc.,
+1-650-286-4025 Web site: http://www.bioform.com/
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