SAN MATEO, Calif., Jan. 31 /PRNewswire-FirstCall/ -- BioForm
Medical, Inc. (NASDAQ:BFRM) today announced its financial results
for the quarter ended December 31, 2007, which is the Company's
second quarter of fiscal year 2008. Net sales were $18.6 million
for the quarter ended December 31, 2007 as compared to $11.8
million for the quarter ended December 31, 2006, an increase of
$6.8 million or 57.3%. The net loss was $1.6 million for the
quarter ended December 31, 2007 as compared to $2.7 million for the
quarter ended December 31, 2006. Net sales for the six months ended
December 31, 2007 were $33.8 million, as compared to $19.6 million
for the six months ended December 31, 2006. The net loss was $5.0
million for the six months ended December 31, 2007 as compared to
$5.1 million for the six months ended December 31, 2006. Operating
Results: Domestic sales were $14.5 million for the quarter ended
December 31, 2007 compared to $9.4 million for the quarter ended
December 31, 2006, an increase of $5.1 million or 54.4%.
International sales were $4.1 million for the quarter ended
December 31, 2007, compared to $2.4 million for the quarter ended
December 31, 2006, an increase of $1.7 million or 68.3%. The
Company attributes the sales increase primarily to the growing
appreciation by doctors of the benefits provided by RADIESSE(R)
dermal filler, clinical training programs, the hiring of additional
direct sales personnel and improvements in its distributor network.
Gross profit was $15.5 million for the quarter ended December 31,
2007 as compared to $9.6 million for the quarter ended December 31,
2006, an increase of $5.9 million, or 62.0%. As a percentage of
sales, gross profit for the quarter ended December 31, 2007 was
83.5% as compared to 81.0% for the quarter ended December 31, 2006.
The increase was primarily attributable to lower product overhead
and royalty expenses per unit as volumes have grown. Operating
expenses were $17.5 million in the quarter ended December 31, 2007
compared to $12.6 million in the quarter ended December 31, 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 the Company's 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 decreased to $0.06 for the
quarter ended December 31, 2007 as compared to $0.73 for the
quarter ended December 31, 2006, due primarily to the increase in
the shares outstanding which resulted from the sale of 11.5 million
common stock shares in our initial public offering and the
conversion of 30.4 million shares of preferred stock into common
stock shares concurrent with this public offering. Recent RADIESSE
Clinical Studies Published in Prestigious Dermatology Journal: In
December 2007 and January 2008, several publications were announced
regarding the findings of clinical studies with RADIESSE dermal
filler and several leading hyaluronic acid and collagen fillers.
Two direct comparative studies against leading hyaluronic acid
fillers demonstrated that patients preferred RADIESSE treatment,
were more satisfied with RADIESSE dermal filler, and were more
likely to return for future treatments. In addition, the results
demonstrated that RADIESSE dermal filler offered advantages in
durability and cost due to longer lasting results and less material
required for full correction, while exhibiting similar safety
characteristics as hyaluronic acid fillers. Results from two other
studies demonstrated the superiority and comparable safety profile
of RADIESSE to collagen in the pivotal U.S. clinical study and
leading dermatologists' long-term clinical experience with RADIESSE
filler, also demonstrating safety of RADIESSE filler in clinical
use and high patient satisfaction. The results of these studies
were published in the December 2007 and February 2008 issues of the
Journal of Dermatologic Surgery, a peer-reviewed publication of the
American Society of Dermatologic Surgery. The Company believes that
the aesthetic outcomes highlighted in these publications are key
factors that have and will continue to contribute to the growing
adoption of RADIESSE filler in physician practices. Fiscal Year
2008 Revenue Guidance: BioForm Medical is updating its revenue
guidance for the full fiscal year 2008 ending June 30, 2008 to
approximately $71 to $76 million of net sales. Conference Call:
BioForm Medical will hold a conference call today at 2:00 pm
Pacific Time (5:00 p.m. Eastern Time) to discuss the financial
results and guidance. 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 888-670-2248 for callers in the U.S. and 913-905-3226 for
international callers. Please notify the operator that you would
like to join "BioForm Medical's Second Quarter Earnings Call" and
provide the participant code "7132314", 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 second 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. BioForm Medical, Inc. Summary Statement of Operations
(Unaudited) (in thousands, except per share data) Three months
ended Six months ended December 31, December 31, 2007 2006 2007
2006 Net sales $ 18,616 $ 11,836 $ 33,817 $ 19,626 Cost of sales
3,080 2,244 5,872 3,803 Gross profit 15,536 9,592 27,945 15,823
Operating expenses: Sales and marketing 13,109 8,935 24,863 15,388
Research and development 2,183 1,600 4,364 2,621 General and
administrative 2,220 2,017 4,244 3,338 Total operating expenses
17,512 12,552 33,471 21,347 Other income (expenses), net Interest
income, net 587 228 748 482 Other income (expenses), net (132) 51
(101) 39 Loss before income taxes (1,521) (2,681) (4,879) (5,003)
Provision for income taxes 83 55 141 75 Net loss attributable to
common stockholders $ (1,604) $ (2,736) $ (5,020) $ (5,078) Net
loss per common share, basic and diluted $ (0.06) $ (0.73) $ (0.30)
$ (1.41) Weighted-average number of shares used in per share
calculation, basic and diluted 28,777 3,734 16,472 3,598 BioForm
Medical, Inc. Condensed Consolidated Balance Sheets December June
30, 31, 2007 2007 ASSETS (unaudited) Current assets: Cash and cash
equivalents $ 85,751 $ 17,610 Accounts receivable, net of allowance
for doubtful accounts of $681 at December 31, 2007 and $428 at June
30, 2007, respectively 9,452 7,725 Inventories 5,782 4,864 Prepaid
royalties 1,431 . Prepaid other 2,025 1,194 Other current assets
398 262 Total current assets 104,839 31,655 Property and equipment,
net 7,185 5,741 Prepaid royalties 3,029 . Other assets 192 103
Total assets $ 115,245 $ 37,499 LIABILITIES AND STOCKHOLDERS'
EQUITY Current liabilities: Accounts payable $ 2,947 $ 3,754
Deferred revenues 266 446 Accrued royalty expenses 290 869 Other
accrued liabilities 6,191 6,686 Capital lease obligations, current
portion 32 20 Total current liabilities 9,726 11,775 Capital lease
obligations, long-term portion 79 36 Total liabilities 9,805 11,811
Total stockholders' equity 105,440 25,688 Total liabilities and
stockholders' equity $ 115,245 $ 37,499 Contact: Adam Gridley
650.286.4025 Vice President, Corporate Development BioForm Medical,
Inc. DATASOURCE: BioForm Medical, Inc. CONTACT: Adam Gridley, Vice
President, Corporate Development of BioForm Medical, Inc.,
+1-650-286-4025 Web site: http://www.bioformmedical.com/
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