SAN MATEO, Calif., May 1 /PRNewswire-FirstCall/ -- BioForm Medical,
Inc. (NASDAQ:BFRM) today announced its financial results for the
quarter ended March 31, 2008, which is the Company's third quarter
of fiscal year 2008. Net sales were $17.0 million for the quarter
ended March 31, 2008 as compared to $12.4 million for the quarter
ended March 31, 2007, an increase of $4.6 million or 36.3%. The net
loss was $4.5 million for the quarter ended March 31, 2008 as
compared to $3.6 million for the quarter ended March 31, 2007. Net
sales for the nine months ended March 31, 2008 were $50.8 million,
as compared to $32.1 million for the nine months ended March 31,
2007. The net loss was $9.5 million for the nine months ended March
31, 2008 as compared to $8.7 million for the nine months ended
March 31, 2007. Operating Results: Domestic sales were $14.0
million for the quarter ended March 31, 2008 compared to $10.3
million for the quarter ended March 31, 2007, an increase of $3.7
million or 36.6%. International sales were $2.9 million for the
quarter ended March 31, 2008, compared to $2.2 million for the
quarter ended March 31, 2007, an increase of $0.7 million or 34.9%.
The Company attributes the growth in revenue primarily to increased
physician adoption since the aesthetics approval of Radiesse(R)
dermal filler, the Company's extensive clinical education programs,
and the increase in direct sales personnel. Gross profit was $13.7
million for the quarter ended March 31, 2008 as compared to $10.4
million for the quarter ended March 31, 2007, an increase of $3.3
million, or 32.3%. As a percentage of sales, gross profit for the
quarter ended March 31, 2008 was 80.9% as compared to 83.4% for the
quarter ended March 31, 2007. The decline in the gross profit
margin was due primarily to a lower average selling price for
Radiesse in the United States (primarily associated with customers
increasing their average purchase quantities and qualifying for
lower prices under our volume pricing programs), and increased
costs associated with certain promotional programs offered during
the quarter, offset partially by lower overhead and royalty expense
per unit. Operating expenses were $19.2 million in the quarter
ended March 31, 2008 compared to $14.1 million in the quarter ended
March 31, 2007. The increase in operating expenses was primarily
attributable to an increase in sales and marketing costs as a
result of the expansion of the Company's sales forces in the United
States and Europe in early FY 2008, expansion of the company's
clinical education programs, and higher employee related expenses
in research and development and general and administration. Net
loss per share applicable to common stockholders decreased to $0.10
for the quarter ended March 31, 2008 as compared to $0.88 for the
quarter ended March 31, 2007, due primarily to the increase in the
shares outstanding which resulted from the sale of 11.5 million
common stock shares in our November 2007 initial public offering
and the conversion of 30.4 million shares of preferred stock into
common stock shares concurrent with this public offering. "The
March quarter, which is typically down from the December quarter,
was lower for us this year than we had expected. We've seen early
indications in April of weakness in the June quarter. We believe
that rapidly declining consumer confidence is having a significant
impact on discretionary spending and, consequently, our business.
We have reduced our revenue guidance as a result," stated Steve
Basta, CEO of BioForm Medical. "We are taking steps both in the
near-term and long-term to enable the Company to accelerate our
revenue growth. In our core Radiesse business, one of the key
near-term activities for the Company is the expansion of our
clinical education team. We have found that clinical comfort using
Radiesse, and the experience of seeing and understanding the
benefits offered by Radiesse helps grow physician utilization. In
addition to our efforts to stimulate growth in Radiesse revenue, we
are broadening our product portfolio through business development
activities. In the coming years, we expect contributions to our
top-line growth from new product introductions, such as the
recently announced ACI device, Aethoxysklerol, and BioGlue, each of
which will be subject to certain regulatory review and approval
requirements." Fiscal Year 2008 Revenue Guidance: BioForm Medical
is updating its revenue guidance for the full fiscal year 2008
ending June 30, 2008 to approximately $66 to 68 million in net
sales. ACI Transaction: As previously announced on April 30th,
2008, BioForm Medical has acquired a facial aesthetic nerve
ablation technology from Advanced Cosmetic Intervention, Inc for
approximately $12 million cash, plus assumption of approximately
$0.2 million of payables, future royalties and a potential
sales-related milestone. The ACI device uses minimally-invasive
bi-polar radiofrequency energy selectively to weaken nerve signal
transduction. The use of this technology on nerves that control the
muscles of the forehead may reduce the appearance of frown lines,
or glabellar furrows. BioForm Medical expects to conduct clinical
studies specifically intended to support an FDA application seeking
clearance to distribute this product for the treatment of frown
lines. The Company expects to also seek a CE mark and certain other
international registrations of the ACI device for aesthetics
indications. Aethoxysklerol(R) Update: The Phase III clinical trial
of Aethoxysklerol, a sclerotherapy product for the treatment of
spider and reticular veins, has completed patient treatment and
follow-up, and BioForm's partner, KREUSSLER, has initiated data
analysis of the trial results. We expect that the New Drug
Application (NDA) filing for this sclerotherapy product will be
submitted in CY 2008. Data and results from this clinical trial are
expected to be presented at scientific meetings in late CY 2008 or
early CY 2009. 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 877-591-4956 for callers
in the U.S. and 719-325-4880 for international callers. Please
notify the operator that you would like to join "BioForm Medical's
Third Quarter Earnings Call" and provide the participant code
"7284989", if prompted. About BioForm Medical, Inc.: BioForm
Medical, Inc. is a medical aesthetics company headquartered in San
Mateo, California, developing products that enhance aesthetic
procedures performed in dermatology and plastic surgery practices.
BioForm's lead product is Radiesse(R), a long-lasting dermal filler
for use in facial aesthetics. BioForm is developing several future
aesthetics products including a nerve ablation device for frown
lines, a sclerotherapy treatment for spider veins, and a surgical
adhesive for brow lifts. 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 the impact of declining
discretionary spending on our business, the effectiveness of
measures that BioForm will undertake to enhance revenue, including
the timing and success of future product introductions, anticipated
regulatory submissions, approvals or timelines for such, 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 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 third 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 latest Form 10-Q as
filed with the Securities and Exchange Commission on February 7,
2008. 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 STATEMENTS OF OPERATIONS (Unaudited) (in
thousands, except per share data) Three months ended Nine months
ended March 31, March 31, 2008 2007 2008 2007 Net sales $16,954
$12,438 $50,771 $32,064 Cost of sales 3,232 2,065 9,104 5,868 Gross
profit 13,722 10,373 41,667 26,196 Operating expenses: Sales and
marketing 14,347 11,015 39,210 26,403 Research and development
2,259 1,372 6,623 3,993 General and administrative 2,548 1,695
6,792 5,033 Total operating expenses 19,154 14,082 52,625 35,429
Other income (expense), net Interest income, net 742 161 1,490 643
Other income, net 262 23 161 62 Loss before income taxes (4,428)
(3,525) (9,307) (8,528) Provision for income taxes 69 48 210 123
Net loss attributable to common stockholders $(4,497) $(3,573)
$(9,517) $(8,651) Net loss per common share, basic and diluted
$(0.10) $(0.88) $(0.36) $(2.31) Weighted-average number of shares
used in per share calculation, basic and diluted 46,229 4,065
26,319 3,751 BIOFORM MEDICAL, INC. CONDENSED CONSOLIDATED BALANCE
SHEETS (in thousands, except per share data) March 31, June 30,
2008 2007 ASSETS (unaudited) Current assets: Cash and cash
equivalents $76,822 $17,610 Accounts receivable, net of allowance
for doubtful accounts of $742 at March 31, 2008 and $428 at June
30, 2007, respectively 10,831 7,725 Inventories 6,176 4,864 Prepaid
royalties 1,513 - Prepaid other 3,944 1,194 Other current assets
596 262 Total current assets 99,882 31,655 Property and equipment,
net 8,684 5,741 Prepaid royalties 2,723 - Other assets 210 103
Total assets $111,499 $37,499 LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities: Accounts payable $2,173 $3,754 Deferred
revenues 474 446 Accrued royalty expenses 285 869 Other accrued
liabilities 6,962 6,686 Capital lease obligations, current portion
32 20 Total current liabilities 9,926 11,775 Capital lease
obligations, long-term portion 71 36 Total liabilities 9,997 11,811
Total stockholders' equity 101,502 25,688 Total liabilities and
stockholders' equity $111,499 $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.bioformmedical.com/
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