SAN MATEO, Calif., Sept. 4 /PRNewswire-FirstCall/ -- BioForm
Medical, Inc. (NASDAQ:BFRM) today announced its financial results
for the fourth quarter and full fiscal year ended June 30, 2008.
Net sales were $16.7 million for the quarter ended June 30, 2008 as
compared to $15.4 million for the quarter ended June 30, 2007, an
increase of $1.3 million or 8.4%. The net loss was $20.0 million
for the quarter ended June 30, 2008 as compared to a net loss of
$4.9 million for the quarter ended June 30, 2007. Net sales were
$67.5 million for fiscal year 2008 as compared to $47.4 million for
fiscal year 2007, an increase of $20.1 million or 42.4%. The net
loss was $29.5 million for the fiscal year 2008 as compared to
$13.6 million for fiscal year 2007. The $20.0 million net loss in
the fourth quarter and the $29.5 million net loss for fiscal year
2008 each included an $11.2 million charge for acquired in-process
research and development arising from the purchase of substantially
all assets of Advanced Cosmetic Intervention, Inc. (ACI) in April
2008. Operating Results: Domestic sales were $13.2 million for the
quarter ended June 30, 2008 as compared to $12.7 million for the
quarter ended June 30, 2007, an increase of $0.5 million or 3.9%.
International sales were $3.5 million for the quarter ended June
30, 2008, as compared to $2.6 million for the quarter ended June
30, 2007, an increase of $0.9 million or 34.6%. Gross profit was
$14.4 million for the quarter ended June 30, 2008 as compared to
$12.4 million for the quarter ended June 30, 2007, an increase of
$2.0 million, or 16.1%. As a percentage of sales, gross profit for
the quarter ended June 30, 2008 was 86.3% as compared to 81.1% for
the quarter ended June 30, 2007. The increase in gross profit
margin for the quarter ended June 30, 2008 was primarily due to a
variation of production volume and overhead expense incurred, and
lower royalty license expense. Operating expenses were $34.7
million in the quarter ended June 30, 2008 as compared to $17.5
million in the quarter ended June 30, 2007. The increase in
operating expenses was primarily attributable to the expensing of
in-process research and development arising from the acquisition of
assets from ACI, 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 fiscal 2008, expansion of the Company's
clinical education programs, and additional higher employee-related
expenses. Net loss per share applicable to common stockholders
decreased to $0.43 for the quarter ended June 30, 2008 as compared
to $1.20 for the quarter ended June 30, 2007, due primarily to the
increase in the shares outstanding as a result of the sale of 11.5
million shares of common stock in the Company's November 2007
initial public offering and the conversion of 30.4 million shares
of preferred stock into common stock concurrent with this public
offering. Fiscal Year 2009 Guidance: BioForm Medical is providing
the following financial guidance for the full fiscal year ended
June 30, 2009: -- Revenues are expected to be approximately $74 to
$78 million. -- Gross profit is expected to average approximately
81% to 83% as a percentage of sales on an annual basis, with some
possible fluctuation outside of this range on a quarterly basis. --
Operating expenses are expected to be approximately $84 to $86
million. -- Net loss is expected to be approximately $20 to $23
million. Product Pipeline Update: BioForm Medical is providing the
following update on its product pipeline: -- RADIESSE(R) Dermal
Filler Next-Generation Products: The Company has a number of
ongoing programs evaluating new forms, applications and indications
of its patent protected RADIESSE dermal filler technology. The
first new commercial product derived from these efforts is expected
to be a form of RADIESSE dermal filler with Lidocaine which may
improve comfort for patients and flow characteristics for
physicians, and is expected to be launched in the United States and
Europe in calendar year 2009. -- RADIESSE(R) Dermal Filler
Post-Market Studies: The Company has completed and submitted to FDA
the results of two post-approval studies for RADIESSE filler -- a
three-year post-approval open-label follow-up to the pivotal
nasolabial fold study to evaluate the long-term safety and duration
of effect with RADIESSE filler, and a study to assess the safety of
RADIESSE dermal filler in nasolabial folds in persons of color. In
the three-year study in nasolabial folds, more than 30% of treated
nasolabial folds were rated by the treating investigator as
improved in patients who were two to three years from their last
injection. No long-term product related adverse events or
delayed-onset adverse events were reported in the study. In the
persons of color study, observed adverse events were typical of
dermal fillers such as redness, swelling, and bruising, and the
study found that RADIESSE dermal filler is safe for use in persons
of color. These studies were conducted pursuant to the requirements
of the FDA associated with the approval for RADIESSE dermal filler
for facial folds and wrinkles. -- POLIDOCANOL: As announced in a
separate press release today, positive results from the Phase III
clinical trial of Polidocanol (European trade name
Aethoxysklerol(R)), a sclerotherapy product for the treatment of
spider and reticular veins, have been submitted to FDA as part of
the New Drug Application (NDA) process. In addition to this
clinical report, BioForm Medical's partner, Kreussler, is
completing manufacturing documentation for a newly expanded
manufacturing facility. The final manufacturing documentation is
expected to be completed and submitted to FDA before the end of
calendar year 2008, consistent with BioForm Medical's previously
reported expected timeline for completion of the NDA submission. --
RELAXED EXPRESSIONS(TM): As previously announced on April 30, 2008,
BioForm Medical acquired from ACI a minimally invasive bi-polar
radiofrequency 510(k) medical device (renamed "Relaxed
Expressions(TM)") cleared to selectively reduce nerve function. The
Company has recently received an additional 510(k) clearance for a
new treatment profile software upgrade designed to improve outcomes
of procedures with the device. The Company has filed an
Investigational Device Exemption (IDE) with the FDA to conduct
clinical studies specifically intended to support an FDA
application seeking clearance to market this product for the
treatment of frown lines. The Company expects to also seek a CE
Mark and certain other international registrations of the Relaxed
Expressions device for aesthetics indications. -- BIOGLUE
Aesthetic(TM) Medical Adhesive: The Company and its partner,
CryoLife, Inc. announced in June 2008 the receipt of a CE Mark for
BioGlue Aesthetic(TM) Medical Adhesive for browplasties in Europe.
Pre-launch activities continue on a limited basis with early users,
to help the Company in its evaluation and development program to
identify and optimize uses of BioGlue Aesthetic adhesive. In the
United States, BioForm has completed a 30-patient feasibility study
for the use of BioGlue Aesthetic adhesive conducted under a U.S.
IDE which demonstrated raised brow position in 89% of patients at 6
months. BioForm is working with its clinical advisors and FDA to
determine the best design for a pivotal study of BioGlue Aesthetic
adhesive to support U.S. approval. "We are pleased to report sales
performance for the quarter and fiscal year ended June 30, 2008 in
line with the guidance we provided in our third quarter fiscal 2008
conference call and earnings release. Our guidance for fiscal year
2009 reflects an expectation that the current dermal filler market
softness will persist for two more quarters, with only modest
recovery starting thereafter," commented Steve Basta, Chief
Executive Officer of BioForm Medical, Inc. "In fiscal 2009, we are
focused on training and education to drive clinical confidence
among RADIESSE dermal filler users, expanding the RADIESSE filler
user base through new account conversions, and developing our
future products, which we believe will contribute to accelerating
revenue growth in fiscal 2010 and beyond." 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 888-287-5530 for callers in the U.S. and 719-785-1786 for
international callers. Please notify the operator that you would
like to join "BioForm Medical's Fourth Quarter & Fiscal 2008
Earnings Call" and provide the participant code "2257477", 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 Medical's lead
product is Radiesse(R) dermal filler, a long-lasting filler for use
in facial aesthetics. BioForm Medical is developing several future
aesthetics products, including a radiofrequency treatment to reduce
nerve function in the forehead, a sclerotherapy treatment for
spider veins, and a surgical adhesive for brow lifts. For more
information about BioForm, please visit http://www.bioform.com/.
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 introduction of new RADIESSE products or the timing
thereof, the timing of completing a Polidocanol NDA submission to
FDA, the timing of an FDA application or receipt of FDA clearance,
or international regulatory clearances, to market Relaxed
Expressions for the treatment of frown lines or other aesthetic
indications, the ability of the Company to optimize uses of BioGlue
Aesthetic adhesive in Europe or to advance a clinical program for
regulatory clearance of the product in the United States, the
commercial success of future product introductions, and financial
guidance for fiscal year 2009 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 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 May 9, 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 OF OPERATIONS (unaudited) (in
thousands, except per share data) Three months ended Twelve months
ended June 30, June 30, 2008 2007 2008 2007 Net U.S. sales $13,220
$12,726 $54,393 $39,215 Net International sales 3,492 2,624 13,090
8,199 Net sales 16,712 15,350 67,483 47,414 Cost of sales 2,289
2,901 11,393 8,769 Gross profit 14,423 12,449 56,090 38,645
Operating expenses: Sales and marketing 17,702 11,783 56,912 38,186
Research and development 2,690 3,763 9,313 7,756 Acquired
in-process research and development 11,230 - 11,230 - General and
administrative 3,090 1,957 9,882 6,990 Total operating expenses
34,712 17,503 87,337 52,932 Other income (expense), net Interest
income, net 412 199 1,902 842 Other income (expense), net (51) 6
110 68 Loss before income taxes (19,928) (4,849) (29,235) (13,377)
Provision for income taxes 80 72 290 195 Net loss $(20,008)
$(4,921) $(29,525) $(13,572) Net loss per common share, basic and
diluted $(0.43) $(1.20) $(0.94) $(3.54) Weighted-average number of
common shares used in per share calculation, basic and diluted
46,257 4,104 31,276 3,839 BIOFORM MEDICAL, INC. CONDENSED
CONSOLIDATED BALANCE SHEETS (unaudited) (in thousands) Years Ended
June 30, 2008 2007 Assets Current assets: Cash and cash equivalents
$59,204 $17,610 Accounts receivable, net of allowance for doubtful
accounts of $836 at June 30, 2008 and $428 at June 30, 2007, 10,989
7,725 Inventories 8,167 4,864 Prepaid royalties 929 - Prepaid other
1,603 1,194 Other current assets 805 262 Total current assets
81,697 31,655 Property and equipment, net 9,037 5,741 Prepaid
royalties 3,288 - Other assets 548 103 Total assets $94,570 $37,499
Liabilities and stockholders' equity Current liabilities: Accounts
payable $3,533 $3,754 Deferred revenues 454 446 Accrued royalty
expenses 280 869 Accrued liabilities 8,066 6,686 Capital lease
obligations, current portion 34 20 Total current liabilities 12,367
11,775 Capital lease obligations, long-term portion 60 36 Total
liabilities 12,427 11,811 Total stockholders' equity 82,143 25,688
Total liabilities and stockholders' equity $94,570 $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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