Cash & Marketable Securities Up 54 Percent Sequentially;
Revenue Grows 6 Percent Year-Over-Year SAN DIEGO, April 24
/PRNewswire-FirstCall/ -- Biosite Incorporated (NASDAQ:BSTE) today
reported financial results for the first quarter of 2007
highlighted by increases in revenue and cash. The Company also
provided an update on clinical trials for several potential new
products. Key Financial Results * Cash generated from operations
was $32.3 million in the first quarter of 2007, raising Biosite's
cash and marketable securities balance to $98.9 million, a 54
percent increase over its cash and marketable securities balance at
December 31, 2006. * Revenues for the first quarter of 2007 totaled
$83.7 million, a 6 percent increase from $79.3 million in the
comparable period of 2006. As expected, growth resulted primarily
from sales of Biosite's non-BNP cardiovascular products and
international sales, which increased 43 percent and 33 percent,
respectively, on a year-over-year basis. Year-over-year sales of
the Triage(R) BNP Test products decreased 1 percent in the quarter.
The decrease resulted from an anticipated decline in U.S. hospital
sales of the product partially offset by growth in international
and physician office sales, which increased 40 percent and 12
percent, respectively. The Company attributed the decline in U.S.
hospital sales to an expected decline in the average price of the
product. * For the first quarter of 2007, GAAP diluted earnings per
share was $0.66, compared with $0.68 for the first quarter of 2006.
As previously reported, Biosite's 2006 first quarter earnings per
share was favorably affected by the resolution of certain tax
contingencies amounting to $0.05 per diluted share following the
completion of an Internal Revenue Service audit of certain prior
years. * GAAP operating income for the first quarter of 2007 was
$18.1 million. In the comparable period of 2006, GAAP operating
income was $18.5 million. Following are financial highlights
pertaining to revenues and cash flow for the three months ended
March 31, 2007 and 2006: ($ in 000's) Three months ended 3/31/07
3/31/06 Change Triage BNP Test sales $51,965 $52,564 (1%) Other
cardiovascular product sales 17,362 12,106 43% Other product sales
13,153 13,487 (2%) Total product sales 82,480 78,157 6% Total
revenues 83,749 79,332 6% Cash flow from operations $32,296 $31,025
Cash used for stock repurchases $-- 30,000 3/31/07 12/31/06 Change
Cash and marketable securities balance $98,857 $64,229 54% "The
year is off to a sound start driven by 81 percent combined
year-over- year growth in sales of our Triage Profiler Panel
products and Triage D-Dimer Test along with strong results in
physician office and international markets," said Kim Blickenstaff,
Biosite's chairman and chief executive officer. "We believe this
reflects efforts to diversify our revenue base and to capitalize on
opportunities that exist for newer tests addressing important areas
of cardiovascular medicine, such as acute coronary syndromes and
pulmonary embolism." Research and Development In the area of
research and development, Biosite continued to advance several
projects related to products currently under development: *
Activities relating to the clinical validation studies for the
Triage MPO Test and a next generation Triage CardioProfiler(R)
Panel continued to progress in the first quarter of 2007. The
Company expects to file a Premarket Notification 510(k) submission
with the U.S. Food and Drug Administration early in the third
quarter of 2007 for the prognostic use of myeloperoxidase (MPO.)
Plans aimed at international commercialization of the next
generation Triage CardioProfiler Panel are also underway. The
Company's objective is to obtain CE marking for the product by
mid-year 2007 and to immediately launch a post-market evaluation
study to support future clinical publications. The next generation
Triage CardioProfiler Panel is designed to combine the
cardiovascular markers on the present test panel with MPO and to
incorporate Biosite's MultiMarker Index(TM) Value algorithm. MPO is
believed to be useful as an aid in the early diagnosis of
myocardial infarction and could signal risk for heart disease or
heart attack in patients with chest pain or acute coronary
syndromes. * Biosite also confirmed that the training study for its
Triage NGAL Test was launched in the first quarter of 2007. The
Company intends to file for CE marking of that product early in the
third quarter of 2007. The Triage NGAL Test is being developed as
an aid in the prognosis of kidney injury following cardiovascular
surgery. * As previously reported, preliminary data related to the
Triage Sepsis Panel were presented at the 27th International
Symposium on Intensive Care and Emergency Medicine. The data showed
that the panel, made up of the biomarkers neutrophil
gelatinase-associated lipocalin (NGAL), c- reactive protein (CRP)
and macrophage inflammatory protein-3 (MIP-3), may be a clinically
useful tool in the assessment of risk of sepsis progression within
72 hours of patients presenting to the emergency department and
meeting the diagnostic criteria for sepsis. * Biosite said that
patient enrollment for the Triage Sepsis Panel validation study is
on track to commence in May 2007. The study is aimed at generating
data to support a U.S. regulatory submission. A filing for CE
marking of the product is expected to be submitted in the third
quarter of 2007. * The pilot feasibility trial for a Triage BNP
Test fingerstick device has been successfully completed and the
validation study is anticipated to start later this year, following
completion of development. About Biosite Incorporated Biosite
Incorporated is a leading bio-medical company commercializing
proteomics discoveries for the advancement of medical diagnosis.
The Company's products contribute to improvements in medical care
by aiding physicians in the diagnosis of critical diseases and
health conditions. The Biosite(R) Triage(R) rapid diagnostic tests
are used in more than 70 percent of U.S. hospitals and in more than
60 international markets. Information on Biosite can be found at
http://www.biosite.com/. Investor Conference Call Biosite will host
an investor conference call to discuss financial results and
research and development progress. The call will take place today,
April 24, 2007, at 1:30 p.m. Pacific. A live webcast of the call
can be accessed via the Internet at http://www.biosite.com/. The
phone number is (617) 213-8832. The conference call code for the
live call is 60807471. The call will be archived on the Biosite
website for at least 21 days. The phone replay number is (888)
286-8010. International callers, please dial (617) 801-6888. Please
reference the conference call code 50964236. Forward Looking
Statements This press release contains forward-looking statements
that involve risks and uncertainties that could cause actual
results to differ materially from any future results, performance
or achievements expressed or implied by such statements. Examples
of forward-looking statements are financial targets and growth
objectives and also include but are not limited to statements that
are preceded by, followed by, or that include the words "will";
"believes"; "should"; "intend"; "anticipates"; "plans"; "expects";
"estimates"; or similar statements. Forward-looking statements in
this press release include statements regarding the Company's
expected financial performance for the 2007 fiscal year, such as
anticipated revenues, operating margins and earnings per share, the
Company's ability to achieve growth targets in the international
and physician office markets, the Company's ability to maintain
market share for cardiovascular testing, the Company's plans to
initiate and complete proposed studies for the Triage MPO Test, the
next generation Triage CardioProfiler Panel, the Triage NGAL Test,
the Triage Sepsis Panel and the Triage BNP fingerstick device, as
well as the Company's plans to submit United States and foreign
regulatory filings for those potential new products when expected.
Risks and uncertainties include risks associated with Biosite's
ability to commence and complete clinical trials as currently
planned, Biosite's ability to obtain regulatory approvals and
complete other pre-market activities needed to launch new products
as currently planned, Biosite's ability to manufacture new products
on a commercial scale and in accordance with acceptable quality
standards, Biosite's ability to effectively promote and market
acceptance of any new products, the continued growth of the BNP
market generally, including the physician office market, the
Company's ability to effectively expand sales activities outside
the United States, and other risks associated with changing market
conditions and the effect of competition from companies with
greater capital and resources, including the impact on market
pricing for BNP testing generally. Other risks that should be
considered are detailed in the Company's most recent Annual Report
on Form 10- K and subsequent SEC filings. The Company disclaims,
however, any intent or obligation to update these forward-looking
statements. Copies of the Company's SEC filings are available from
the Investor Relations department or from the Company's website.
Biosite(R), Cardio Profiler(R), Triage(R) and New Dimensions in
Diagnosis(R) are registered trademarks of Biosite Incorporated.
MultiMarker Index(TM) is a trademark of Biosite Incorporated.
Biosite Incorporated Unaudited Statements of Income Data - GAAP (in
thousands, except per share data and margins) Three months ended
March 31, 2007 2006 % Change Total revenues: Product sales $82,480
$78,157 6% Contract revenue 1,269 1,175 8% Total revenues 83,749
79,332 6% Gross margin on product sales 69% 70% Operating expenses:
Cost of product sales 25,565 23,105 11% Selling, general and
administrative 26,552 23,966 11% Research and development 13,568
13,698 (1%) License and patent disputes -- 41 (100%) Total
operating expenses 65,685 60,810 8% Operating income 18,064 18,522
(2%) Operating income as % of total revenue 22% 23% Interest and
other income, net 693 1,248 (44%) Income before provision for
income taxes 18,757 19,770 (5%) Provision for income taxes (7,472)
(7,213) 4% Net income $11,285 $12,557 (10%) Diluted earnings per
share $0.66 $0.68 (3%) Diluted shares used in calculating per share
amounts 17,060 18,601 Share-based compensation expense for stock
options and the employee stock purchase plan recorded in accordance
with FAS 123R for continuing operations: Cost of product sales $773
$222 248% Selling, general and administrative 3,069 4,022 (24%)
Research and development 1,565 1,810 (14%) Subtotal $5,407 $6,054
(11%) Tax benefit (1,736) (1,639) 6% Total $3,671 $4,415 (17%)
Biosite Incorporated Selected Product Data (in thousands, except
margins and %'s) Sales by Product: Q1 2006 Q2 2006 Q3 2006 Q4 2006
Q1 2007 Triage(R) Drugs of Abuse Products $11,547 $10,464 $11,444
$10,836 $10,783 Triage Cardiac Panel 6,616 7,188 6,902 7,606 7,440
Triage BNP Tests 52,564 50,678 45,531 47,620 51,965 Triage Profiler
Products 4,036 4,598 5,735 5,743 7,748 Triage D-Dimer Test 1,417
1,450 1,616 1,852 2,133 Triage Parasite Panel 286 337 377 360 320
Triage C. difficile Panel 1,029 1,088 1,022 977 1,272 Triage Meters
625 539 458 602 778 Triage Stroke Panel (EU) 37 30 26 25 41 Total
Product Sales $78,157 $76,372 $73,111 $75,621 $82,480 International
Sales: Q1 2006 Q2 2006 Q3 2006 Q4 2006 Q1 2007 International Sales
as % of Product Sales 14% 15% 14% 16% 18% BNP International Sales
as % of BNP Total Sales 11% 11% 10% 13% 15% Margin by Product Type
(a), (b): Q1 2006 Q2 2006 Q3 2006 Q4 2006 Q1 2007 Triage Drugs of
Abuse Product Line 79% 77% 73% 78% 78% Triage Cardiovascular
Product Line (incl. BNP) 71% 70% 68% 69% 70% (a) These margins do
not include all products. The Triage Meters, Triage Micro Product
Line and Triage Stroke Panel are not included. (b) Includes the
impact of FAS 123R, which relates to the expensing of non-cash
stock-based compensation, beginning the first quarter of 2006
Biosite Incorporated Unaudited Balance Sheet Data - GAAP (in
thousands) March 31, 2007 December 31, 2006 Unaudited Assets Cash,
cash equivalents & marketable securities $98,857 $64,229
Accounts receivable 33,157 33,613 Inventories 32,729 33,154 Other
current assets 13,700 14,603 Total current assets 178,443 145,599
Property, equipment and leasehold improvements, net 157,658 157,945
Patents and license rights, net 8,873 9,399 Other assets 15,307
13,644 Total assets $360,281 $326,587 Liabilities and Stockholders'
Equity Current liabilities $39,793 $34,669 Long-term liabilities
13,474 11,763 Stockholders' equity 307,014 280,155 Total
liabilities and stockholders' equity $360,281 $326,587 DATASOURCE:
Biosite Incorporated CONTACT: Nadine Padilla, VP, Corporate &
Investor Relations of Biosite Incorporated, +1-858-805-2820, Web
site: http://www.biosite.com/ Company News On-Call:
http://www.prnewswire.com/comp/116737.html
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