surf1944
17 years ago
OccuLogix Reports Q2-07 Financial Results
OccuLogix, Inc.
(NASDAQ: OCCX)(TSX: OC) today reported its consolidated financial results for the three months ended June 30, 2007. All dollar amounts are expressed in U.S. currency, and results are reported in accordance with United States generally accepted accounting principles (U.S. GAAP).
For the second quarter of 2007, net revenues were $121,275 compared to $82,715 in the second quarter of 2006. The Q2-07 net loss was $2.6 million, or $0.05 per share. This compared to the Q2-06 net loss of $70.0 million, or $1.66 per share, which included a goodwill impairment charge of $65.9 million.
As of June 30, 2007, the Company had cash and cash equivalents and short term investments of $15.6 million.
Conference Call and Webcast Information
OccuLogix will hold a conference call to discuss these results today, August 8, at 8:30 a.m. Eastern Time at 800-926-5187 (within the United States and Canada), or 212-231-2900 (international callers). The call will also be broadcast live and archived on the company's website at www.occulogix.com under the "webcasts" link in the Investor Relations section. For those wishing to listen to a recording of the call via telephone, a replay will be made available as soon as possible after the conclusion of the live call and will remain posted for a period of seven days. To listen to the recording, simply telephone 416-626-4100 and enter reservation # 21345225 when prompted.
About OccuLogix, Inc.
OccuLogix (www.occulogix.com) is a healthcare company focused on ophthalmic devices for the diagnosis and treatment of age-related eye diseases. OccuLogix is currently focused in the areas of: Dry AMD through its RHEO(TM) System (www.rheo.com); Glaucoma through its SOLX® 790 Laser and SOLX® Gold Shunt (www.solx.com); and Dry Eye Disease through the company's subsidiary, OcuSense, Inc. (www.ocusense.com).
Forward-Looking Statements
This press release may contain forward-looking statements. These statements relate to future events and are subject to risks, uncertainties and assumptions about the Company. These statements are only predictions based on our current expectations and projections about future events. You should not place undue reliance on these statements. Actual events or results may differ materially. Many factors may cause our actual results to differ materially from any forward-looking statement, including the factors detailed in our filings with the Securities and Exchange Commission and Canadian securities regulatory authorities, including but not limited to our Forms 10-K and 10-Q. We do not undertake to update any forward-looking statements.
OccuLogix, Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(expressed in U.S. dollars except number of shares)
(Unaudited)
Three months ended
June 30,
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2007 2006
$ $
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Revenue
Retina - 82,715
Glaucoma 121,275 -
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Total revenue 121,275 82,715
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Cost of goods sold
Retina
Cost of goods sold, net of goods recovered 8,297 (20,683)
Royalty costs 25,000 25,000
Glaucoma
Cost of goods sold 42,464 -
Royalty costs 6,250 -
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Total cost of goods sold 82,011 4,317
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39,264 78,398
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Operating expenses
General and administrative 3,367,770 2,753,780
Clinical and regulatory 2,695,584 1,471,473
Sales and marketing 755,176 465,347
Impairment of goodwill - 65,945,686
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6,818,530 70,636,286
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Loss from operations (6,779,266) (70,557,888)
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Other income (expense)
Interest income 215,927 410,228
Changes in fair value of warrant obligation 1,500,710 -
Interest and accretion expense (204,896) -
Other (23,785) (6,724)
Minority interest 489,937 -
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1,977,893 403,504
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Loss before income taxes (4,801,373) (70,154,384)
Recovery of income taxes 2,222,502 158,792
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Net loss for the period (2,578,871) (69,995,592)
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Weighted average number of shares outstanding
- basic and diluted 57,304,020 42,186,579
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Net loss per share - basic and diluted (0.05) (1.66)
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OccuLogix, Inc.
CONSOLIDATED BALANCE SHEETS
(expressed in U.S. dollars)
(Unaudited)
June 30, December 31,
2007 2006
--------------------------
$ $
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ASSETS
Current
Cash and cash equivalents 5,628,916 5,740,697
Short-term investments 9,975,000 9,785,000
Amounts receivable, net 461,400 166,209
Inventory, net 2,784,841 2,715,737
Prepaid expenses 927,004 680,476
Deposit 10,442 10,442
Other current assets 81,000 79,200
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Total current assets 19,868,603 19,177,761
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Fixed assets, net 796,380 860,717
Patents and trademarks, net 294,838 234,841
Intangible assets, net 54,763,128 55,683,399
Goodwill 14,446,977 14,446,977
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Total assets 90,169,926 90,403,695
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current
Accounts payable 600,215 395,392
Accrued liabilities 2,896,407 2,081,352
Deferred revenue and rent inducement 111,473 9,585
Due to stockholders 156,933 152,406
Obligation under warrants 1,105,766 -
Current portion of other long-term liability 3,000,000 3,000,000
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Total current liabilities 7,870,794 5,638,735
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Deferred tax liability, net 9,902,898 18,939,417
Other long-term liability 3,830,400 3,420,609
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Total liabilities 21,604,092 27,998,761
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Minority interest 1,138,059 1,184,844
Stockholders' equity
Capital stock
Common stock 57,306 50,627
Par value of $0.001 per share
Authorized: 75,000,000; Issued and
outstanding: June 30, 2007 - 57,306,145;
December 31, 2006 - 50,626,562
Additional paid-in capital 362,772,737 354,320,116
Accumulated deficit (295,402,268) (293,150,653)
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Total stockholders' equity 67,427,775 61,220,090
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Total liabilities and stockholders' equity 90,169,926 90,403,695
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Contacts:
OccuLogix, Inc.
Stephen Kilmer
VP, Investor & Public Affairs
(905) 602-0887 ext. 3904
Email: stephen.kilmer@occulogix.com
Website: www.occulogix.com
Source: Market Wire (August 8, 2007 - 7:05 AM EST)
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