Calypte Biomedical Corporation Announces 2004 Financial Guidance
Company Expects Revenues of $23 Million to $25 Million and Net Income of Approximately $5 Million
TUESDAY , OCTOBER 21, 2003 08:30 AM
ALAMEDA, Calif. and NEW YORK, Oct 21, 2003 /PRNewswire-FirstCall via COMTEX/ -- Calypte Biomedical Corporation (OTC Bulletin Board: CYPT), the developer and marketer of the only two FDA approved HIV-1 antibody tests for use with urine samples, announced today financial guidance for its 2004 fiscal year ending December 31, 2004. Based upon its current backlog, the company expects to generate revenues of $23 million to $25 million and net income of approximately $5 million. The company does not expect to pay taxes next year as a result of Net Operating Loss Carryforwards.
"We continue to generate growing interest in our urine HIV-1 EIA," said Tony Cataldo, Calypte Biomedical's Chairman. "In just the last three months, the company has dramatically transformed itself from teetering on the verge of insolvency to a strong and stable concern. We significantly strengthened our balance sheet by raising $12.5 million from Marr Technologies, our strategic partner. This financing has given us the flexibility to pursue many of the international opportunities that will result in significant contracts. We are only now beginning to close relationships with many of the countries in emerging markets. As we enter these new markets, our growth should accelerate even faster."
The company believes most of its revenues and earnings will come from sales of its urine HIV-1 Rapid and EIA products to emerging markets. Recently, Calypte announced that it had received orders from Botswana and China and had initiated testing in Tanzania, Rwanda, Burundi, and Botswana.
About Calypte Biomedical:
Calypte Biomedical Corporation, headquartered in Alameda, California, is a public healthcare company dedicated to the development and commercialization of urine-based diagnostic products and services for Human Immunodeficiency Virus Type 1 (HIV-1), sexually transmitted diseases and other infectious diseases. Calypte's tests include the screening EIA and supplemental Western Blot tests, the only two FDA-approved HIV-1 antibody tests that can be used on urine samples, as well as an FDA-approved serum HIV-1 antibody Western Blot test. The company believes that accurate, non-invasive urine-based testing methods for HIV and other infectious diseases may make important contributions to public health by helping to foster an environment in which testing may be done safely, economically, and painlessly. Calypte markets its products in countries worldwide through international distributors and strategic partners. Current product labeling including specific product performance claims can be found at www.calypte.com.
Statements in this press release that are not historical facts are forward-looking statements within the meaning of the Securities Act of 1933, as amended. Those statements include statements regarding the intent, belief or current expectations of the Company and its management. Such statements reflect management's current views, are based on certain assumptions and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including, but not limited to, our ability to obtain additional financing and access funds from our existing financing arrangements that will allow us to continue our current and future operations and whether demand for our product and testing service in domestic and international markets will continue to expand. The Company undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in the Company's expectations with regard to these forward-looking statements or the occurrence of unanticipated events. Factors that may impact the Company's success are more fully disclosed in the Company's most recent public filings with the U.S. Securities and Exchange Commission ("SEC"), including its annual report on Form 10-K for the year ended December 31, 2002 and its subsequent filings with the SEC.
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