Welcome [Sign In] To track stocks & more, Register Financial News Enter symbol(s) BasicPerformanceReal-time MktDetailedChartResearchOptionsOrder Book Symbol Lookup
Press Release Source: Calypte Biomedical Corporation
Calypte Biomedical Announces Third Quarter and Nine-Month Financial Results Thursday October 28, 4:00 pm ET
PLEASANTON, Calif., Oct. 28 /PRNewswire-FirstCall/ -- Calypte Biomedical Corporation (Amex: HIV - News) today announced financial results for the third quarter and nine-months ended September 30, 2004. Revenue for the quarter was $361,000, versus revenue of $897,000 for the comparable period in 2003. The net loss attributable to common stockholders for the quarter decreased 48% to $3.8 million, or $0.02 per common share, compared to a net loss of $7.3. million, or $0.11 per common share for the three months ended September 30, 2003. The net loss for the third quarter of 2004 and 2003 included approximately $0.1 million and $4.3 million, respectively, in non-cash charges that were primarily related to the grants of common stock and options and warrants as compensation for services and non-cash interest expense related primarily to the accounting for Calypte's convertible debt financing instruments. For the nine months ended September 30, 2004, revenues were $2.2 million, versus revenues of $2.4 million for the same period last year. The net loss attributable to common stockholders decreased by 49% to $11.1 million, or $0.07 per common share, compared to a net loss of $21.58 million, or $0.75 per common share for the nine months ended September 30, 2003. The net loss for the nine months ended September 30, 2004 and 2003 included approximately $1.0 million and $12.0 million, respectively, in non-cash charges that were primarily related to the grants of common stock and options and warrants as compensation for services and non-cash interest expense related primarily to the accounting for Calypte's convertible debt financing instruments.
The decrease in revenues for the quarter is primarily attributable to the limited purchases by all three of the company's large domestic insurance laboratory customers. During the second quarter of 2004, these labs purchased additional inventory in anticipation of the shutdown of the Company's California facility and consolidation of operations in its Rockville, Maryland facility and the Company believes that these labs had sufficient inventory during the third quarter.
Richard George, CEO of Calypte stated, "We have advanced our strategic initiatives this quarter to include obtaining the rights to a new patent pending rapid diagnostic test platform and sample applicator technology for the worldwide professional and OTC human in-vitro diagnostic testing markets. We have also entered into a worldwide, non-exclusive licensing agreement with Bio-Rad Laboratories for patents relating to the Human Immunodeficiency Virus, Type 2, or HIV-2. Bio-Rad is the exclusive licensee of Institut Pasteur of Paris, France, under the HIV-2 patents. With the prevalence in the world of the HIV-2 virus, this license is intended to allow Calypte's rapid tests to diagnose a broader population of HIV-infected individuals. We believe that these milestones have positioned us to now focus on our mission of creating international and domestic sales."
Calypte management will host a conference call at 5:00 p.m. Eastern Time today to discuss and answer questions regarding the Company's third quarter financial results as well as provide an update on the Company's current activities.
The call can be accessed in the U.S. by dialing 800-901-5241 and outside of the U.S. by dialing 617-786-2963 and entering conference identification number 47706706. The conference call will also be webcast live at http://www.calypte.com. An audio replay of the call will be available until November 28, 2004, beginning approximately 1 hour after the conference call ends, by dialing 888-286-8010 in the US, or 617-801-6888 from outside of the U.S. The conference identification number is 87730958. The replay will also be available at http://www.calypte.com until November 28, 2004.
|