Calypte Biomedical Announces Second Quarter and Six-Month Financial Results
LAKE OSWEGO, Ore., Aug. 15 /PRNewswire-FirstCall/ -- Calypte Biomedical Corporation (Amex: HIV) today announced financial results for the second quarter and six-months ended June 30, 2005. Revenue for the quarter totaled $794,000 compared with $910,000 for the comparable period in 2004. The net loss for the quarter was approximately $1.72 million, or $.01 per common share, compared to a net loss of $3.24 million or $.02 for the three months ended June 30, 2004. The net loss for the second quarter of 2005 included net non-cash income of approximately $2.2 million and the net loss for the second quarter of 2004 included approximately $0.5 million in non-cash charges.
The decrease in revenue for the quarter is primarily attributable to transitional and timing issues related to the lab-based HIV-1 legacy products. Sales of the BED Incidence Test grew by over 100% on a sequential quarterly basis. This product was released at the end of the third quarter of 2004.
For the six-month period ended June 30, 2005, revenues totaled $1.46 million versus revenues of $1.88 million for the same period in 2004. The net loss was $5.03 million or $.03 per common share for the six-months ended June 30, 2005, compared to a net loss of $7.29 million or $0.05 per share. The net loss for the six-months ended June 30, 2005 included net non- cash income of approximately $1.8 million and the net loss for the six months ended June 30, 2004 included approximately $1.0 million in non-cash charges.
The non-cash income for the current quarter and year-to-date were primarily related to non-cash interest income resulting from the accounting for Calypte's recent financing instruments, whereas the non-cash charges in the previous year included expense attributable to grants of common stock, options, and warrants as compensation for services plus expense related to the accounting for the Company's then-outstanding financing instruments.
Dr Richard George, President and Chief Executive Officer of Calypte, said, "In the time since we last updated investors, our path forward in the China market has crystallized significantly. We have also been expanding our international distribution channels, forging ahead with regulatory trials for Aware(TM) products, and enjoying significant success with the BED Incidence test, both domestically and abroad. We look forward to sharing this information with our investors during the conference call."
Calypte management will host a conference call at 4:30 pm Eastern Time today to discuss and answer questions regarding the Company's second 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 1-800-884-5695 and outside of the U.S. 1-617-786-2960 and entering conference identification number 37738824. An audio replay will be available at
http://www.calypte.com until September 19, 2005.
About Calypte Biomedical:
Calypte Biomedical Corporation is a US-based healthcare company focused on the development and commercialization of diagnostic testing products for the detection of sexually transmitted diseases. Calypte specializes in novel tests such as the HIV-1 BED Incidence EIA and is engaged in developing and commercializing new diagnostic test products for the rapid detection of HIV and other sexually transmitted diseases, several of which do not require blood samples. Calypte believes that there is a significant need for rapid detection of such diseases globally to control their proliferation, particularly in lesser-developed countries, which lack the medical infrastructure to support laboratory-based testing. Calypte believes that testing for HIV and other sexually transmitted infectious diseases may make important contributions to public health, and could increase the likelihood of treating those with undetected HIV and other sexually transmitted diseases.
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, the Company's ability to obtain additional financing, if and as needed, and access funds from its existing financing arrangements that will allow it to continue its current and future operations and whether demand for its test products in domestic and international markets will generate sufficient revenues to achieve positive cash flow and profitability. 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-KSB/A (No. 2) for the year ended December 31, 2004 and its subsequent filings with the SEC.
CALYPTE BIOMEDICAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
Unaudited
Three Months Ended Six Months Ended
June 30, June 30,
2005 2004 2005 2004
Revenues:
Product sales $ 794 $ 910 $ 1,459 $ 1,881
Other - - - -
Total revenues 794 910 1,459 1,881
Cost of product sales 1,766 1,013 3,286 2,993
Gross Margin (Loss)
on product sales (972) (103) (1,827) (1,112)
Other operating expenses:
Research and development
costs 710 573 1,472 1,114
Selling, general and
administrative costs 2,046 2,349 3,460 4,546
Total other operating
expenses 2,756 2,922 4,932 5,660
Loss from operations (3,728) (3,025) (6,759) (6,772)
Interest and other income
(expense) (primarily
non-cash for all
periods) 2,013 (219) 1,727 (511)
Loss before income
taxes (1,715) (3,244) (5,032) (7,283)
Income taxes (2) - (2) (2)
Net loss attributable
to common stockholders $ (1,717) $ (3,244) $ (5,034) $ (7,285)
Net loss per share
attributable to common
stockholders
(basic and diluted) $ (0.01) $ (0.02) $ (0.03) $ (0.05)
Weighted average shares
used to compute net loss
per share attributable
to common stockholders
(basic and diluted) 171,473 148,282 171,288 142,481
CALYPTE BIOMEDICAL CORPORATION AND SUBSIDIARY
CONSOLIDATED BALANCE SHEET DATA
(in thousands)
Unaudited
June 30, December 31,
2005 2004
Cash and cash equivalents $ 2,096 $ 1,075
Working capital (1,933) (4,772)
Total Assets 8,644 7,930
Convertible debentures, net of discount
- current portion 52 37
Anti-dilution obligation - 1,638
Convertible notes, net of discount
- non-current portion 1,113 -
Note derivative liability 3,232 -
Other long term liabilities 234 357
Mandatorily redeemable Series A preferred stock 2,876 2,816
Total stockholders' deficit (3,998) (3,293)
Company Contact: Investor Relations Contact:
Richard Brounstein, EVP & CFO Tim Clemensen,
(971) 204-0282 Rubenstein Investor Relations
Email: rbrounstein@calypte.com Phone: (212) 843-9337
Email: tclemensen@rubensteinir.com
SOURCE Calypte Biomedical Corporation
-0- 08/15/2005
/CONTACT: Richard Brounstein, EVP & CFO, Calypte Biomedical Corporation,
+1-971-204-0282, rbrounstein@calypte.com; Tim Clemensen, Rubenstein Investor
Relations, +1-212-843-9337, tclemensen@rubensteinir.com/
/Web site:
http://www.calypte.com /
(HIV)
CO: Calypte Biomedical Corporation
ST: Oregon
IN: HEA MTC BIO
SU: ERN CCA
WS
-- NYM142 --
2164 08/15/2005 09:48 EDT
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