Bioject Reports Unaudited Year-End 2011 and First Quarter 2012 Financial Results

TIGARD, Ore.--()--Bioject Medical Technologies Inc. (Pink Sheets:BJCT), an innovative developer and manufacturer of needle-free injection therapy systems, today reported unaudited financial results for the year and quarter ended December 31, 2011 and for the first quarter ended March 31, 2012. The financial results are unaudited and actual results may vary.

12 Months Ended December 31, 2011

  • Revenue for the twelve months ended December 31, 2011 was $8.1 million, compared to $5.6 million in 2010;
  • Operating expense for 2011 was $8.9 million, compared to $7.3 million in 2010;
  • Operating loss for 2011 was $832,000, compared, to $1.7 million in 2010; and
  • Net loss allocable to common shareholders for 2011 was $983,000, or $(0.05) per share, compared to $1.6 million, or $(0.09) per share in 2010.

Three Months Ended December 31, 2011

  • Revenue for the quarter ended December 31, 2011 was $795,000, compared to $1.7 million in the quarter ended December 31, 2010;
  • Operating expense for the 2011 quarter was $2.2 million, compared to $2.0 million in the 2010 quarter;
  • Operating loss for the 2011 quarter was $1.4 million, compared to $256,000 in the 2010 quarter; and
  • Net loss allocable to common shareholders for the 2011 quarter was $1.4 million, or $(0.08) per share, compared to $67,000, or $0.00 per share, in the 2010 quarter.

Three Months Ended March 31, 2012

  • Revenue for the first quarter ended March 31, 2012 was $979,000, compared to $1.7 million in the comparable quarter of 2011;
  • Operating expense for first quarter of 2012 was $878,000, compared to $1.9 million in the 2011 quarter;
  • Operating income for the first quarter of 2012 was $101,000, compared to an operating loss of $153,000 in the 2011 quarter; and
  • Net income allocable to common shareholders for the 2012 quarter was $60,000, or $0.00 per share, compared to a net loss of $182,000, or $(0.01) per share, in the 2011 quarter.

Bioject Medical Technologies Inc., based in Tigard, Oregon, USA, is an innovative developer and manufacturer of needle-free injection therapy systems (NFITS). NFITS works by forcing medication at high speed through a tiny orifice held against the skin. This creates a fine stream of high-pressure fluid penetrating the skin and depositing medication in the tissue beneath. Bioject is focused on developing mutually beneficial agreements with leading pharmaceutical, biotechnology, and veterinary companies, as well as research, global health and government organizations.

Readers and potential investors are cautioned that an investment in the Company’s securities involve an EXTREMELY high degree of risk. Such risks include, without limitation, the risk that audited financial results may differ materially from the unaudited results reported in this press release, the risk that the Company may be unable to continue operations and may file bankruptcy, the risk that the Company’s products will not be accepted by the market, the risk that the Company will be unable to successfully develop and negotiate new strategic relationships, uncertainties related to the time required for the Company to complete research and development, obtain necessary clinical data and government clearances, the risk that additional capital may not be available on acceptable terms, if at all, the risk that the Company may not receive orders, whether anticipated or unanticipated, the risk that the Company’s proposed supply chain management process improvement may not be implemented or may not improve the Company’s cash position or cash flows, and the risk that the Company may be unable to comply with the extensive government regulations applicable to the business.

Bioject (OTC Pink: BJCT) trades on the OTC Pink tier of the OTC market. Investors can find Real-Time quotes and market information for the Company on www.otcmarkets.com.

For more information about Bioject, visit www.bioject.com.

 

Bioject Medical Technologies Inc.
Selected Condensed Consolidated Statements of Operations Data (Unaudited)
(In thousands, except share and per share data)

 

 

 

Three months ended
March 31,

 

Three months ended
December 31,

 

Year ended
December 31,

2012   2011   2011   2010   2011   2010
RESULTS OF OPERATIONS:          

 

Revenue and Expense:
Net sales $ 979 $ 1,743 $ 795 $ 1,713 $ 8,075 $ 5,577
Operating expenses   878       1,896       2,169       1,969       8,907       7,265  
Operating income (loss) 101 (153 ) (1,374 ) (256 ) (832 ) (1,688 )
Other income (expense)   (11 )     (3 )     (21 )     213       (47 )     213  

Net Income (loss)

90 (156 ) (1,395 ) (43 ) (879 ) (1,475 )
Preferred stock dividend   (30 )     (26 )     (26 )     (24 )     (104 )     (97 )

Net income (loss) allocable to common shareholders

$

60

   

$

(182

)

 

$

(1,421

)

 

$

(67

)

  $ (983 )   $ (1,572 )
 

Basic net income (loss) per common share allocable to common shareholders

 

$

 

0.00

   

 

$

 

(0.01

 

)

 

 

$

 

(0.08

 

)

 

 

$

 

(0.00

 

)

 

 

$

 

(0.05

 

)

 

 

$

 

(0.09

 

)

Shares used in per share calculations  

18,908,594

     

18,478,427

     

18,908,594

     

18,043,026

     

18,733,459

     

17,841,974

 
Diluted net income (loss) per common share allocable to common shareholders

 

 

$

 

 

0.00

   

 

 

$

 

 

(0.01

 

 

)

 

 

 

$

 

 

(0.08

 

 

)

 

 

 

$

 

 

(0.00

 

 

)

 

 

 

$

 

 

(0.05

 

 

)

 

 

 

$

 

 

(0.09

 

 

)

Shares used in diluted per share calculations  

38,034,636

     

18,478,427

      18,908,594      

18,043,026

     

18,733,459

     

17,841,974

 
 
 

Bioject Medical Technologies Inc.
Selected Condensed Consolidated Balance Sheet Data (Unaudited)
(In thousands)

 
  March 31,   December 31,
2012   2011   2010

ASSETS

   
Current assets $ 1,655 $ 1,810 $ 1,715
Property and equipment, net 167 371 645
Other assets, net   1,393       1,363       1,310  
Total assets $ 3,215     $ 3,544     $ 3,670  
 

LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT)

Current liabilities $ 2,456 $ 2,653 $ 1,828
Long term liabilities 924 1,167 1,461
Shareholders’ equity:
Preferred stock 9,514 9,484 9,380
Common stock 115,006 114,985 114,763
Accumulated deficit   (124,685 )     (124,745 )     (123,762 )
  (164 )     (276 )     381  
Total liabilities and shareholders’ equity $ 3,215     $ 3,544     $ 3,670  
 

Contacts

Bioject Medical Technologies Inc.
President and CEO
Mark Logomasini, 503-692-8001 ext. 4121
or
Vice President of Finance
Christine Farrell, 503-692-8001 ext. 4132

Contacts

Bioject Medical Technologies Inc.
President and CEO
Mark Logomasini, 503-692-8001 ext. 4121
or
Vice President of Finance
Christine Farrell, 503-692-8001 ext. 4132