PLEASANTON, Calif., Aug. 12 /PRNewswire-FirstCall/ -- Calypte Biomedical Corporation (OTC Bulletin Board: CYPT) today announced financial results for the second quarter and six-months ended June 30, 2004. Revenue for the quarter increased 22% to $910,000, versus revenues of $749,000 for the comparable period in 2003. The net loss attributable to common stockholders for the quarter decreased 59% to $3.2 million, or $0.02 per common share, compared to a net loss of $7.9 million, or $0.72 per common share for the three months ended June 30, 2003. The net loss for the second quarter of 2004 and 2003 included $0.5 million and $4.1 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 six months ended June 30, 2004, revenues increased 23% to $1.9 million, versus revenues of $1.5 million for the same period last year. The net loss attributable to common stockholders decreased by 49% to $7.3 million, or $0.05 per common share, compared to a net loss of $14.3 million, or $1.70 per common share for the six months ended June 30, 2003. The net loss for the six months ended June 30, 2004 and 2003 included $1.0 million and $7.7 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.
"We are pleased with the strides that we have taken in the development of our rapid test products this quarter. We have gained momentum and strength as we move forward in the execution of our business plan," stated Richard George, President and CEO. "We remain committed to and focused on the introduction of our rapid HIV-1/2 diagnostic tests to the international markets. In pursuit of this objective, we have recently completed the second phase of our initial international field trials of our urine, blood and oral fluid rapid HIV tests in Thailand. We believe that the studies validate the technology for our suite of rapid test products, and we plan to move all three assays into manufacturing sequentially. We look forward to completing the development of our rapid tests and the shifting of our focus to commercializing our rapid test products," Dr. George concluded.
Calypte management will host a conference call 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 at 11:00 a.m. Eastern Time.
The call can be accessed in the U.S. by dialing 800-435-1261 and outside of the U.S. by dialing 617-614-4076 and entering conference identification number 37168134. The conference call will also be webcast live at
www.calypte.com . An audio replay of the call will be available until August 24, 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 60270956. The replay will also be available on
www.calypte.com .
About Calypte Biomedical:
Calypte Biomedical Corporation, headquartered in Pleasanton, California, is a public healthcare company dedicated to the development and commercialization of in vitro diagnostic tests, primarily for the detection of antibodies to Human Immunodeficiency Virus (HIV), and other sexually transmitted and infectious diseases. Calypte's currently marketed laboratory-based tests include an enzyme immunoassay (EIA) HIV-1 antibody screening test and an HIV-1 antibody western blot supplemental test, the only two FDA-approved HIV-1 antibody tests for use on urine samples, as well as an FDA-approved serum HIV-1 antibody western blot supplemental test. Calypte is actively engaged in developing new test products for the rapid detection of HIV and other infectious diseases. 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 infectious diseases may make important contributions to public health.
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, demand for the Company's products, the Company's success in designing and developing products, the Company's research and development costs, the length of development and product acceptance cycles, the amount that the Company invests in new business opportunities and the timing of those investments, competition, the degree to which the Company enters into commercial agreements and strategic transactions and maintains and develops commercial relationships, foreign exchange risks, world events, international growth and expansion and changes in laws and regulations. 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 for the year ended December 31, 2003 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,
2004 2003 2004 2003
Revenues:
Product sales $910 $749 $1,881 $1,533
Cost of product sales 1,013 1,550 2,993 2,965
Gross Margin (Loss) on product
sales (103) (801) (1,112) (1,432)
Other operating expenses:
Research and development costs 573 335 1,114 649
Selling, general and
administrative costs 2,539 5,609 4,736 9,619
Total other operating expenses 3,112 5,944 5,850 10,268
Loss from operations (3,215) (6,745) (6,962) (11,700)
Interest income (expense)
(primarily non-cash for both
periods) (233) (1,258) (530) (2,772)
Minority interest in consolidated
joint venture 190 - 190 -
Other income (expense) 14 79 19 207
Loss before income taxes (3,244) (7,924) (7,283) (14,265)
Income taxes - - (2) (2)
Net loss (3,244) (7,924) (7,285) (14,267)
Less dividends on mandatorily
redeemable Series A
preferred stock - (30) - (60)
Net loss attributable to common
stockholders $(3,244) $(7,954) $(7,285) $(14,327)
Net loss per share attributable to
common stockholders
(basic and diluted) $(0.02) $(0.72) $(0.05) $(1.70)
Weighted average shares used to
compute net
loss per share attributable to
common stockholders
(basic and diluted) 148,282 11,079 142,481 8,432
CALYPTE BIOMEDICAL CORPORATION AND SUBSIDIARY
CONSOLIDATED BALANCE SHEET DATA
(in thousands)
Unaudited
June 30, December 31,
2004 2003
Cash and cash equivalents $6,036 $5,084
Working capital 5,761 2,865
Total Assets 11,869 9,517
Convertible notes and debentures, net of
discount 120 868
Other long term liabilities 108 157
Minority Interest in joint venture (133) 57
Mandatorily redeemable Series A
preferred stock 2,756 2,696
Total stockholders' equity 4,688 917
Company Contact:
Richard Brounstein, CFO
(925) 730-7200
Email: rbrounstein@calypte.com
Investor Relations Contact:
Tim Clemensen,
Rubenstein Investor Relations
Phone: 212-843-9337
Email: tclemensen@rubensteinir.com
SOURCE Calypte Biomedical Corporation
-0- 08/12/2004
/CONTACT: Richard Brounstein, CFO of Calypte Biomedical Corporation,
+1-925-730-7200, rbrounstein@calypte.com; Investor Relations - Tim Clemensen,
Rubenstein Investor Relations, +1-212-843-9337, tclemensen@rubensteinir.com,
for Calypte Biomedical Corporation/
/Web site:
www.calypte.com /
(CYPT)
CO: Calypte Biomedical Corporation
ST: California, Thailand
IN: BIO HEA MTC OTC
SU: ERN CCA
EA
-- NYTH027 --
7219 08/12/2004 08:00 EDT
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