SAN MATEO, Calif., Jan. 31 /PRNewswire-FirstCall/ -- BioForm Medical, Inc. (Nasdaq: BFRM) today announced its financial results for the quarter ended December 31, 2007, which is the Company's second quarter of fiscal year 2008. Net sales were $18.6 million for the quarter ended December 31, 2007 as compared to $11.8 million for the quarter ended December 31, 2006, an increase of $6.8 million or 57.3%. The net loss was $1.6 million for the quarter ended December 31, 2007 as compared to $2.7 million for the quarter ended December 31, 2006. Net sales for the six months ended December 31, 2007 were $33.8 million, as compared to $19.6 million for the six months ended December 31, 2006. The net loss was $5.0 million for the six months ended December 31, 2007 as compared to $5.1 million for the six months ended December 31, 2006.
Domestic sales were $14.5 million for the quarter ended December 31, 2007 compared to $9.4 million for the quarter ended December 31, 2006, an increase of $5.1 million or 54.4%. International sales were $4.1 million for the quarter ended December 31, 2007, compared to $2.4 million for the quarter ended December 31, 2006, an increase of $1.7 million or 68.3%. The Company attributes the sales increase primarily to the growing appreciation by doctors of the benefits provided by RADIESSE(R) dermal filler, clinical training programs, the hiring of additional direct sales personnel and improvements in its distributor network.
Gross profit was $15.5 million for the quarter ended December 31, 2007 as compared to $9.6 million for the quarter ended December 31, 2006, an increase of $5.9 million, or 62.0%. As a percentage of sales, gross profit for the quarter ended December 31, 2007 was 83.5% as compared to 81.0% for the quarter ended December 31, 2006. The increase was primarily attributable to lower product overhead and royalty expenses per unit as volumes have grown.
Operating expenses were $17.5 million in the quarter ended December 31, 2007 compared to $12.6 million in the quarter ended December 31, 2006. The increase in operating expenses was primarily attributable to an increase in sales and marketing costs as a result of the continued expansion of the Company's sales forces in the United States and Europe, and higher employee related expenses in research and development and general and administration.
Net loss per share applicable to common stockholders decreased to $0.06 for the quarter ended December 31, 2007 as compared to $0.73 for the quarter ended December 31, 2006, due primarily to the increase in the shares outstanding which resulted from the sale of 11.5 million common stock shares in our initial public offering and the conversion of 30.4 million shares of preferred stock into common stock shares concurrent with this public offering.
Recent RADIESSE Clinical Studies Published in Prestigious Dermatology Journal:
In December 2007 and January 2008, several publications were announced regarding the findings of clinical studies with RADIESSE dermal filler and several leading hyaluronic acid and collagen fillers. Two direct comparative studies against leading hyaluronic acid fillers demonstrated that patients preferred RADIESSE treatment, were more satisfied with RADIESSE dermal filler, and were more likely to return for future treatments. In addition, the results demonstrated that RADIESSE dermal filler offered advantages in durability and cost due to longer lasting results and less material required for full correction, while exhibiting similar safety characteristics as hyaluronic acid fillers. Results from two other studies demonstrated the superiority and comparable safety profile of RADIESSE to collagen in the pivotal U.S. clinical study and leading dermatologists' long-term clinical experience with RADIESSE filler, also demonstrating safety of RADIESSE filler in clinical use and high patient satisfaction.
The results of these studies were published in the December 2007 and February 2008 issues of the Journal of Dermatologic Surgery, a peer-reviewed publication of the American Society of Dermatologic Surgery. The Company believes that the aesthetic outcomes highlighted in these publications are key factors that have and will continue to contribute to the growing adoption of RADIESSE filler in physician practices.
Fiscal Year 2008 Revenue Guidance:
BioForm Medical is updating its revenue guidance for the full fiscal year 2008 ending June 30, 2008 to approximately $71 to $76 million of net sales.
BioForm Medical will hold a conference call today at 2:00 pm Pacific Time (5:00 p.m. Eastern Time) to discuss the financial results and guidance. The conference call will be webcast live on the Investor Relations section of BioForm Medical's website at http://www.bioform.com. The conference call may be accessed by dialing 888-670-2248 for callers in the U.S. and 913-905-3226 for international callers. Please notify the operator that you would like to join "BioForm Medical's Second Quarter Earnings Call" and provide the participant code "7132314", if prompted.
About BioForm Medical, Inc.:
BioForm Medical, Inc. is a medical aesthetics company headquartered in San Mateo, California. BioForm Medical is dedicated to bringing doctors and their patients safe and effective products for use in the dermatology, plastic surgery and ENT markets. BioForm Medical's products include Radiesse(R) dermal filler for use in facial aesthetics and vocal fold insufficiency, and Coaptite(R) injectable implant for treating female stress urinary incontinence which is marketed through a partnership with Boston Scientific Corporation. BioForm Medical has licensed U.S. marketing rights to Aethoxysklerol(R) sclerotherapy agent, which is the leading worldwide sclerotherapy agent and is currently being evaluated in a Phase III clinical trial. BioForm Medical has also licensed BioGlue(R) surgical adhesive product for plastic surgery applications, which is being developed in a partnership with CryoLife, Inc.
This press release contains forward-looking statements within the
meaning of the U.S. Private Securities Litigation Reform Act of 1995.
Specifically, statements concerning BioForm Medical's ability to continue
to grow demand for Radiesse, likelihood and timing of future product
introductions, as well as financial guidance for fiscal year 2008 are
forward-looking statements within the meaning of the Safe Harbor.
Forward-looking statements are based on management's current, preliminary
expectations and are subject to risks and uncertainties, which may cause
BioForm Medical's actual results to differ materially from the statements
contained herein. BioForm Medical's second quarter fiscal 2008 financial
results, as discussed in this release, are preliminary and unaudited, and
subject to adjustment. Further information on potential risk factors that
could affect BioForm Medical's business and its financial results are
detailed in its prospectus as filed with the Securities and Exchange
Commission on November 6, 2007. Undue reliance should not be placed on
forward-looking statements, especially guidance on future financial
performance, which speaks only as of the date they are made. BioForm
Medical undertakes no obligation to update publicly any forward-looking
statements to reflect new information, events or circumstances after the
date they were made, or to reflect the occurrence of unanticipated events.
BioForm Medical, Inc.
Summary Statement of Operations (Unaudited)
(in thousands, except per share data)
Three months ended Six months ended
December 31, December 31,
2007 2006 2007 2006
Net sales $ 18,616 $ 11,836 $ 33,817 $ 19,626
Cost of sales 3,080 2,244 5,872 3,803
Gross profit 15,536 9,592 27,945 15,823
Sales and marketing 13,109 8,935 24,863 15,388
Research and development 2,183 1,600 4,364 2,621
administrative 2,220 2,017 4,244 3,338
Total operating expenses 17,512 12,552 33,471 21,347
Other income (expenses),
Interest income, net 587 228 748 482
(expenses), net (132) 51 (101) 39
Loss before income taxes (1,521) (2,681) (4,879) (5,003)
Provision for income taxes 83 55 141 75
Net loss attributable to
common stockholders $ (1,604) $ (2,736) $ (5,020) $ (5,078)
Net loss per common share,
basic and diluted $ (0.06) $ (0.73) $ (0.30) $ (1.41)
of shares used in per
basic and diluted 28,777 3,734 16,472 3,598
BioForm Medical, Inc.
Condensed Consolidated Balance Sheets
December June 30,
31, 2007 2007
Cash and cash equivalents $ 85,751 $ 17,610
Accounts receivable, net of allowance for
doubtful accounts of $681 at
December 31, 2007 and $428 at
June 30, 2007, respectively 9,452 7,725
Inventories 5,782 4,864
Prepaid royalties 1,431 .
Prepaid other 2,025 1,194
Other current assets 398 262
Total current assets 104,839 31,655
Property and equipment, net 7,185 5,741
Prepaid royalties 3,029 .
Other assets 192 103
Total assets $ 115,245 $ 37,499
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable $ 2,947 $ 3,754
Deferred revenues 266 446
Accrued royalty expenses 290 869
Other accrued liabilities 6,191 6,686
Capital lease obligations, current portion 32 20
Total current liabilities 9,726 11,775
Capital lease obligations, long-term portion 79 36
Total liabilities 9,805 11,811
Total stockholders' equity 105,440 25,688
Total liabilities and
stockholders' equity $ 115,245 $ 37,499
Vice President, Corporate Development
BioForm Medical, Inc.
|SOURCE BioForm Medical, Inc.|
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