Monogram Announces 2008 Second Quarter Financi...(ustments to the 3% Senior SecuredConvert...),Health

Date:7/29/2008

ustments to the 3% Senior Secured Convertible Note and the 0% Convertible Senior Unsecured Debt that were reflected in non-operating income and expense for the periods ended June 30, 2008 and 2007 are excluded from proforma net loss. Favorable adjustments of $0.1 million and $4.5 million were recorded in the three months ending June 30, 2008 and 2007, respectively. Favorable adjustments of $4.8 million and $0.4 million were recorded in the six months ending June 30, 2008 and 2007, respectively. In addition, a favorable adjustment of $2.2 million was recorded at January 1, 2007 for the cumulative effect of the change in accounting principle at that date. Such adjustments could be significant and unpredictable in future quarters depending on several factors, including the level of the Company's common stock price.

Stock-based compensation in accordance with SFAS123(R) is recorded as expense for purposes of both GAAP and our Non-GAAP Proforma results. Such costs were $1.2 million in the second quarter of 2008, compared to $1.1 million in the prior year's second quarter.

We believe that the foregoing presentation of these Non-GAAP financial measures will enable investors, analysts and readers of our financial statements to compare Non-GAAP measures with relevant GAAP measures in all periods presented. Any Non-GAAP financial measure used by us should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP.

Capital Structure

At June 30, 2008, a total of 134.9 million shares of common stock were outstanding and stock options were outstanding on 24.2 million shares of common stock. The principal amount of Pfizer's $25 million convertible note, issued in May 2006, is convertible into approximately 9.2 million shares of common stock. The $30 million principal amount of our 0% Convertible Senior Unsecured Notes, issued in January 2007, is convertible into approximately 11.9 million shares of com
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SOURCE Monogram Biosciences, Inc. Copyright©2008 PR Newswire. All rights reserved

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