SenoRx, Inc. (Nasdaq:SENO) today reported financial results for its
fourth quarter and fiscal year 2009. For the quarter ended
December 31, 2009, SenoRx reported record quarterly revenues of
$15.5 million, an increase of 14.2 percent compared with $13.6
million in the fourth quarter a year ago. Revenue for fiscal
2009 grew 19.0 percent to a record $55.6 million compared with
$46.7 million in 2008.
For the fourth quarter of 2009, gross profit increased 16.1
percent to $10.9 million, or 70.3 percent of revenue, up from $9.4
million, or 69.1 percent of revenue, in the fourth quarter of
2008. SenoRx reported an operating loss for the fourth quarter
of $961,000, compared with an operating profit of $108,000 in the
same period last year. The operating loss for the quarter included
$3.0 million in attorney and associated costs related to patent
litigation with Hologic compared with $486,000 in the fourth
quarter last year. The trial regarding this matter was held
during the fourth quarter of 2009 and the jury rendered a verdict
in favor of SenoRx, finding that the company was not liable for
patent infringement. Also included in the fourth quarter was
stock-based compensation expense of $372,000, compared with
$536,000 in the same quarter last year.
Interest expense for the fourth quarter increased to $57,000
compared to $26,000 a year ago, reflecting increased interest
expense on a $2.0 million term loan that was drawn down late in the
fourth quarter of 2008 pursuant to an existing loan agreement that
was otherwise set to expire. Interest income decreased to
$3,400 compared to $15,000 from the fourth quarter a year ago, due
primarily to lower interest rates compared with last year.
Net loss for the fourth quarter of 2009 was $1.0 million or 6
cents per share, compared with a net profit of $97,000 or 1 cent
per share in the same period last year. Excluding patent
litigation expense and non-cash charges for stock-based
compensation, SenoRx generated non-GAAP pre-tax income for the
quarter of $2.3 million compared with $1.1 million for the same
period last year.
John Buhler, SenoRx President, Chief Operating Officer and
Acting Chief Executive Officer, said, "Our fourth quarter results
continue to demonstrate solid operating results with ongoing
revenue growth and strong gross margin performance. We
experienced growth in all four revenue categories in the period as
compared to a year ago. The installed base of EnCor systems
grew to 991, up from 776 at the end of the fourth quarter a year
ago and up from 913 at the end of the third quarter of
2009. Biopsy capital equipment revenues increased 21.4 percent
to $1.7 million, while biopsy disposables revenues grew 12.5
percent to $6.6 million compared with fourth quarter
2008. Therapeutic disposable revenues, which reflect sales of
our Contura™ MLB balloon catheter, increased 36.8 percent to $2.9
million compared with the fourth quarter a year
ago. Diagnostic adjunct revenues increased 2.7 percent to $4.3
million over the fourth quarter last year."
For the fiscal year ended December 31, 2009, revenue grew 19.0
percent to $55.6 million from $46.7 million a year ago. Gross
margin in 2009 increased to 70.6 percent, up from 64.6 percent in
2008. Operating loss for the year declined significantly to
$2.7 million, compared with $9.1 million last year. Operating
results included the impact of $2.3 million for stock-based
compensation expense for both 2009 and 2008. Net loss for 2009
decreased 66.8 percent to $2.9 million, or 17 cents per share,
compared with $8.7 million or 50 cents per share in 2008.
Excluding patent litigation expenses, which totaled $5.5
million in 2009 and $4.9 million in 2008 and non-cash charges for
stock-based compensation, SenoRx generated non-GAAP pre-tax income
for the year of $4.9 million compared with a non-GAAP pre-tax loss
of $1.6 million a year ago.
"2009 was another year of significant progress and
accomplishment for SenoRx," said Buhler. "We continued to
deliver substantial revenue growth and further improved our gross
margin, while generating positive cash flow throughout the year
after funding both operations and litigation
expense. Importantly, after nearly two years of litigation,
the Hologic lawsuit went to trial in December and the jury found
SenoRx not liable for patent infringement and also found that both
Hologic patents were invalid. This was a significant win for
SenoRx, validating our contention of non-infringement. It
should be noted, however, that Hologic has stated they will appeal
the court's decision."
"Despite a challenging economic environment in 2009, we
delivered solid growth in our biopsy business and firmly
established our franchise in the therapeutic segment of the breast
care market, with sales for Contura MLB growing 123 percent to
$11.5 million in 2009 over the previous year. Additionally,
SenoRx realized an increase of more than 30 percent in sales
outside the U.S., which contributed strongly to our overall growth
for the year. With distribution partners in more than 30
countries outside the U.S., we believe we are still in the early
stages of capitalizing on the significant growth potential of the
international market."
"Given the significant litigation expense during 2009,"
Buhler continued, "we were particularly disciplined in our
management of cash during the year, while executing our strategy to
capitalize on the opportunities for growth in the expanding global
market for interventional and therapeutic products in breast care.
Now, as we enter 2010, the prospect of significantly
reduced legal expense positions us well for profitable growth.
We look forward to focusing all of management's time on
accelerating the development of innovative new products to assist
and improve the state-of-the-art in diagnosis and treatment of
breast cancer. Our financial condition is sound with $18.3
million in cash and cash equivalents and minimal debt at December
31, 2009."
2010 Outlook
Looking ahead to 2010, SenoRx management anticipates revenue
growth and gross margin improvement will continue as the company
moves to profitability, while continuing to generate strong cash
flow. Without the burden of the patent litigation
expense and distraction to management, SenoRx plans to increase its
investment in R&D as well as in its distribution infrastructure
to drive future growth. The company expects continued EnCor
system placement growth, including continued growth in
international market penetration, along with ongoing Contura MLB
adoption in the U.S.
As a result, SenoRx management expects revenues in 2010 to be in
a range of $64 million to $67 million. Product gross margin
is expected to continue to expand on an annual basis in 2010 as the
year progresses. The company expects to be cash flow positive
for the full year and to post net earnings of at least 14 cents per
share. SenoRx expects patent litigation expense of
approximately $1.0 million to $1.5 million in 2010 related to any
appeal that may be filed by Hologic.
We also estimate that deferred compensation and equity-based
compensation expense will range between $2.4 million and $2.8
million for 2010. This range could be materially impacted
based upon the number of options granted and fluctuations in the
market price of our common stock.
Conference Call
SenoRx will host a conference call at 8:00 a.m. Pacific Time
(11:00 a.m. Eastern Time) on Thursday, February 25, 2010. The
conference call can be accessed by calling 877-604-9675
(719-325-2333 for international callers) or via the company's
website at http://investor.senorx.com/events.cfm.
Use of Non-GAAP Financial Measures
To supplement certain GAAP financial information, SenoRx has
provided non-GAAP adjusted net income/loss information that
excludes the impact of expenses for stock-based compensation and
patent litigation expenses. SenoRx management believes that
in order to properly understand SenoRx's short-term and long-term
financial trends, investors may wish to consider the impact of
certain charges. These result from facts and circumstances that
vary in frequency and/or impact on continuing operations. In
addition, SenoRx management uses the adjusted net income/loss
before certain charges to evaluate the operational performance of
the company and as a basis for strategic planning. A table
reconciling the GAAP financial information to the non-GAAP
information is included in our earnings release. Investors should
consider these non-GAAP measures in addition to, and not as a
substitute for, financial performance measures in accordance with
GAAP.
About SenoRx
SenoRx (Nasdaq:SENO) develops, manufactures and sells minimally
invasive medical devices used by breast care specialists for the
diagnosis and treatment of breast cancer, including its EnCor®
vacuum-assisted breast biopsy system and Contura™ MLB catheter for
delivering radiation to the tissue surrounding the lumpectomy
cavity following surgery for breast cancer. SenoRx's field
sales organization serves over 2,000 breast diagnostic and
treatment centers in the United States and Canada. In
addition, SenoRx sells several of its products through distribution
partners in more than 30 countries outside the U.S. The
company's line of breast care products includes biopsy disposables,
biopsy capital equipment, diagnostic adjunct products and
therapeutic disposables. SenoRx is developing additional minimally
invasive products for the diagnosis and treatment of breast
cancer. For more information, visit the company's website at
www.senorx.com.
The SenoRx, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=3605
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the U.S. Private Securities Litigation Reform Act of
1995. Specifically, statements concerning expectations of future
revenue growth and improving margins, the markets for SenoRx's
products, the ability to continue to innovate and execute,
international expansion, general macro economic conditions,
SenoRx's guidance for 2010, and the factors that would impact that
guidance 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 SenoRx's actual results to differ
materially from the statements contained herein. SenoRx's fourth
quarter and year end December 31, 2009 financial results, as
discussed in this release, are preliminary and unaudited, and
subject to adjustment. Further information on potential risk
factors that could affect SenoRx's business and its financial
results are detailed in its most recent quarterly report on Form
10-Q as filed with the Securities and Exchange Commission on
November 3, 2009. 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. SenoRx
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.
SENORX, INC.
|
BALANCE SHEETS
|
|
|
|
|
|
|
December 31,
|
|
|
2009
|
2008
|
|
|
|
|
ASSETS
|
|
|
|
Current Assets:
|
|
|
|
Cash and cash equivalents
|
|
$18,297,413
|
$15,323,143
|
Accounts receivable, net of allowance for doubtful accounts of
$241,443
and $225,793, respectively
|
|
9,761,488
|
8,179,099
|
Inventory
|
|
6,315,988
|
9,433,184
|
Prepaid expenses and deposits
|
|
513,883
|
386,594
|
Total current assets
|
|
34,888,772
|
33,322,020
|
Property and equipment, net
|
|
1,100,691
|
1,554,201
|
Other assets, net of accumulated depreciation of $327,548, and
$259,469, respectively
|
|
1,247,049
|
540,344
|
TOTAL
|
|
$37,236,512
|
$35,416,565
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
Current Liabilities:
|
|
|
|
Accounts payable
|
|
$3,229,858
|
$2,039,280
|
Accrued expenses, including accrued employee compensation of
$1,872,096 and $1,598,338, respectively
|
|
3,585,090
|
2,498,911
|
Deferred revenue
|
|
838,866
|
557,065
|
Current portion of long-term debt
|
|
501,180
|
390,246
|
Total current liabilities
|
|
8,154,994
|
5,485,502
|
Long-term debt—less current portion
|
|
1,125,000
|
1,632,410
|
|
|
|
|
Stockholders' Equity :
|
|
|
|
Common stock, $0.001 par value—100,000,000 shares authorized;
17,504,436 (2009) and 17,327,191 (2008) issued and
outstanding
|
|
17,504
|
17,327
|
Additional paid-in capital
|
|
115,002,745
|
112,456,924
|
Accumulated deficit
|
|
(87,063,731)
|
(84,175,598)
|
Total stockholders' equity
|
|
27,956,518
|
28,298,653
|
TOTAL
|
|
$37,236,512
|
$35,416,565
|
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SENORX, INC.
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STATEMENTS OF OPERATIONS
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|
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Three Months Ended
December 31,
|
Years Ended
December 31,
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(unaudited)
|
|
|
|
|
2009
|
2008
|
2009
|
2008
|
|
|
|
|
|
|
Net revenues
|
|
$15,480,122
|
$13,551,224
|
$55,577,299
|
$46,684,588
|
Cost of goods sold
|
|
4,597,289
|
4,180,653
|
16,365,970
|
16,503,327
|
Gross profit
|
|
10,882,833
|
9,370,571
|
39,211,329
|
30,181,261
|
Operating expenses:
|
|
|
|
|
|
Selling and marketing
|
|
5,764,586
|
6,188,436
|
23,880,060
|
23,117,137
|
Research and development
|
|
1,836,337
|
1,454,525
|
7,360,859
|
6,111,225
|
General and administrative
|
|
4,243,049
|
1,619,566
|
10,687,429
|
10,093,882
|
Total operating expenses
|
|
11,843,972
|
9,262,527
|
41,928,348
|
39,322,244
|
Income (loss) from operations
|
|
(961,139)
|
108,044
|
(2,717,019)
|
(9,140,983)
|
Interest expense
|
|
56,913
|
26,036
|
198,096
|
85,196
|
Interest Income
|
|
(3,442)
|
(15,016)
|
(26,982)
|
(520,053)
|
Income (loss) before provision for income taxes
|
|
(1,014,610)
|
97,024
|
(2,888,133)
|
(8,706,126)
|
Provision for income taxes
|
|
—
|
—
|
—
|
—
|
Net income (loss)
|
|
$(1,014,610)
|
$97,024
|
$(2,888,133)
|
$(8,706,126)
|
Net income (loss) per share-basic and diluted
|
|
$(0.06)
|
$0.01
|
$(0.17)
|
$(0.50)
|
Weighted average shares outstanding-basic
|
|
17,442,896
|
17,292,329
|
17,381,106
|
17,249,569
|
Weighted average shares outstanding-diluted
|
|
17, 442,896
|
17,425,885
|
17,381,106
|
17,249,569
|
|
REVENUE BY PRODUCT CLASS
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
Years Ended
December 31,
|
|
|
(unaudited)
|
|
|
|
|
2009
|
2008
|
2009
|
2008
|
Biopsy disposable products
|
|
$6,648,528
|
$5,911,405
|
$23,971,962
|
$21,041,449
|
Biopsy capital equipment products
|
|
1,653,984
|
1,362,247
|
4,405,793
|
4,692,778
|
Diagnostic adjunct products
|
|
4,251,350
|
4,138,331
|
15,656,933
|
15,774,788
|
Therapeutic disposables
|
|
2,926,260
|
2,139,241
|
11,542,611
|
5,175,573
|
Total
|
|
$15,480,122
|
$13,551,224
|
$55,577,299
|
$46,684,588
|
|
|
|
|
|
|
NON-GAAP PRE-TAX INCOME (LOSS)
RECONCILIATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
Years Ended
December 31,
|
|
|
(unaudited)
|
|
|
|
|
2009
|
2008
|
2009
|
2008
|
|
|
|
|
|
|
GAAP net income (loss)
|
|
$(1,014,610)
|
$97,024
|
$(2,888,133)
|
$(8,706,126)
|
Stock-based compensation
|
|
371,893
|
536,295
|
2,298,347
|
2,271,590
|
Patent litigation expenses
|
|
2,983,916
|
485,787
|
5,466,276
|
4,872,566
|
Non-GAAP pre-tax income (loss)
|
|
$2,341,199
|
$1,119,106
|
$4,876,490
|
$(1,561,970)
|
CONTACT: SenoRx, Inc.
Lila Churney, Director of Investor Relations
949.362.4800 ext.132
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