Conference Call to Discuss Gestiva and First Quarter Financial
Results Begins at 4:30 p.m. Eastern Time Today Adeza (NASDAQ:ADZA)
today announced financial results for the three months ended March
31, 2006. For the first quarter of 2006 Adeza reported product
sales of $10.8 million, an increase of 12% from product sales of
$9.6 million for the first quarter of 2005. This increase is due to
higher sales volume of FullTerm(TM), The Fetal Fibronectin Test.
Sales during the first quarter of 2006 reflect the impact of
ordering cycles by Adeza customers and to a lesser extent product
pricing. Net income for the first quarter of 2006 was $6,000, or
diluted earnings per share of $0.00. Reported results for the first
quarter of 2006 include charges of $915,000, or $0.03 per diluted
share after income tax expense, for stock-based compensation due to
the adoption of SFAS 123R. Net income for the first quarter of 2005
was $1.5 million, or diluted earnings per share of $0.08. The gross
profit for the 2006 first quarter was $9.0 million, or 83.7%, and
includes stock-compensation expense of $46,000. This compares with
gross profit of $8.2 million, or 85.2%, for the prior-year first
quarter. Selling and marketing expenses for the 2006 first quarter
were $6.0 million including stock-compensation expense of $482,000,
up from $4.7 million for the comparable quarter in 2005, reflecting
expansion of the company's direct sales force. General and
administrative expenses for the quarter were $2.3 million including
stock-compensation expense of $341,000, up from $1.5 million in the
comparable quarter of the prior year, due primarily to costs
associated with operating as a public company. Research and
development expenses were $1.7 million for the first quarter of
2006 including stock-compensation expense of $46,000, compared with
$864,000 in the comparable quarter of the prior year, with the
increase due mainly to costs related to product development
efforts, including costs related to Gestiva(TM), Adeza's drug
candidate for the prevention of preterm birth in women who have a
history of preterm delivery. As of March 31, 2006 Adeza had cash
and cash equivalents of $90.5 million, compared with $89.7 million
as of December 31, 2005. Stockholders' equity was $98.6 million and
working capital was $97.9 million as of March 31, 2006. "We are
extremely pleased to announce our submission of a New Drug
Application to the FDA for a major product candidate, Gestiva,"
said Emory V. Anderson, president and chief executive officer. "We
were able to accomplish this milestone without incurring the
expenses typically related to new drug development while
maintaining profitability. "As also announced today, the nationwide
availability of FullTerm, The Fetal Fibronectin Test through Quest
Diagnostics better positions us to further penetrate the fetal
fibronectin test market, particularly for women at risk for preterm
birth. Quest, with its extensive network of laboratories, will
collect fetal fibronectin test samples directly from physicians'
offices and clinics throughout the United States. We look forward
to increasing product sales through this new Quest program which
allows for more convenient access to our test by physicians around
the country," he said. "While we continue to report double-digit
year-over-year revenue growth, our first quarter revenue results
reflect the fact that customers do order products quarterly or
semi-annually, so that the timing of those orders can impact our
quarterly results," he added. "Our first quarter expenses were in
line with our expectations, and reflect costs associated with our
annual sales meeting and a full quarter's impact of hiring 10 sales
representatives." 2006 Financial Guidance Adeza today affirmed
guidance for 2006 revenue to be in the range of $54 million to $57
million. It also affirms that gross margin for 2006 is expected to
exceed 80%, and that the full-year tax rate will be between 45% and
49%, which is higher than the statutory tax rate primarily as a
result of accounting for stock-based compensation expense under
SFAS 123R. Adeza expects SFAS 123R compensation expenses for 2006
to be in the range of $2.8 million to $3.2 million, before costs
associated with the issuance of new option grants. Conference Call
Adeza's management will host an investment-community conference
call today beginning at 4:30 p.m. Eastern time (1:30 p.m. Pacific
time) to discuss these results, the Gestiva announcement also made
today, and to answer questions. Individuals interested in
participating in the conference call may do so by dialing (888)
463-4383 for domestic callers, or (706) 634-5615 for international
callers. A telephone replay will be available for 48 hours
following the conclusion of the call by dialing (800) 642-1687 for
domestic callers, or (706) 645-9291 for international callers, and
entering reservation code 8492565. The live call also will be
available via the Internet on the Investors section of the
company's Web site at www.adeza.com. A webcast replay of the call
will be available following the conclusion of the call. About Adeza
Adeza designs, manufactures and markets innovative products for
women's health. Adeza's initial focus is on reproductive
healthcare, using its proprietary technologies to predict preterm
birth and assess infertility. Adeza's principal product is a
patented diagnostic test, FullTerm, The Fetal Fibronectin Test,
which utilizes a single-use, disposable cassette and is analyzed on
Adeza's patented TLiIQ(R) System. This product is approved by the
U.S. Food and Drug Administration (FDA) for use in assessing the
risk of preterm birth. Adeza also markets and sells the
E-tegrity(R) Test, an infertility-related test to assess
receptivity of the uterus to embryo implantation in women with
unexplained infertility. Adeza cautions you that statements
included in this press release that are not a description of
historical facts may be forward-looking statements, including, for
example, statements relating to Adeza's future financial results,
its sales and marketing strategy, its association with Quest
Diagnostics and its product candidate Gestiva. The inclusion of
forward-looking statements should not be regarded as a
representation by Adeza that any of its plans will be achieved.
Actual results may differ materially from those set forth in this
release due to the risks and uncertainties inherent in Adeza's
business including, without limitation, risks and uncertainties
relating to the expansion of products, markets and offerings and
additional product indications, risks associated with the
regulatory approval process for product candidates, and risks
associated with being in both the diagnostic and therapeutic
businesses. Further information about these and other risks is
included in the Company's Annual Report on Form 10-K and other
periodic and current reports filed by Adeza with the Securities
Exchange Commission, which are available from the SEC's Web site
(www.sec.gov), and also available on the Investor Relations section
of our website. All forward-looking statements are qualified in
their entirety by this cautionary statement and Adeza undertakes no
obligation to revise or update this news release to reflect events
or circumstances after the date hereof. -0- *T Adeza Condensed
Statements of Operations (in thousands, except share and per share
information) Three Months Ended March 31, -----------------------
(unaudited) (unaudited) 2006 2005
----------------------------------------------------------------------
Product sales $10,793 $9,610 Cost of product sales 1,755 1,427
----------- ----------- Gross profit 9,038 8,183 Operating costs
and expenses: Selling and marketing 6,045 4,725 General and
administrative 2,302 1,537 Research and development 1,673 864
----------- ----------- Total operating costs and expenses 10,020
7,126 ----------- ----------- Income (loss) from operations (982)
1,057 Interest income 994 480 ----------- ----------- Income before
income taxes 12 1,537 Provision for income taxes 6 81 -----------
----------- Net income $6 $1,456 =========== =========== Basic net
income per share $0.00 $0.09 =========== =========== Diluted net
income per share $0.00 $0.08 =========== =========== Shares used to
compute basic net income per share 17,416,232 16,527,243
=========== =========== Shares used to compute diluted net income
per share 18,235,047 17,773,973 =========== =========== Adeza
Condensed Balance Sheets (in thousands, except share and per share
information) March December 31, 31, 2006 2005
----------------------------------------------------------------------
(unaudited) Assets Current assets: Cash and cash equivalents
$90,511 $89,722 Accounts receivable, net 8,069 9,182 Inventories
932 849 Prepaid and other current assets 318 292 Current deferred
tax asset 4,929 4,929 ----------- --------- Total current assets
104,759 104,974 Property and equipment, net 387 348 Noncurrent
deferred tax asset 193 193 Intangible assets, net 116 128
----------- --------- Total assets $105,455 $105,643 ===========
========= Liabilities and stockholders' equity Current liabilities:
Accounts payable $2,197 $1,994 Accrued compensation 1,545 2,216
Accrued royalties 671 1,427 Other accrued liabilities 1,108 1,246
Taxes payable 1,294 1,322 Deferred revenue 17 33 -----------
--------- Total current liabilities 6,832 8,238 Commitments
Stockholders' equity: Common stock, $0.001 par value; 100,000,000
shares authorized; 17,446,415 and 17,376,330 shares issued and
outstanding at March 31, 2006 and December 31, 2005, respectively
17 17 Additional paid-in capital 131,027 132,432 Deferred
compensation -- (2,604) Unrealized Gain on investments 13 --
Accumulated deficit (32,434) (32,440) ----------- --------- Total
stockholders' equity 98,623 97,405 ----------- --------- Total
liabilities and stockholders' equity $105,455 $105,643 ===========
========= *T
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