TORONTO, Aug. 9 /CNW/ - Spectral Diagnostics Inc. (TSX: SDI), a developer
of rapid diagnostics technologies, reported a consolidated loss for the three
months ended June 30, 2005 of $1.7 million ($0.09 cents per share), compared
to a loss of $1.4 million ($0.08 cents per share) for the same period last
year.
Sales for the quarter of $2.3 million, were $0.5 million lower than the
same prior year's period. First quarter revenues last year included
$0.5 million of start-up equipment sales related to the launch of the EAA(TM)
early adopter program.
Costs continued to be closely managed. Operating expenses of
$2.4 million, including $0.3 million of net research and development
expenditures, were $0.4 million lower than the same period last year. Accrued
interest expense on convertible notes of IDx Inc. of $0.5 million (2005 -
$0.3 million) was higher because a portion of the debt was interest free until
December 31, 2004.
At the end of the quarter, the Company had placed 47 of its i-Lynx(TM)
connectivity instruments in 24 hospitals across the United States and Canada.
In addition, clinical results of the West Nile diagnostics were very
encouraging. The Company has initiated a consumer preference program to gain
more clinical utility data on the West Nile Virus assay.
"We achieved some significant operational milestones in the first
quarter" stated Dr. Paul Walker, President and CEO. "The i-Lynx(TM) received
positive market acceptance, commercialization of our West Nile diagnostics is
back on schedule and the EAA(TM), early adaptor program is progressing well.
We expect revenues to improve as the fiscal year progresses" said Dr. Paul
Walker.
Spectral is a developer of innovative technologies for rapid diagnostics.
Spectral provides accurate and timely information to clinicians enabling the
early initiation of appropriate and targeted therapy. Current products are
rapid format tests measuring markers of myocardial infarction (Cardiac
STATus(R)). New products include rapid diagnostics for sepsis (EAA(TM)).
Spectral manufactures the EAA(TM) and Cardiac STATus(R). Spectral's common
shares are listed on The Toronto Stock Exchange: SDI.
Information in this news release that is not current or historical
factual information may constitute forward-looking information within the
meaning of securities laws. Implicit in this information, particularly in
respect of the completion of the proposed offering, the future outlook of
Spectral and anticipated events or results, are assumptions based on beliefs
of Spectral's senior management as well as information currently available to
it. While these assumptions were considered reasonable by Spectral at the time
of preparation, they may prove to be incorrect. Readers are cautioned that
actual results are subject to a number of risks and uncertainties, including
the availability of funds and resources to pursue R&D projects, the successful
and timely completion of clinical studies, the ability of Spectral to take
advantage of business opportunities in the biomedical industry, the granting
of necessary approvals by regulatory authorities as well as general economic,
market and business conditions, and could differ materially from what is
currently expected.
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Spectral Diagnostics Inc.
Consolidated Balance Sheets - unaudited
As at June 30, 2005 and March 31, 2005
-------------------------------------------------------------------------
(in thousands of Canadian dollars)
June 30, March 31,
2005 2005
$ $
Assets
Current assets
Cash and cash equivalents 911 1,694
Accounts receivable 2,831 2,760
Inventories 1,411 1,351
Prepaid expenses 364 359
------------ ------------
5,517 6,164
Restricted cash 1,304 2,013
Capital assets 1,095 1,158
Purchased technology and trademarks 3,174 3,327
Deferred financing costs 731 804
Goodwill 2,114 2,114
------------ ------------
13,935 15,580
------------ ------------
------------ ------------
Liabilities
Current liabilities
Bank indebtedness 895 929
Accounts payable and accrued liabilities 1,091 1,582
------------ ------------
1,986 2,511
Convertible notes and interest payable - IDx Inc. 8,282 7,742
------------ ------------
10,268 10,253
------------ ------------
Shareholders' Equity
Common shares 99,446 99,446
Other equity 4,931 4,897
Deficit (100,710) (99,016)
------------ ------------
3,667 5,327
------------ ------------
13,935 15,580
------------ ------------
------------ ------------
Going concern
Spectral Diagnostics Inc.
Consolidated Statements of Operations and Deficit - unaudited
For the three months ended June 30, 2005 and 2004
-------------------------------------------------------------------------
(in thousands of Canadian dollars, except share and per share data)
2005 2004
$ $
Sales 2,293 2,849
Cost of Sales 1,081 1,221
------------ ------------
Gross Margin 1,212 1,628
------------ ------------
Operating expenses
Sales and marketing 1,025 1,327
General and administrative 698 717
Depreciation and amortization 358 352
Foreign exchange gain (40) (18)
Stock-based compensation 34 65
Research and product development 293 306
------------ ------------
2,368 2,749
------------ ------------
Loss before the following (1,156) (1,121)
Interest expense on convertible notes (540) (300)
Other net interest income 2 23
------------ ------------
Loss for the period (1,694) (1,398)
Deficit - Beginning of period (99,016) (91,658)
------------ ------------
Deficit - End of period (100,710) (93,056)
------------ ------------
------------ ------------
Basic and diluted loss per common share (0.09) (0.08)
------------ ------------
------------ ------------
Weighted average number of common shares
outstanding 19,860,168 17,119,145
------------ ------------
------------ ------------
Going concern
Spectral Diagnostics Inc.
Consolidated Statements of Cash Flows - unaudited
For the three months ended June 30, 2005 and 2004
-------------------------------------------------------------------------
(in thousands of Canadian dollars)
2005 2004
$ $
Cash provided by (used in)
Operating activities
Loss for the period (1,694) (1,398)
Items not affecting cash
Depreciation and amortization 358 352
Stock-based compensation expense 34 65
Accrued interest on convertible notes payable
- IDx Inc. 540 300
Changes in non-cash working capital (627) (463)
------------ ------------
(1,389) (1,144)
------------ ------------
Financing activities
Bank indebtedness (34) (330)
Restricted cash 709 574
Net cash proceeds on issuance of units and
common shares - 67
------------ ------------
675 311
------------ ------------
Investing activities
Purchase of capital assets (69) (181)
Increase in technology and other assets - (5)
------------ ------------
(69) (186)
------------ ------------
Decrease in cash and cash equivalents during
the period (783) (1,019)
Cash and cash equivalents - Beginning of period 1,694 2,070
------------ ------------
Cash and cash equivalents - End of period 911 1,051
------------ ------------
------------ ------------
Going concern
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%SEDAR: 00002006E
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