FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2002
OR
o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number 1010397
PHYSIOMETRIX, INC.
(Exact name of registrant as specified in its charter)
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Delaware |
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77-0248588 |
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(State or other
jurisdiction of |
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(IRS Employer
identification |
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Five Billerica Park, N. Billerica, MA |
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01862-1256 |
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(Address of principal executive offices) |
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(Zip code) |
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(978) 670-2422 |
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(Registrant’s telephone number, including area code) |
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
ITEM 1 - Yes ý No o
ITEM 2 - Yes ý No o
The number of shares outstanding of each of the issuer’s classes of common stock as of
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Class |
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Outstanding at October 31, 2002 |
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Common Stock, $.001 par value |
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8,422,994 |
PHYSIOMETRIX, INC.
TABLE OF CONTENTS
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PART I |
FINANCIAL INFORMATION |
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Item 1 |
Unaudited Condensed Financial Statements |
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Unaudited Condensed Balance Sheets as of December 31, 2001 and September 30, 2002 |
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Unaudited Condensed Statements of Cash Flows for the Nine Months ended September 30, 2001 and 2002 |
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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2
PHYSIOMETRIX, INC.
UNAUDITED CONDENSED BALANCE SHEETS
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December
31 |
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September
30 |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
2,730,460 |
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$ |
2,948,971 |
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Short-term investments |
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7,997,531 |
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2,236,200 |
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Accounts receivable, net |
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31,780 |
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29,654 |
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Inventories |
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1,338,674 |
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1,355,824 |
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Prepaid expenses |
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89,083 |
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126,792 |
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Total current assets |
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12,187,528 |
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6,697,441 |
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Property, plant and equipment |
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1,237,877 |
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1,315,165 |
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Less allowances for depreciation |
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(715,071 |
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(895,364 |
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522,806 |
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419,801 |
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Due from officer |
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84,000 |
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84,000 |
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Other assets |
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14,322 |
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14,322 |
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Total assets |
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$ |
12,808,656 |
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$ |
7,215,564 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities: |
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Accounts payable |
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$ |
325,378 |
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$ |
139,000 |
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Accrued expenses |
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1,585,348 |
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786,836 |
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Total current liabilities |
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1,910,726 |
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925,836 |
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Stockholders’ equity |
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Preferred stock: $.001 par value; 10,000,000 shares authorized; none issued and outstanding |
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— |
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— |
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Common stock: $.001 par value; 50,000,000 shares authorized; 8,421,952 shares in 2001 and 8,422,994 shares in 2002 issued and outstanding |
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8,422 |
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8,423 |
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Additional paid-in capital |
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56,997,319 |
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56,959,009 |
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Deferred compensation |
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(35,425 |
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(9,953 |
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Accumulated other comprehensive income |
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7,055 |
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849 |
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Accumulated deficit |
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(46,079,441 |
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(50,668,600 |
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Total stockholders’ equity |
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10,897,930 |
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6,289,728 |
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Total liabilities and stockholders’ equity |
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$ |
12,808,656 |
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$ |
7,215,564 |
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See accompanying notes
3
PHYSIOMETRIX, INC.
UNAUDITED CONDENSED STATEMENTS OF OPERATIONS
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Three
Months Ended |
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Nine
Months Ended |
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2001 |
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2002 |
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2001 |
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2002 |
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Revenues |
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$ |
75,206 |
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$ |
94,023 |
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$ |
2,633,148 |
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$ |
277,623 |
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Costs and expenses: |
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Cost of products sold |
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3,337,125 |
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244,530 |
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6,062,888 |
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782,010 |
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Research and development |
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1,079,840 |
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419,073 |
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2,913,591 |
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1,921,288 |
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Selling, general and administrative |
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1,386,412 |
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681,633 |
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3,992,394 |
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2,264,514 |
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5,803,377 |
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1,345,236 |
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12,968,873 |
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4,967,812 |
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Operating loss |
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(5,728,171 |
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(1,251,213 |
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(10,335,725 |
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(4,690,189 |
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Interest income |
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152,170 |
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24,973 |
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688,065 |
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101,030 |
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Net loss |
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$ |
(5,576,001 |
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$ |
(1,226,240 |
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$ |
(9,647,660 |
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$ |
(4,589,159 |
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Basic and diluted net loss per common share |
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$ |
(0.66 |
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$ |
(0.15 |
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$ | |||||