SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2002
Commission File Number 0-19841
i-STAT CORPORATION
(Exact name of registrant as specified in its charter)
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Delaware |
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22-2542664 |
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(State or other
jurisdiction of |
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(I.R.S. Employer |
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104 Windsor Center Drive, East Windsor, NJ |
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08520 |
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(Address of Principal Executive Offices) |
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(Zip Code) |
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(609) 443-9300 |
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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.
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Yes ý |
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No o |
The number of shares outstanding of each of the Issuer’s classes of Common Stock as of the latest practicable date.
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Class |
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November 11, 2002 |
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Common Stock, $0.15 par value |
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20,117,110 |
i-STAT CORPORATION
TABLE OF CONTENTS
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PART I |
FINANCIAL INFORMATION |
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Item 1 - Financial Statements |
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Consolidated Condensed Balance Sheets as of September 30, 2002 and December 31, 2001 |
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Item 2 - Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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2
i-STAT CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(In thousands of dollars, except share and per share data)
(unaudited)
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Three Months Ended |
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Nine Months Ended |
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2002 |
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2001 |
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2002 |
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2001 |
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Net revenues: |
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Related party product sales |
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$ |
12,764 |
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$ |
11,949 |
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$ |
36,696 |
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$ |
34,193 |
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Third party product sales |
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1,899 |
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2,462 |
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6,797 |
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6,236 |
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Other related party revenues |
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175 |
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175 |
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525 |
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525 |
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Other third party revenues |
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— |
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— |
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— |
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327 |
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Total net revenues |
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14,838 |
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14,586 |
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44,018 |
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41,281 |
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Cost of products sold |
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9,855 |
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11,574 |
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34,801 |
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34,145 |
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Write-down of certain production assets |
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1,217 |
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— |
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1,217 |
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— |
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Research and development |
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1,947 |
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1,877 |
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5,821 |
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5,806 |
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Sales and marketing |
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2,458 |
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2,215 |
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7,257 |
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6,954 |
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Abbott termination charges |
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52,000 |
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— |
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52,000 |
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— |
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General and administrative |
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1,335 |
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1,718 |
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4,734 |
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5,222 |
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Write-down of certain intangible assets |
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1,036 |
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— |
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1,036 |
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— |
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Litigation settlement |
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— |
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— |
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— |
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10,491 |
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Total operating expenses |
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69,848 |
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17,384 |
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106,866 |
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62,618 |
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Operating loss |
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(55,010 |
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(2,798 |
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(62,848 |
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(21,337 |
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Other (expense) income, net |
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(657 |
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192 |
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(146 |
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683 |
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Net loss |
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(55,667 |
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(2,606 |
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(62,994 |
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(20,654 |
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Dividends on Preferred Stock |
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(183 |
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(1,006 |
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— |
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Accretion of Preferred Stock |
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(111 |
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(2,622 |
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(334 |
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(2,622 |
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Net loss available to Common Stockholders |
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$ |
(55,961 |
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(5,228 |
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(64,334 |
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(23,276 |
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Basic and diluted net loss per share available to Common Stockholders |
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$ |
(2.78 |
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(0.27 |
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(3.21 |
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(1.25 |
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Shares used in computing basic and diluted net loss per share available to Common Stockholders |
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20,117,110 |
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19,306,880 |
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20,061,384 |
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18,618,732 |
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The accompanying notes are an integral part of these consolidated condensed financial statements.
3
i-STAT CORPORATION
CONSOLIDATED CONDENSED BALANCE SHEETS
(In thousands of dollars, except share and per share data)
(unaudited)
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September
30, |
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December
31, |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
27,586 |
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$ |
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