UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2003
or
o TRANSACTION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number: 001-14059
IOMED, Inc.
(Exact name of registrant as specified in its charter)
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Utah |
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87-0441272 |
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(State or other
jurisdiction of |
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(I.R.S. Employer |
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2441 South 3850 West, Salt Lake City, Utah |
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84120 |
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(Address of principal executive offices) |
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(Zip Code) |
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(801) 975-1191 |
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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. ý Yes o No
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act). o Yes ý No.
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. As of April 30, 2003:
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Classes of Common Stock |
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Number of shares outstanding |
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Common Stock, no par value |
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6,544,670 |
IOMED, Inc.
PART I — FINANCIAL INFORMATION
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Condensed
Consolidated Balance Sheets – |
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Condensed
Consolidated Statements of Cash Flows – |
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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Item 3. |
Quantitative and Qualitative Disclosure about Market Risk |
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Not applicable |
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2
IOMED, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
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March 31, |
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June 30, |
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(unaudited) |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
5,352,000 |
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$ |
4,422,000 |
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Accounts receivable, net |
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1,187,000 |
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1,193,000 |
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Inventories |
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803,000 |
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881,000 |
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Prepaid expenses |
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133,000 |
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114,000 |
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Total current assets |
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7,475,000 |
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6,610,000 |
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Equipment and furniture, net |
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2,506,000 |
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3,071,000 |
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Restricted cash |
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1,980,000 |
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2,279,000 |
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Other assets |
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101,000 |
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119,000 |
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Total assets |
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$ |
12,062,000 |
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$ |
12,079,000 |
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LIABILITIES AND SHAREHOLDERS’ EQUITY |
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Current liabilities: |
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Trade accounts payable |
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$ |
243,000 |
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$ |
309,000 |
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Accrued liabilities |
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990,000 |
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1,014,000 |
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Current portion of long-term obligations |
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586,000 |
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556,000 |
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Total current liabilities |
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1,819,000 |
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1,879,000 |
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Long-term obligations |
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2,109,000 |
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2,569,000 |
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Commitments and contingencies |
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Shareholders’ equity |
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Common shares |
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34,646,000 |
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34,646,000 |
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Convertible preferred shares |
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6,881,000 |
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6,881,000 |
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Accumulated deficit |
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(33,393,000 |
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(33,896,000 |
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Total shareholders’ equity |
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8,134,000 |
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7,631,000 |
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Total liabilities and shareholders’ equity |
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$ |
12,062,000 |
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$ |
12,079,000 |
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See accompanying notes.
3
IOMED, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
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Three Months Ended |
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Nine Months Ended |
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2003 |
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2002 |
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2003 |
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2002 |
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(unaudited) |
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(unaudited) |
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Revenues: |
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Product sales |
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$ |
2,927,000 |
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$ |
2,808,000 |
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$ |
8,815,000 |
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$ |
8,143,000 |
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Contract research revenue, royalties & license fees |
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37,000 |
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47,000 |
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139,000 |
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482,000 |
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Total revenues |
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2,964,000 |
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2,855,000 |
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8,954,000 |
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8,625,000 |
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Operating costs and expenses: |
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Cost of products sold |
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1,081,000 |
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1,069,000 |
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3,241,000 |
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3,034,000 |
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Research and product development |
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321,000 |
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436,000 |
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990,000 |
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2,214,000 |
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Selling, general and administrative |
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1,496,000 |
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1,368,000 |
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4,212,000 |
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4,462,000 |
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Non-recurring items |
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(76,000 |
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— |
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(76,000 |
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505,000 |
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Total costs and expenses |
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2,822,000 |
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2,873,000 |
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8,367,000 |
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10,215,000 |
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Income (loss) from operations |
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142,000 |
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(18,000 |
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587,000 |
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(1,590,000 |
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Interest expense |
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(53,000 |
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(66,000 |
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(168,000 |
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(209,000 |
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Interest income and other, net |
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29,000 |
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30,000 |
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84,000 |
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152,000 |
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