UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
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(Mark One) |
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the quarterly period ended June 30, 2003 |
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OR |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the transition period from to |
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Commission file number 0-15360
BIOJECT MEDICAL TECHNOLOGIES INC.
(Exact name of registrant as specified in its charter)
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Oregon |
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93-1099680 |
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(State or other
jurisdiction of incorporation |
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(I.R.S. Employer |
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211 Somerville Road, Route 202
North, |
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07921 |
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(Address of principal executive offices) |
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(Zip Code) |
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Registrant’s telephone number, including area code: (908) 470-2800 |
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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.
Yes ý Noo
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act). Yes o No ý
Indicate 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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Common Stock without par value |
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10,743,750 |
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(Class) |
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(Outstanding at August 4, 2003) |
BIOJECT MEDICAL TECHNOLOGIES INC.
FORM 10-Q
INDEX
PART 1 - FINANCIAL INFORMATION
BIOJECT MEDICAL TECHNOLOGIES INC. AND
SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
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June 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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$ |
11,148,174 |
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$ |
8,895,687 |
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Short-term marketable securities |
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2,564,625 |
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8,404,090 |
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Accounts receivable, net of allowance for doubtful accounts of $3,000 and $2,500 |
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681,609 |
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561,940 |
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Receivable from related party, current portion |
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74,025 |
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74,025 |
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Inventories, net |
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1,588,613 |
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1,302,776 |
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Other current assets |
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324,788 |
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163,548 |
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Total current assets |
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16,381,834 |
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19,402,066 |
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Long-term marketable securities |
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3,414,277 |
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5,077,043 |
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Receivable from related party |
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37,012 |
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74,025 |
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Property and equipment, net of accumulated depreciation of $3,931,119 and $3,706,027 |
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3,662,739 |
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2,897,968 |
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Other assets, net |
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855,344 |
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782,804 |
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Total assets |
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$ |
24,351,206 |
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$ |
28,233,906 |
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LIABILITIES AND SHAREHOLDERS’ EQUITY |
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Current liabilities: |
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Accounts payable |
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$ |
626,243 |
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$ |
470,321 |
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Accrued payroll |
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555,490 |
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438,766 |
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Other accrued liabilities |
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84,228 |
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113,034 |
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Deferred revenue |
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67,140 |
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67,140 |
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Total current liabilities |
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1,333,101 |
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1,089,261 |
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Long-term liabilities: |
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Long-term lease payable |
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22,886 |
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26,125 |
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Deferred revenue |
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518,257 |
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251,792 |
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Commitments |
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Shareholders’ equity: |
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Preferred stock, no par value, 10,000,000 shares authorized; issued and outstanding: |
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Series A Convertible - 952,738 shares at June 30, 2003 and December 31, 2002, $15 stated value |
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17,149,000 |
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17,149,000 |
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Series C Convertible - 391,830 shares at June 30, 2003 and December 31, 2002, no stated value |
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2,400,000 |
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2,400,000 |
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Common stock, no par, 100,000,000 shares authorized; issued and outstanding 10,736,086 and 10,644,887 shares at June 30, 2003 and December 31, 2002 |
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88,572,165 |
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88,355,898 |
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Accumulated deficit |
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(85,644,203 |
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(81,038,170 |
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Total shareholders’ equity |
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22,476,962 |
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26,866,728 |
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Total liabilities and shareholders’ equity |
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$ |
24,351,206 |
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$ |
28,233,906 |
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The accompanying notes are an integral part of these consolidated financial statements.
2
BIOJECT MEDICAL TECHNOLOGIES INC. AND
SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
OPERATIONS
(Unaudited)
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2003 |
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2002 |
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2003 |
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2002 |
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Revenue: |
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Net sales of products |
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$ |
1,155,634 |
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$ |
679,456 |
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$ |
1,939,331 |
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$ |
1,801,799 |
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License and technology fees |
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263,869 |
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366,122 |
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580,654 |
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1,752,070 |
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1,419,503 |
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1,045,578 |
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2,519,985 |
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3,553,869 |
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Operating expenses: |
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Manufacturing |
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1,191,164 |
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1,069,863 |
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2,120,161 |
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2,830,379 |
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Research and development |
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1,290,035 |
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792,974 |
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2,429,931 |
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1,816,905 |
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Selling, general and administrative |
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1,395,225 |
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1,215,930 |
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2,731,900 |
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2,777,994 |
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Total operating expenses |
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3,876,424 |
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3,078,767 |
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7,281,992 |
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7,425,278 |
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Operating loss |
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(2,456,921 |
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(2,033,189 |
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(4,762,007 |
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(3,871,409 |
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Interest income |
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66,785 |
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235,562 |
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157,558 |
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403,039 |
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Other loss |
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(793 |
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(204 |
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