SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
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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 July 31, 2003; 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 |
Commission File Number: 0-28010
MEDWAVE, INC.
(Exact name of registrant as specified in its charter)
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Delaware |
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41-1493458 |
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(State or other jurisdiction of |
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(IRS employer |
435 Newbury Street
Danvers, MA 01923
(Address of principal executive offices,
zip code)
(978) 762-8999
(Registrant’s telephone number, including
area code)
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 as the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.
Yes ý No o
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
As of September 10, 2003, the issuer had 8,679,666 shares of Common Stock outstanding.
Medwave, Inc.
Form 10-Q
INDEX
1
PART I - FINANCIAL INFORMATION
ITEM 1. Financial Statements
Medwave, Inc.
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July 31, |
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April 30, |
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(unaudited) |
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(see note 1) |
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Assets |
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Current Assets: |
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Cash and cash equivalents |
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$ |
1,951,972 |
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$ |
2,597,649 |
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Accounts receivable, net |
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335,619 |
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294,791 |
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Inventories, net |
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416,148 |
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270,118 |
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Prepaid expenses |
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72,423 |
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103,899 |
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Total current assets |
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2,776,162 |
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3,266,457 |
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Property and equipment: |
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Research and development equipment |
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31,535 |
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31,535 |
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Office equipment |
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76,836 |
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76,836 |
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Manufacturing and engineering equipment |
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247,824 |
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247,824 |
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Sales and marketing equipment |
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62,365 |
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62,365 |
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Leasehold improvements |
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31,613 |
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31,613 |
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450,173 |
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450,173 |
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Accumulated depreciation and amortization |
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(394,168 |
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(387,323 |
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Property and equipment, net |
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56,005 |
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62,850 |
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Total assets |
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$ |
2,832,167 |
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$ |
3,329,307 |
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Liabilities and stockholders’ equity |
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Current liabilities: |
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Accounts payable |
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$ |
215,119 |
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$ |
310,180 |
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Accrued expenses |
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66,699 |
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101,303 |
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Deferred revenue |
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37,419 |
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38,850 |
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Total current liabilities |
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319,237 |
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450,333 |
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Stockholders’ equity: |
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Common Stock, no par value: |
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Authorized shares—50,000,000 |
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Issued and outstanding shares - |
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23,464,401 |
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23,449,114 |
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April 30, 2003 - 8,650,916 |
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July 31, 2003 - 8,659,666 |
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Accumulated deficit |
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(20,951,471 |
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(20,570,140 |
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Total stockholders’ equity |
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2,512,930 |
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2,878,974 |
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Total liabilities and stockholders’ equity |
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$ |
2,832,167 |
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$ |
3,329,307 |
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The accompanying notes are an integral part of these unaudited financial statements.
2
Medwave, Inc.
Statements of Operations
(Unaudited)
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Three months ended July 31, |
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2003 |
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2002 |
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Revenue: |
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Net Sales |
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$ |
365,015 |
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$ |
209,615 |
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Operating expenses: |
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Cost of sales and product development |
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154,561 |
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160,880 |
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Research and development |
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85,872 |
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138,164 |
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Sales and marketing |
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324,039 |
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388,258 |
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General and administrative |
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185,969 |
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140,071 |
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Operating loss |
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(385,426 |
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(617,758 |
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Other income: |
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Interest income |
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4,095 |
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8,873 |
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Net loss |
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$ |
(381,331 |
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(608,885 |
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Net loss per share - Basic and diluted |
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$ |
(0.04 |
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$ |
(0.08 |
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Weighted average number of shares outstanding - basic and diluted |
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8,653,076 |
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7,250,916 |
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The accompanying notes are an integral part of these unaudited financial statements.
3
Medwave, Inc.
Statements of Cash Flows
(Unaudited)
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Three months ended July 31, |
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2003 |
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2002 |
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Operating activities |
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Net loss |
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$ |
(381,331 |
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(608,885 |
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Adjustments to reconcile net loss to net cash used in operating activities: |
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