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 |
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For the quarterly period ended September 30, 2003 |
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OR |
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TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES |
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For the transition period from to |
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Commission file number 0-15360 |
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BIOJECT MEDICAL TECHNOLOGIES INC. |
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(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 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 Noý
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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10,751,648 |
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(Class) |
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(Outstanding at October 30, 2003) |
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BIOJECT
MEDICAL TECHNOLOGIES INC.
FORM 10-Q
INDEX
1
PART 1 - FINANCIAL INFORMATION
BIOJECT MEDICAL TECHNOLOGIES INC. AND SUBSIDIARIES
(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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$ |
8,497,918 |
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$ |
8,895,687 |
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Short-term marketable securities |
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2,589,658 |
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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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1,027,408 |
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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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1,462,744 |
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1,302,776 |
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Other current assets |
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519,470 |
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163,548 |
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Total current assets |
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14,171,223 |
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19,402,066 |
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Long-term marketable securities |
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3,101,605 |
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5,077,043 |
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Receivable from related party |
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18,506 |
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74,025 |
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Property and equipment, net of accumulated depreciation of $4,058,003 and $3,706,027 |
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4,197,648 |
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2,897,968 |
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Other assets, net |
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949,407 |
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782,804 |
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Total assets |
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$ |
22,438,389 |
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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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$ |
967,113 |
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$ |
470,321 |
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Accrued payroll |
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553,359 |
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438,766 |
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Other accrued liabilities |
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123,640 |
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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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1,711,252 |
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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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88,960 |
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26,125 |
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Deferred revenue |
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503,236 |
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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 September 30, 2003 and December 31, 2002, $15 stated value |
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17,149,000 |
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17,149,000 |
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Series C Convertible - 391,830 shares at September 30, 2003 and December 31, 2002, no stated value |
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2,400,000 |
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2,400,000 |
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Common stock, no par, 100,000,000 shares authorized; issued and outstanding 10,743,750 and 10,644,887 shares at September 30, 2003 and December 31, 2002 |
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88,622,666 |
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88,355,898 |
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Accumulated deficit |
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(88,036,725 |
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(81,038,170 |
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Total shareholders’ equity |
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20,134,941 |
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26,866,728 |
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Total liabilities and shareholders’ equity |
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$ |
22,438,389 |
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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 September 30, |
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Nine Months Ended September 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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$ |
1,335,923 |
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$ |
872,241 |
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$ |
3,275,254 |
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$ |
2,674,040 |
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Licensing and technology fees |
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106,539 |
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290,379 |
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687,193 |
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2,042,449 |
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1,442,462 |
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1,162,620 |
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3,962,447 |
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4,716,489 |
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Operating expenses: |
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Manufacturing |
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1,378,404 |
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974,874 |
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3,498,565 |
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3,805,253 |
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Research and development |
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1,156,835 |
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999,255 |
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3,586,766 |
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2,816,160 |
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Selling, general and administrative |
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1,370,629 |
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1,275,506 |
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4,102,529 |
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4,053,500 |
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Total operating expenses |
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3,905,868 |
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3,249,635 |
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11,187,860 |
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10,674,913 |
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Operating loss |
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(2,463,406 |
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(2,087,015 |
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(7,225,413 |
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(5,958,424 |
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Interest income |
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72,925 |
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165,957 |
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230,483 |
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