UNITED STATES
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 September 30, 2003 |
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or |
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TRANSACTION 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: 001-14059 |
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IOMED, Inc. |
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(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, Suite A, Salt Lake City, Utah 84120 |
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(Address of principal executive offices) (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 October 31, 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.
INDEX TO FORM 10-Q
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PART I — FINANCIAL INFORMATION |
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Item 1. |
Financial Statements (unaudited) |
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Condensed Balance Sheets — |
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Condensed Statements of Operations — |
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Condensed 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.
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September 30, |
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June 30, |
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(unaudited) |
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(audited) |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
5,766,000 |
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$ |
5,921,000 |
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Accounts receivable, net |
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1,215,000 |
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1,300,000 |
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Inventories |
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917,000 |
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1,027,000 |
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Prepaid expenses |
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162,000 |
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119,000 |
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Total current assets |
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8,060,000 |
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8,367,000 |
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Equipment and furniture, net |
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2,162,000 |
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2,340,000 |
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Restricted cash |
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1,595,000 |
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1,689,000 |
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Other assets |
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89,000 |
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95,000 |
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Total assets |
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$ |
11,906,000 |
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$ |
12,491,000 |
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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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$ |
160,000 |
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$ |
504,000 |
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Accrued liabilities |
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806,000 |
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1,002,000 |
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Current portion of long-term obligations |
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609,000 |
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598,000 |
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Total current liabilities |
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1,575,000 |
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2,104,000 |
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Long-term obligations |
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1,798,000 |
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1,971,000 |
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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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(32,994,000 |
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(33,111,000 |
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Total shareholders’ equity |
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8,533,000 |
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8,416,000 |
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Total liabilities and shareholders’ equity |
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$ |
11,906,000 |
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$ |
12,491,000 |
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See accompanying notes.
3
IOMED, Inc.
CONDENSED STATEMENTS OF OPERATIONS
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Three Months Ended |
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2003 |
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2002 |
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(unaudited) |
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Revenues: |
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Product sales |
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$ |
2,922,000 |
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$ |
2,942,000 |
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Contract research revenue, royalties & license fees |
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36,000 |
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51,000 |
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Total revenues |
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2,958,000 |
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2,993,000 |
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Operating costs and expenses: |
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Cost of products sold |
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1,104,000 |
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1,069,000 |
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Selling, general and administrative |
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1,440,000 |
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1,354,000 |
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Research and development |
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266,000 |
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330,000 |
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Total costs and expenses |
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2,810,000 |
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2,753,000 |
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Income from operations |
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148,000 |
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240,000 |
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Interest expense |
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50,000 |
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62,000 |
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Interest income and other, net |
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19,000 |
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28,000 |
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Net income |
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$ |
117,000 |
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$ |
206,000 |
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Basic and diluted income per common share |
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$ |
0.02 |
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0.03 |
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See accompanying notes.
4
IOMED, Inc.
CONDENSED STATEMENTS OF CASH FLOWS
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Three Months Ended |
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2003 |
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2002 |
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(unaudited) |
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Cash flows from operating activities |
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Net income |
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$ |
117,000 |
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$ |
206,000 |
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Adjustments to reconcile net income to net cash provided by (used in) operating activities: |
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Depreciation and amortization |
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245,000 |
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233,000 |
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