UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2004
OR
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from to
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 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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13,640,366 |
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(Class) |
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(Outstanding at August 9, 2004) |
BIOJECT MEDICAL TECHNOLOGIES INC.
FORM 10-Q
INDEX
PART 1 - FINANCIAL INFORMATION
BIOJECT MEDICAL TECHNOLOGIES INC. AND SUBSIDIARIES
(Unaudited)
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June 30, 2004 |
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December 31, 2003 |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
5,180,895 |
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$ |
6,893,686 |
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Short-term marketable securities |
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1,455,724 |
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2,259,424 |
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Accounts receivable, net of allowance for doubtful accounts of $2,795 and $3,000 |
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1,152,114 |
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1,299,979 |
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Receivable from related party, current portion |
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37,013 |
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74,025 |
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Inventories |
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1,500,703 |
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1,387,865 |
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Other current assets |
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391,376 |
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227,243 |
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Total current assets |
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9,717,825 |
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12,142,222 |
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Long-term marketable securities |
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— |
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3,086,624 |
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Restricted funds |
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1,500,000 |
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1,500,000 |
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Property and equipment, net of accumulated depreciation of $4,527,682 and $4,173,195 |
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5,273,499 |
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4,759,671 |
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Other assets, net |
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1,068,069 |
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979,589 |
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Total assets |
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$ |
17,559,393 |
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$ |
22,468,106 |
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LIABILITIES AND SHAREHOLDERS' EQUITY |
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Current liabilities: |
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Current portion of long-term debt |
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$ |
276,231 |
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$ |
175,000 |
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Accounts payable |
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870,485 |
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1,113,923 |
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Accrued payroll |
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474,645 |
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432,744 |
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Other accrued liabilities |
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786,467 |
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464,964 |
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Deferred revenue |
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70,139 |
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434,119 |
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Total current liabilities |
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2,477,967 |
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2,620,750 |
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Long-term liabilities: |
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Long-term lease payable |
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99,651 |
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81,969 |
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Long-term debt |
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1,156,755 |
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1,325,000 |
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Deferred revenue |
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451,076 |
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484,646 |
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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 - 0 shares at June 30, 2004 and 952,738 shares at December 31, 2003, $15 stated value |
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— |
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17,149,000 |
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Series C Convertible - 0 shares at June 30, 2004 and 391,830 at December 31, 2003, no stated value |
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— |
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2,400,000 |
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Common stock, no par, 100,000,000 shares authorized; issued and outstanding 13,598,499 and 10,820,481 shares at June 30, 2004 and December 31, 2003, respectively |
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108,579,906 |
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88,777,145 |
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Accumulated deficit |
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(95,205,962 |
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(90,370,404 |
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Total shareholders' equity |
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13,373,944 |
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17,955,741 |
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Total liabilities and shareholders' equity |
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$ |
17,559,393 |
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$ |
22,468,106 |
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The accompanying notes are an integral part of these consolidated financial statements.
3
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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2004 |
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2003 |
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2004 |
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2003 |
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Revenue: |
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Net sales of products |
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$ |
1,958,483 |
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$ |
1,155,634 |
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$ |
3,964,741 |
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$ |
1,939,331 |
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License and technology fees |
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16,920 |
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263,869 |
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1,016,619 |
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580,654 |
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1,975,403 |
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1,419,503 |
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4,981,360 |
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2,519,985 |
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