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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, 2004 |
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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 0-22677 |
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DELAWARE |
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75-2649072 |
(State or other jurisdiction of
incorporation or
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(IRS Employer Identification Number) |
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33171 PASEO CERVEZA
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92675 |
(Address of principal executive offices) |
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(Zip code) |
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(949) 443-3355 |
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(Registrant’s telephone number, including area code) |
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NOT APPLICABLE |
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(Former name, former address and former fiscal year, if changed since last report) |
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CHROMAVISION MEDICAL SYSTEMS, INC. AND SUBSIDIARIES
Table of Contents
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Condensed Consolidated Balance Sheets as of September 30, 2004 (unaudited) and December 31, 2003 |
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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SIGNATURES |
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2
CHROMAVISION MEDICAL SYSTEMS, INC AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands, except share and per share amounts)
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September 30, |
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December 31, |
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(Unaudited) |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
15,859 |
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$ |
1,699 |
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Accounts receivable, net |
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1,899 |
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2,496 |
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Other receivable |
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— |
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451 |
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Other |
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426 |
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287 |
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Total current assets |
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18,184 |
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4,933 |
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Property and equipment, net |
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5,806 |
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5,086 |
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Patents, net of accumulated amortization |
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982 |
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830 |
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Other |
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365 |
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202 |
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Total assets |
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$ |
25,337 |
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$ |
11,051 |
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Liabilities and Stockholders’ Equity |
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Current liabilities: |
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Accounts payable |
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$ |
1,697 |
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$ |
394 |
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Accrued severance |
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254 |
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Accrued payroll |
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1,725 |
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684 |
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Accrued liabilities |
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975 |
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864 |
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Current maturities of long-term debt, including capital lease obligation |
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1,612 |
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1,028 |
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Total current liabilities |
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6,009 |
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3,224 |
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Long-term debt, including capital lease obligation |
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2,042 |
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1,808 |
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Commitments and contingencies |
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Stockholders’ equity: |
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Series C convertible preferred stock, $.01 par value, authorized 8,000,000 shares, none issued and outstanding |
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— |
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— |
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Common stock $.01 par value, authorized 100,000,000 shares, issued and outstanding shares 51,428,084 in 2004 and 38,582,604 in 2003 |
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514 |
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386 |
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Additional paid-in capital |
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117,257 |
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92,445 |
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Accumulated deficit |
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(99,718 |
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(85,883 |
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Deferred compensation |
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(722 |
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(856 |
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Accumulated other comprehensive loss |
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(45 |
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(73 |
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Total stockholders’ equity |
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17,286 |
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6,019 |
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Total liabilities and stockholders’ equity |
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$ |
25,337 |
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$ |
11,051 |
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See accompanying notes to condensed consolidated financial statements.
3
CHROMAVISION MEDICAL SYSTEMS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(in thousands, except share and per share amounts)
(Unaudited)
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Three Months Ended |
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Nine Months Ended |
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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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Fee per use and other revenue |
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$ |
1,309 |
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$ |
2,827 |
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$ |
4,328 |
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$ |
8,130 |
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