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, 2002 |
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OR |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commission File Number: 0-22890
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SANGSTAT MEDICAL CORPORATION |
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(Exact name of registrant as specified in its charter) |
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Delaware |
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94-3076-069 |
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(State of incorporation) |
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(IRS Employer Identification No.) |
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6300
Dumbarton Circle |
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(Address of principal executive office, Zip Code) |
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Registrant’s telephone number, including area code: 510-789-4300
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.
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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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CLASS |
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NUMBER OF SHARES |
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Common Stock |
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26,435,049* |
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* As of October 31, 2002
SANGSTAT MEDICAL CORPORATION
FORM 10-Q
INDEX
2
SANGSTAT MEDICAL CORPORATION
CONDENSED CONSOLIDATED BALANCE
SHEETS
(in thousands, except par values)
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September
30, |
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December
31, |
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(unaudited) |
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(1) |
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ASSETS |
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CURRENT ASSETS: |
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Cash and cash equivalents |
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$ |
86,913 |
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$ |
32,822 |
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Short-term investments |
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20,033 |
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— |
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Accounts receivable (net of allowances of $3,721 in 2002 and $4,072 in 2001) |
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22,854 |
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19,872 |
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Other receivables |
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1,587 |
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480 |
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Inventories |
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24,867 |
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22,942 |
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Prepaid expenses and other current assets |
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2,204 |
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2,494 |
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Total current assets |
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158,458 |
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78,610 |
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PROPERTY AND EQUIPMENT — net |
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5,753 |
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5,469 |
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GOODWILL |
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578 |
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— |
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INTANGIBLE ASSETS (net of accumulated amortization of $4,000 in 2002 and $4,324 in 2001) |
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7,892 |
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9,220 |
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OTHER ASSETS |
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22,799 |
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21,260 |
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TOTAL |
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$ |
195,480 |
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$ |
114,559 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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CURRENT LIABILITIES: |
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Accounts payable |
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$ |
28,149 |
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$ |
22,019 |
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Accrued liabilities |
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12,638 |
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14,375 |
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Capital lease obligations — current portion |
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182 |
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177 |
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Deferred revenue — current portion |
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3,158 |
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3,158 |
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Notes payable — current portion |
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4,970 |
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5,615 |
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Total current liabilities |
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49,097 |
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45,344 |
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CAPITAL LEASE OBLIGATIONS |
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239 |
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326 |
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DEFERRED REVENUE |
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3,948 |
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6,317 |
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NOTES PAYABLE |
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15,458 |
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30,213 |
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STOCKHOLDERS’ EQUITY: |
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Preferred stock, $.001 par value, 5,000 shares authorized; none outstanding |
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— |
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— |
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Common stock, $.001 par value, 40,000 shares authorized; outstanding: 2002, 26,429 shares; 2001, 20,961 shares |
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310,398 |
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222,521 |
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Accumulated deficit |
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(181,921 |
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(187,015 |
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Accumulated other comprehensive loss |
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(1,739 |
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(3,147 |
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Total stockholders' equity |
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126,738 |
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32,359 |
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TOTAL |
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$ |
195,480 |
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$ |
114,559 |
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(1) Derived from the Company's audited consolidated financial statements at December 31, 2001.
See notes to Condensed Consolidated Financial Statements.
3
SANGSTAT MEDICAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2002 |
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2001 |
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2002 |
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2001 |
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REVENUES: |
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Net product sales |
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$ |
32,510 |
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$ |
24,311 |
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$ |
85,992 |
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$ |
64,841 |
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Revenue from collaborative agreements |
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790 |
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789 |
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2,369 |
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2,368 |
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Total revenues |
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33,300 |
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25,100 |
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88,361 |
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67,209 |
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COSTS AND OPERATING EXPENSES: |
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Cost of product sales |
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16,668 |
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11,641 |
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42,557 |
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29,584 |
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Research and development |
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4,440 |
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4,899 |
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13,868 |
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13,647 |
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Selling, general & administrative |
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8,826 |
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7,949 |
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25,456 |
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25,455 |
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Amortization of intangible assets |
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250 |
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348 |
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750 |
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1,043 |
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Total costs and operating expenses |
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30,184 |
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