Physiometrix (NASDAQ:PHYX)
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Physiometrix Announces First-Quarter 2005 Financial Results
Company Amends Agreement for PSA 4000 and Obtains Line of Credit with Silicon
Valley Bank
NO. BILLERICA, Mass., May 13 /PRNewswire-FirstCall/ -- Physiometrix, Inc.
(NASDAQ:PHYX) announced today financial results for the first quarter ended
March 31, 2005. For the first quarter ended March 31, 2005, revenues were
$374,104, compared with revenues of $197,194 for the same period in 2004. The
net loss for the first quarter of 2005 was $(1,507,323), or $(0.11) per share
compared with a net loss of $(2,479,999), or $(0.19) per share, for the same
period in 2004. The net loss for the first quarter of 2004 included a non-cash
expense of $1,046,080 related to the derivative accounting treatment of
unregistered warrants issued in its common stock financing completed in
December 2003, which raised gross proceeds of approximately $8.2 million. In
accordance with EITF 00-19, Accounting for Derivative Financial Instruments
Indexed to, and Potentially Settled in, a Company's Own Stock, the warrants
were included as a liability and valued at fair market value until the Company
met the criteria under EITF 00-19 for permanent equity, which occurred in
February 2004.
"We were pleased to obtain a line of credit with Silicon Valley Bank for
$1,000,000 as we continue our partnering discussions for the PSA 5000.
Concurrent with this effort, we have amended our agreement with Baxter
Healthcare for the distribution of the PSA 4000, to allow us to work with
Baxter in expanding our market share for the PSA 4000 and launch the PSA 5000
without any conflicts," said John A. Williams, Chief Executive Officer of
Physiometrix, Inc. "We expanded our PSA 4000 installed base during the first
quarter and we continue to work with Baxter on increasing this installed base
and the on-going sales of the disposable PSArray2. We are readying the PSA 5000
next generation technology for launch later this quarter and look forward to an
exciting opportunity for this product."
Physiometrix will hold a telephone conference call to discuss first- quarter
2005 financial results, as well as management's comments related to the
Company's business, at 11:00 A.M. (Eastern) today, May 13, 2005. The call can
be accessed at 800-465-7133 (conf. ID # 6126075). A replay of today's
conference call will be available after conclusion of today's conference call
until 11:59 P.M. (Eastern) on Tuesday, May 31, 2005. Replay callers in the
U.S. must dial 800-642-1687 (conf. ID # 6126075).
Physiometrix Inc. designs, manufactures and markets noninvasive medical
products -- based on novel gel materials, sophisticated signal-processing
electronics technologies, and proprietary software -- for use in anesthesia-
monitoring during surgical procedures. For more information, please visit the
Company's web site at http://www.physiometrix.com/.
Statements in this press release regarding Physiometrix's growth and future
business results of the Company are "forward-looking" statements as defined in
the Private Securities Litigation Reform Act of 1995. Such statements are
based upon management's current expectations and are subject to a number of
factors and uncertainties. Information contained in these forward-looking
statements is inherently uncertain, and actual performance and results may
differ materially due to many important factors. Such factors that could cause
actual results to differ materially from any forward-looking statements made by
the Company include, among others, revenue estimates, dependence on existing
and future products, dependence upon third-party distribution and sales
arrangements, the existence of alternative technologies and the potential
emergence of new methods for consciousness monitoring, uncertainty of market
acceptance, intense competition, partnership agreements, and government
regulations, especially regulatory approvals. These and other relevant risks
are described in the Company's Form 10-K dated March 31, 2005 filed with the
SEC. The Company disclaims any obligation to update information contained in
any forward-looking statement to reflect events or circumstances occurring
after the date of this press release.
Physiometrix, Inc.
Condensed Statements of Operations
(Unaudited)
Three Months Ended
March 31
2005 2004
Revenues $374,104 $197,194
Cost of products sold 507,664 330,126
Gross deficit (133,560) (132,932)
Costs and expenses:
Research and development 480,992 381,819
Selling, general, and administrative 902,722 938,211
1,383,714 1,320,030
Operating loss (1,517,274) (1,452,962)
Other income (expense):
Change in fair value of warrant derivative -- (1,046,080)
Interest income 9,951 19,043
Net loss $(1,507,323) $(2,479,999)
Net loss per share $(0.11) $(0.19)
Shares used in computing net loss per share 13,701,366 13,400,415
Physiometrix, Inc.
Condensed Balance Sheets
(Unaudited)
March 31 December 31
2005 2004
ASSETS
Current assets:
Cash, cash equivalents and
short term investments $1,010,772 $2,588,737
Other current assets 457,406 503,761
Total current assets 1,468,178 3,092,498
Property, plant and equipment, net 176,089 103,718
Total assets $1,644,267 $3,196,216
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued expenses $667,220 $712,524
Total current liabilities 667,220 712,524
Total stockholders' equity 977,047 2,483,692
Total liabilities and stockholders' equity $1,644,267 $3,196,216
CONTACT:
Daniel W. Muehl, CFO
Physiometrix Inc.
978-670-2422
DATASOURCE: Physiometrix, Inc.
CONTACT: Daniel W. Muehl, CFO of Physiometrix Inc., +1-978-670-2422
Web site: http://physiometrix.com/