Physiometrix, Inc. Announces Second-Quarter Financial Results

Share Name	Share Symbol	Market	Type
Physiometrix (MM)	NASDAQ:PHYX	NASDAQ	Common Stock

Physiometrix (NASDAQ:PHYX)
Historical Stock Chart

From Jun 2019 to Jun 2024

Click Here for more Physiometrix Charts.

Physiometrix, Inc. Announces Second-Quarter Financial Results Momentum Continues with PSA 4000 NO. BILLERICA, Mass., July 28 /PRNewswire-FirstCall/ -- Physiometrix, Inc. (Nasdaq-SCM: PHYX) announced today financial results for the second quarter ended June 30, 2004. For the second quarter ended June 30, 2004, revenues were $831,123, a 314% increase compared with revenues of $200,524 for the same period in 2003. The net loss for the second quarter of 2004 was $(1,182,535), or $(0.09) per share, a 9% reduction from the prior year net loss of $(1,294,429), or $(0.15) per share. For the six months ended June 30, 2004, revenues were $1,028,317, a 134% increase compared with revenues of $439,268 for the same period in 2003. The net loss for the six months ended June 30, 2004 was $(3,662,534), or $(0.27) per share compared to a net loss of $(2,483,898), or $(0.29) per share for the same period in 2003. The increase in the net loss for the six months ended June 30, 2004 over the same period in 2003 was primarily due to the inclusion of a non-cash expense in the amount of $1.1 million in the first quarter of 2004 associated with a warrant derivative related to the registration of shares of Common Stock in connection with its' PIPE transaction. No additional accounting is required as the derivative was reclassified into permanent equity in the first quarter of 2004, as the shares were registered effective February 5, 2004. "We are pleased and gratified by this quarters' results. Baxter shipments to hospitals in the second quarter reached record highs for both monitors and sensors and July has produced continued incremental sales," said John A. Williams, president and chief executive officer of Physiometrix. " Recent public testimonials by key thought leaders, acknowledging our technology advantages have been helpful. We continue to fund important new clinical studies to be submitted to peer review journals, with the belief that efficacious results will provide the necessary platform for growth in the critical-care markets (ICU), as well as, office based anesthesia," Williams added. Physiometrix will hold a telephone conference call to discuss second- quarter 2004 financial results, as well as management's comments related to the Company's business, at 11:00 A.M. (Eastern) today, July 28, 2004. The call can be accessed at 800-465-7133 (conf. ID # 8769110). A replay of today's conference call will be available after conclusion of today's conference call until 11:59 P.M. (Eastern) on August 11, 2004. Replay callers in the U.S. must dial 800-642-1687 (conf. ID # 8769110). 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, 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 30, 2004 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. CONTACT: Physiometrix Inc. Daniel W. Muehl, CFO 978-670-2422 - Financial Tables to Follow - Physiometrix, Inc. Condensed Statements of Operations (Unaudited) Three Months Ended Six Months Ended June 30 June 30 2004 2003 2004 2003 Revenues $831,123 $200,524 $1,028,317 $439,268 Costs and expenses: Cost of goods sold 708,965 331,130 1,039,091 671,246 Research and development 404,553 426,615 786,372 797,424 Selling, general, and administrative 915,195 743,042 1,853,406 1,470,573 2,028,713 1,500,787 3,678,869 2,939,243 Operating loss (1,197,590) (1,300,263) (2,650,552) (2,499,975) Other income (expense): Change in fair value of warrant derivative - - (1,046,080) - Interest income, net 15,055 5,834 34,098 16,077 Net loss $(1,182,535) $ (1,294,429) $(3,662,534) $(2,483,898) Net loss per share $(0.09) $(0.15) $(0.27) $(0.29) Shares used in computing Net loss per share 13,652,082 8,422,994 13,526,249 8,422,994 Physiometrix, Inc. Condensed Balance Sheet ( Unaudited ) June 30 December 31 2004 2003 ASSETS Current assets: Cash, cash equivalents and short term investments $4,498,418 $7,626,049 Other current assets 1,136,916 966,484 Total current assets 5,635,334 8,592,533 Property, plant and equipment, net 148,991 179,668 Total assets $5,784,325 $8,772,201 LIABILITIES AND STOCKHOLDERS' Equity (Deficit ) Current liabilities: Accounts payable and accrued expenses $684,620 $971,281 Warrant derivative contract - 11,342,730 Total current liabilities 684,620 12,314,011 Total stockholders' equity (deficit) 5,099,705 (3,541,810) Total liabilities and stockholders' equity (deficit) $5,784,325 $8,772,201 DATASOURCE: Physiometrix, Inc. CONTACT: Daniel W. Muehl, CFO of Physiometrix Inc., +1-978-670-2422 Web site: http://physiometrix.com/

Market Data

News

Trading Tools

Markets

Discover

Hot Features

Follow Feed

Options Flow

Monitor

PHYX Physiometrix (MM)