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/
Copyright