BIOJECT REPORTS UNAUDITED THIRD QUARTER 2014 FINANCIAL RESULTS
Tigard, OR – November 12, 2014 – Bioject Medical Technologies Inc. (OTC Pink: BJCT), a developer and manufacturer of needle-free injection therapy systems, today reported unaudited financial results for the third quarter ended September 30, 2014. The financial results are unaudited and actual results may vary.
Bioject reported revenues of $458,000 for the quarters ended September 30, 2014 and 2013. Operating expense was $581,000 for the third quarter of 2014, compared to $732,000 in the third quarter 2013. The Company reported an operating loss of $123,000 in the third quarter of 2014, compared to an operating loss of $274,000 in the third quarter of 2013. Net loss allocable to common shareholders for the third quarter of 2014 was $189,000, compared to $320,000 in the comparable 2013 period.
Operating results were negatively affected by unexpected delays at the Company’s contract manufacturing site, resulting in $108,000 less in revenues than forecasted and associated operating expenses of $45,000. The Company has put in place procedures to avoid this issue in the future.
Basic and diluted net loss per share allocable to common shareholders for the quarter ended September 30, 2014 was $0.01 per share on 32.4 million weighted average shares outstanding compared to a net loss of $0.02 per share on 18.9 million weighted average shares outstanding for the same period in 2013.
For the nine months ended September 30, 2014, Bioject reported revenues of $1,312,000, compared to revenues of $1,146,000 in the comparable period of 2013. Operating loss for the nine months ended September 30, 2014 was $657,000, compared to $1,237,000 in the comparable period of 2013. Net loss allocable to common shareholders was $836,000, or $0.03 per share on 25.7 million weighted average shares outstanding, in the nine-month period ended September 30, 2014 compared to $1,349,000, or $0.07 per share on 18.9 million weighted average shares outstanding, in the comparable period of 2013. New share transactions that occurred in the first and second quarters of 2014 were described in prior 8-K filings.
Bioject Medical Technologies Inc., based in Tigard, Oregon, USA, is a developer and manufacturer of needle-free injection therapy systems (NFITS). NFITS works by forcing medication at high speed through a tiny orifice held against the skin. This creates a fine stream of high-pressure fluid penetrating the skin and depositing medication in the tissue beneath. Bioject is focused on developing mutually beneficial agreements with leading pharmaceutical, biotechnology, and veterinary companies, as well as research, global health and government organizations.
