MZT - NEWS; Matritech Reports Record Revenues for Fourth Quarter and 2005; NMP22(R) BladderChek(R) Test Revenues Increase 72% for Year
Business Wire - February 07, 2006 07:00
NEWTON, Mass., Feb 07, 2006 (BUSINESS WIRE) -- Matritech (Amex: MZT), a leading developer and marketer of protein-based diagnostic products for the early detection of cancer, today reported financial results for the fourth quarter and fiscal year ended December 31, 2005. Revenues from sales of the NMP22(R) BladderChek(R) Test in 2005 increased 72% over those reported in 2004, and achieved previously issued 2005 guidance.
David L. Corbet, Matritech's President and COO remarked, "Recognition by preeminent urologists of the clinical benefits the NMP22(R) BladderChek(R) Test contributed to the impressive sales growth of this product during 2005. During the past 12 months, the BladderChek(R) Test was featured in two major studies published in the Journal of the American Medical Association (JAMA) and three new CME (Continuing Medical Education) programs - two initiated by the University of Pennsylvania and one by the American Urological Association (AUA). Our objective of establishing the NMP22(R) BladderChek(R) Test as a standard of care has been significantly advanced by these and other positive articles and presentations. During 2006, we expect there will be additional presentations demonstrating the clinical benefits of the NMP22(R) BladderChek(R) Test. We intend to continue to make use of all these endorsements of the effectiveness of the BladderChek(R) Test to increase product usage by urologists as well as begin promoting the NMP22(R) BladderChek(R) Test to other physician groups in the U.S."
Revenues for the fourth quarter of 2005 were $2,818,000 compared with $2,432,000 for the fourth quarter of 2004, an increase of 16%. Revenue recognized from sales of the NMP22(R) BladderChek(R) Test increased 38% during the quarter to $2,254,000 compared to $1,632,000 in the fourth quarter of 2004. Overall product sales for the fourth quarter of 2005 were $2,776,000 compared with $2,382,000 for the fourth quarter of 2004. NMP22(R) BladderChek(R) Test sales accounted for approximately 90% of sales in the NMP22(R) product line.
The Company reported a loss from operations of $1,795,000 for the fourth quarter of 2005 compared with a loss from operations of $1,853,000 for the same period in 2004. This 3% decrease was mainly the result of increased sales of NMP22(R) BladderChek(R) Test. The Company reported a net loss of $2,218,000 or $0.05 per share for the fourth quarter of 2005, compared with a loss of $2,490,000 or $0.06 per share for the same period in 2004.
Revenues for the year ended December 31, 2005 were $10,415,000 compared with $7,483,000 for the year ended December 31, 2004, an increase of 39%. Revenue recognized from the sales of the NMP22(R) BladderChek(R) Test increased 72% during the year 2005 to $7,686,000 as compared with $4,466,000 in 2004. Overall product sales for 2005 were $10,290,000 compared to $7,275,000 for the year 2004.
The Company reported a loss from operations of $7,730,000 for the year ended December 31, 2005 compared with a loss of $8,368,000 for the year 2004. The Company reported a net loss attributable to common shareholders of $9,492,000 or $0.21 per share for year ended December 31, 2005 compared with a net loss of $11,123,000 or $0.27 per share for 2004. The reported net loss attributable to common shareholders for 2005 includes a $1,627,000 non-cash charge attributable to the beneficial conversion feature of the Series A Convertible Preferred Stock financing which closed in the first quarter of 2005 offset by a non-cash gain of $1,900,000
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