[This is BFRM’s first quarterly report as a public company. Sales almost doubled to $15M from the comparable quarter in the previous fiscal year, and revenue guidance for the FY ending June 2008 is $76-81M, implying an expectation for modest growth during the next three quarters. Please see the actual PR for financial tables. CC at 5:30 ET.]
SAN MATEO, Calif., Dec. 13 /PRNewswire-FirstCall/ -- BioForm Medical, Inc. (Nasdaq: BFRM ) today announced its financial results for the quarter ended September 30, 2007, which is the Company's first quarter of fiscal year 2008. Net sales were $15.2 million for the quarter ended September 30, 2007 as compared to $7.8 million for the quarter ended September 30, 2006, an increase of $7.4 million or 95.1%. The net loss was $3.4 million for the quarter ended September 30, 2007 as compared to $2.3 million for the quarter ended September 30, 2006.
"We are pleased that physicians are rapidly adopting Radiesse® in their practices," stated Steve Basta, Chief Executive Officer of BioForm Medical. "The growth of Radiesse revenue over the last year reflects the continued growth in aesthetics use of Radiesse following the facial aesthetics approval in December 2006. The growth in sales versus the prior-year quarter also demonstrates the benefit of our late 2006 sales force expansion. Our recent initial public offering in November 2007 provides us with substantial resources to continue our efforts to maximize the potential of Radiesse and our future products in development, including the leading sclerotherapy product in Europe for which we have U.S. rights, and a leading surgical adhesive."
Operating Results:
Domestic sales were $12.6 million for the quarter ended September 30, 2007 compared to $6.8 million for the quarter ended September 30, 2006, an increase of $5.8 million or 85.2%. International sales were $2.6 million for the quarter ended September 30, 2007, compared to $1.0 million for the quarter ended September 30, 2006, an increase of $1.6 million or 164.5%. The Company attributes the sales increase primarily to the growing appreciation by doctors of the benefits provided by Radiesse dermal filler, clinical training programs, the hiring of additional direct sales personnel and improvements in our distributor network.
Gross profit was $12.4 million for the quarter ended September 30, 2007 as compared to $6.2 million for the quarter ended September 30, 2006, an increase of $6.2 million, or 99.1%. As a percentage of sales, gross profit for the quarter ended September 30, 2007 was 81.6% as compared to 80.0% for the quarter ended September 30, 2006. The increase was due to lower product overhead and royalty expenses per unit as volumes have grown.
Operating expenses were $16.0 million in the quarter ended September 30, 2007 compared to $8.8 million in the quarter ended September 30, 2006. The increase in operating expenses was primarily attributable to an increase in sales and marketing costs as a result of the continued expansion of our sales forces in the United States and Europe, and higher employee related expenses in research and development and general and administration.
Net loss per share applicable to common stockholders increased to $0.82 for the quarter ended September 30, 2007 as compared to $0.68 for the quarter ended September 30, 2006 due to the higher net loss incurred.
Subsequent Event -- Initial Public Offering in November 2007:
In November 2007, BioForm Medical completed its initial public offering of 11,500,000 shares, inclusive of the underwriter's full exercise of its over-allotment option. The shares were sold for $8.00 per share, resulting in net proceeds to the Company of approximately $83.4 million. As of November 7, 2007, there were 46,200,183 total common stock shares issued and outstanding.
Fiscal Year 2008 Revenue Guidance:
BioForm Medical is providing revenue guidance for the full fiscal year 2008 ending June 30, 2008 of approximately $76 to $81 million of net sales.
Conference Call:
BioForm Medical will hold a conference call today at 2:30 pm Pacific Time (5:30 p.m. Eastern Time) to discuss the financial results. The conference call will be webcast live on the Investor Relations section of BioForm Medical's website at http://www.bioform.com. The conference call may be accessed by dialing 888.661.5138 for callers in the U.S. and 913.312.0952 for international callers. Please notify the operator that you would like to join "BioForm Medical's First Quarter Earnings Call" and provide the participant code "2949717", if prompted.
About BioForm Medical, Inc.:
BioForm Medical, Inc. is a medical aesthetics company headquartered in San Mateo, California. BioForm Medical is dedicated to bringing doctors and their patients safe and effective products for use in the dermatology, plastic surgery and ENT markets. BioForm Medical's products include Radiesse® dermal filler for use in facial aesthetics and vocal fold insufficiency, and Coaptite® injectable implant for treating female stress urinary incontinence which is marketed through a partnership with Boston Scientific Corporation. BioForm Medical has licensed U.S. marketing rights to Aethoxysklerol® sclerotherapy agent, which is the leading worldwide sclerotherapy agent and is currently being evaluated in a Phase III clinical trial. BioForm Medical has also licensed BioGlue® surgical adhesive product for plastic surgery applications, which is being developed in a partnership with CryoLife, Inc. <<
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