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Last10K.com | 10-Q Quarterly Report Tue Nov 09 2004
Exhibit 99.1
For Immediate Release
Contact: Alfred Merriweather
VP, Finance and CFO
650.210.1200
invrel@aclara.com
ACLARA ANNOUNCES THIRD QUARTER 2004 FINANCIAL RESULTS
MOUNTAIN VIEW, Calif. – November 9, 2004 – ACLARA BioSciences (Nasdaq: ACLA), today reported financial results for the three and nine months ended September 30, 2004.
Third Quarter 2004 Financial Results
Revenue for the three months ended September 30, 2004 was $181,000, compared to revenue for the three months ended September 30, 2003 of $276,000. For the first nine months of 2004, revenue was $1.3 million compared to $860,000 in the comparable prior year period.
Total operating expenses for the three months ended September 30, 2004 were $4.7 million, compared to $5.6 million in the comparable quarter of 2003. Included in expenses in the third quarter of 2004 were $248,000 of legal, financial advisory and accounting expenses related to the proposed merger with ViroLogic, Inc.
The net loss for the three months ended September 30, 2004 was $4.1 million, or a loss of $0.11 per share, compared to a net loss of $4.9 million, or $0.14 per share in the third quarter of 2003. Excluding merger-related expenses and reflecting the Company’s continued expense control efforts, net loss for the three months ended September 30, 2004 was $3.8 million, a decrease of 22% from the third quarter of 2003.
For the first nine months of 2004, the net loss was $12.7 million, or a loss of $0.35 per share, compared to a net loss of $16.3 million, or a loss of $0.46 per share, for the first nine months of 2003.
Total cash resources, comprising cash, cash equivalents and marketable investments, were $78.6 million at September 30, 2004. The reduction in these balances during the third quarter was $3.2 million.
Business Progress
Recent progress in ACLARA’s business includes:
| • | Proposed Merger with ViroLogic, Inc.: On June 1, we announced that we had signed a definitive merger agreement with ViroLogic. This proposed merger will combine ViroLogic’s established infrastructure and experience in commercializing technologies for personalized medicine in the HIV market with ACLARA’s technology applicable to the substantially larger cancer market. On October 19, we announced some changes to the terms of the merger. The merger is expected to be completed shortly after the meetings of stockholders that are scheduled for December 10 to vote on the merger and related matters. |
The following information was filed by Aclara Biosciences Inc on Tuesday, November 9, 2004 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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SEC Filing Tools
CIK: 1067588
Form Type: 10-Q Quarterly Report
Accession Number: 0001193125-04-190957
Submitted to the SEC: Tue Nov 09 2004 1:52:30 PM EST
Accepted by the SEC: Tue Nov 09 2004
Period: Thursday, September 30, 2004
Industry: Measuring And Controlling Devices
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