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|Jody Cain (firstname.lastname@example.org)|
Chief Financial Officer
|Bruce Voss (email@example.com)|
Adeza Biomedical Corporation
|Lippert/Heilshorn & Associates, Inc.|
ADEZA ANNOUNCES 2004 FOURTH QUARTER AND FULL YEAR FINANCIAL RESULTS
Reports 10th Consecutive Quarter of Profitability on Record Product Sales
SUNNYVALE, Calif. (March 9, 2005) Adeza (NASDAQ: ADZA) today announced financial results for the three months and year ended December 31, 2004.
For the three months ended December 31, 2004, Adeza posted its 10th consecutive profitable quarter. The company reported that net income for the fourth quarter of 2004 was $1.6 million, an increase of $436,000 or 38% from net income of $1.2 million for the fourth quarter of 2003. Diluted net income per share for the fourth quarter of 2004 was $0.11 based on 14.5 million shares outstanding, compared with diluted net income per share of $0.09 based on 12.8 million shares outstanding for the fourth quarter of 2003. The change in share count is primarily attributed to the completion in December 2004 of the companys initial public offering of 4.3 million common shares.
Adeza reported record quarterly product sales for the fourth quarter of 2004 of $9.2 million, an increase of $1.9 million or 26%, compared with product sales of $7.3 million for the fourth quarter of 2003. The increase in the 2004 fourth quarter is primarily attributed to higher unit sales of the Fetal Fibronectin Test.
For the three months ended December 31, 2004, selling and marketing expenses were $4.3 million, compared with $3.2 million for the comparable period in 2003, due mainly to additional field sales representatives, costs associated with increased headcount and expansion of marketing programs. General and administrative expenses for the fourth quarter of 2004 were $1.4 million, compared with $940,000 in the prior-year fourth quarter, due primarily to headcount related costs. Research and development expenses increased to $697,000 for the fourth quarter of 2004, compared with $481,000 for the fourth quarter of 2003, due mainly to costs related to clinical studies.
For the year ended December 31, 2004, Adeza reported net income of $8.9 million, or $0.65 per diluted share based on 13.6 million shares outstanding, compared with net income of $3.2 million, or $0.26 per diluted share based on 12.5 million shares outstanding, for the year ended December 31, 2003. Cost of product sales for 2004 included a one-time benefit of $2.7 million.
For the year ended December 31, 2004, the company reported product sales of $33.6 million, an increase of $7.1 million from $26.5 million for the year ended December 31, 2003.
As of December 31, 2004, Adeza had cash and cash equivalents of $80.1 million, stockholders equity of $81.7 million and working capital of $81.3 million. The companys cash position as of December 31, 2004 reflects net proceeds of $61.9 million from the companys initial public offering.
The following information was filed by Adeza Biomedical Corp on Wednesday, March 9, 2005 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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