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Adeza Biomedical Corp (902482) SEC Filing 10-Q Quarterly report for the period ending Thursday, June 30, 2005

Adeza Biomedical Corp

CIK: 902482
 

(ADEZA LOGO)   EXHIBIT 99.1
     
COMPANY CONTACT:
  INVESTOR CONTACTS:
Mark Fischer-Colbrie
  Jody Cain (jcain@lhai.com)
Chief Financial Officer
  Bruce Voss (bvoss@lhai.com)
Adeza Biomedical Corporation
  Lippert/Heilshorn & Associates, Inc.
(408) 745-0975 ext 520
  (310) 691-7100
ir@adeza.com
   
For Immediate Release
ADEZA ANNOUNCES SECOND QUARTER 2005 FINANCIAL RESULTS
Reports 12th Consecutive Quarter of Profitability on Record Product Sales
Conference Call to Begin at 4:30 p.m. Eastern Time Today
SUNNYVALE, Calif. (August 2, 2005)
– Adeza (NASDAQ: ADZA) today announced financial results for the three and six months ended June 30, 2005.
Adeza reported record quarterly product sales of $10.6 million for the second quarter of 2005, an increase of 27% from product sales of $8.4 million for the second quarter of 2004. This increase is primarily attributed to higher sales volume of FullTermTM, The Fetal Fibronectin Test.
Net income for the second quarter of 2005 increased by 40% to $1.8 million, compared with net income of $1.3 million for the second quarter of 2004, marking the company’s 12th consecutive profitable quarter. Diluted earnings per share for the second quarter of 2005 was $0.10 based on 17.7 million shares outstanding, compared with diluted earnings per share of $0.10 based on 13.4 million shares outstanding for the second quarter of 2004. The change in share count is primarily the result of the completion of the company’s initial public offering of 4.3 million common shares in December 2004.
For the three months ended June 30, 2005, selling and marketing expenses were $4.8 million, up from $3.8 million for the comparable period in 2004, due mainly to expansion of the direct sales force and marketing programs. General and administrative expenses for the quarter increased to $1.9 million from $926,000 in the prior-year second quarter, due primarily to costs associated with operating as a public company and costs related to patent filings. Research and development expenses were $1.2 million for the second quarter of 2005, compared with $681,000 last year, due primarily to costs related to product development efforts and clinical studies.
Product sales for the first half of 2005 totaled $20.2 million, an increase of 29% from $15.6 million for the first half of 2004. For the six months ended June 30, 2005, Adeza reported net income of $3.3 million, or $0.19 per diluted share based on 17.8 million shares outstanding, compared with net income of $2.0 million, or $0.15 per diluted share based on 13.3 million shares outstanding, for the six months ended June 30, 2004.
As of June 30, 2005, Adeza had cash and cash equivalents of $83.0 million, stockholders’ equity of $85.8 million and working capital of $85.4 million.

 


The following information was filed by Adeza Biomedical Corp on Tuesday, August 2, 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-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: 902482
Form Type: 10-Q Quarterly Report
Accession Number: 0000950134-05-015864
Submitted to the SEC: Fri Aug 12 2005 4:07:44 PM EST
Accepted by the SEC: Fri Aug 12 2005
Period: Thursday, June 30, 2005
Industry: Instruments For Meas And Testing Of Electricity And Elec Signals

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