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Adeza Biomedical Corp (902482) SEC Filing 10-Q Quarterly report for the period ending Friday, March 31, 2006

Adeza Biomedical Corp

CIK: 902482
 

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 2006 FIRST QUARTER FINANCIAL RESULTS
Company Affirms 2006 Revenue Guidance
Announces Nationwide Availability Through Quest Diagnostics
Conference Call to Discuss Gestiva and First Quarter Financial Results
Begins at 4:30 p.m. Eastern Time Today
SUNNYVALE, Calif. (May 4, 2006)
– Adeza (NASDAQ: ADZA) today announced financial results for the three months ended March 31, 2006.
For the first quarter of 2006 Adeza reported product sales of $10.8 million, an increase of 12% from product sales of $9.6 million for the first quarter of 2005. This increase is due to higher sales volume of FullTerm™, The Fetal Fibronectin Test. Sales during the first quarter of 2006 reflect the impact of ordering cycles by Adeza customers and to a lesser extent product pricing.
Net income for the first quarter of 2006 was $6,000, or diluted earnings per share of $0.00. Reported results for the first quarter of 2006 include charges of $915,000, or $0.03 per diluted share after income tax expense, for stock-based compensation due to the adoption of SFAS 123R. Net income for the first quarter of 2005 was $1.5 million, or diluted earnings per share of $0.08.
The gross profit for the 2006 first quarter was $9.0 million, or 83.7%, and includes stock-compensation expense of $46,000. This compares with gross profit of $8.2 million, or 85.2%, for the prior-year first quarter.
Selling and marketing expenses for the 2006 first quarter were $6.0 million including stock-compensation expense of $482,000, up from $4.7 million for the comparable quarter in 2005, reflecting expansion of the company’s direct sales force. General and administrative expenses for the quarter were $2.3 million including stock-compensation expense of $341,000, up from $1.5 million in the comparable quarter of the prior year, due primarily to costs associated with operating as a public company. Research and development expenses were $1.7 million for the first quarter of 2006 including stock-compensation expense of $46,000, compared with $864,000 in the comparable quarter of the prior year, with the increase due mainly to costs related to product development efforts, including costs related to Gestiva™, Adeza’s drug candidate for the prevention of preterm birth in women who have a history of preterm delivery.

 


The following information was filed by Adeza Biomedical Corp on Thursday, May 4, 2006 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: 0000950134-06-009390
Submitted to the SEC: Wed May 10 2006 12:59:37 PM EST
Accepted by the SEC: Wed May 10 2006
Period: Friday, March 31, 2006
Industry: Instruments For Meas And Testing Of Electricity And Elec Signals

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