CULVER CITY, Calif., April 3, 2000 (PRIMEZONE) -- CARESIDE, Inc. (AMEX:CSA) announced a net loss for the fourth quarter ended December 31, 1999 of $(3.5) million or $(0.48) per share compared to a net loss of $(2.3) million or $(0.46) per share for the same period last year.
For the year ended December 31, 1999, the Company reported a net loss of $(11.6) million or $(1.88) per share compared to $(8.9) million or $(1.93) per share for the comparable period last year.
"Our commercial introduction of the CARESIDE Analyzer(tm) and the CARESIDE H-2000(tm) occurred in December as previously communicated," said Chairman and CEO W. Vickery Stoughton. "We view the addition of revenue and cost of sales to our operating results as exciting steps in demonstrating Careside's progress. These initial shipments will serve to be the basis for exciting expansions in 2000."
During the quarter, the Company also announced clearance of its CARESIDE Analyzer for point-of care use by the FDA. While the CARESIDE Analyzer was already FDA cleared for sale, point-of-care designation will allow improved operating flexibility for Careside's customers and allow marketing materials to reference point-of-care use.
Mr. Stoughton added, "On the business development front, the acquisition of Texas International Laboratories and the H-2000 for stock was critical in completing our initial test menu. The 16 hematology tests cleared for use on the H-2000 brings the total number of tests available on the Careside System to 53. Physicians recognize the advantages the H-2000 offers and we are working with them to identify opportunities to make its operation even better. In addition to the TIL acquisition, we are moving forward with plans and submissions that would allow sales into international markets during 2000.
CARESIDE, Inc., based in Culver City, California is developing a proprietary blood testing system including its CARESIDE Analyzer a blood diagnostic device, and accompanying record management software. The Company plans to manufacture and distribute the product to health care providers in the U.S. and abroad.
Safe Harbor: Statements in this press release regarding CARESIDE Inc. which are not historical facts, including statements regarding expansions and international sales in 2000 are forward-looking statements that involve risks and uncertainties. Key factors which may impact these statements include technological hurdles, study site efficiency, and other challenges inherent in product research, development, manufacturing, marketing, and other factors discussed in the Company's prospectus dated June 16, 1999. The Company undertakes no obligation to update forward-looking statements. Please see the risk factors listed from time to time in the Company's prospectus and reports on file with the SEC.
Careside, Inc.
Abbreviated Statement of Operations
(in thousands)
Three months ended Year ended
December 31, December 31,
--------------------- ---------------------
1998 1999 1998 1999
---- ---- ---- ----
SALES, net $ - $ 61 $ - $ 61
COST OF SALES - 31 - 31
---- --- ----- -----
GROSS PROFIT - 30 - 30
OPERATING EXPENSES:
Research and
development costs 2,139 2,321 8,298 8,252
Sales and marketing 65 628 249 1,205
General and
administrative 136 491 601 1,448
---- ---- ---- ------
Total operating
expenses ------- ------- -------- --------
2,340 3,440 9,148 10,905
------ ------ ------ ------
OPERATING LOSS: (2,340) (3,410) (9,148) (10,875)
GOODWILL AMORTIZATION - (37) - (37)
INTEREST INCOME
(EXPENSE): 16 (25) 212 (679)
--- ---- ---- -----
NET LOSS $(2,324) $(3,472) $ (8,936) $ (11,591)
======== ======== ========= =========
Dividend payable
on Preferred Stock $ - $ 26 $ - $ 55
-------- ------- ========= =========
NET LOSS to common
shareholders $(2,324) $(3,498) $ (8,936) $ (11,646)
======== ======== ========= =========
NET LOSS PER SHARE $ (0.46) $ (0.48) $ (1.93) $ (1.88)
======== ======== ========= =========
Weighted average
number of common
stock and common
outstanding 5,084 7,226 4,630 6,210
======== ======== ========= =========
Abbreviated Balance Sheets
(in thousands)
December 31, September 30,
1998 1999
------------ -------------
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 3,927 $ 4,905
Accounts receivable - 78
Inventories - 549
Prepaid expenses and other 82 103
PROPERTY AND EQUIPMENT (net) 3,386 5,939
DEFERRED OFFERING COSTS 498 2
DEPOSITS 18 15
GOODWILL (net) - 2,798
Total Assets $ 7,911 $ 14,389
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LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES 1,717 4,215
------ -----
LONG-TERM DEBT 2,045 1,095
------ -----
STOCKHOLDER'S EQUITY 4,149 9,079
------------ -------------
Total liabilities and
stockholder's equity $ 7,911 $ 14,389
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CONTACTS: Jim Koch, CFO
Careside, Inc.
310 338-6767