Bioscrypt Announces 2nd-Quarter Results


Bioscrypt Inc. announces the results for the second quarter of 2003. According to the company, unit sales in the quarter were 5,901, more than double that of the first quarter. Sales of the OEM module represented approximately 62 percent of total shipments, while sales of Veri-Series™ products represented approximately 38 percent.

For the second quarter ended June 30, 2003, Bioscrypt reported revenue of $2.12 million, which represents 60-percent growth compared to the second quarter in the previous year. Hardware gross margin for the quarter was 39.3 percent, which is consistent with the prior quarter and up significantly from 30.7 percent for the same quarter in 2002. Overall gross margins were 39.8 percent.

Expenses for the quarter were $1.5 million compared to $1.45 million in the previous quarter, but were 15.7 percent less than in the same quarter in 2002. Bioscrypt reported an earnings before interest, tax, foreign exchange, depreciation and amortization (EBITDA) loss of $660,000 or 1.5 cents per share in the second quarter, compared to an EBITDA loss of $1.34 million, or 3.1 cents per share, for the same period in 2002. The second quarter net loss was $730,000 or 1.7 cents per share vs. a net loss of $1.29 million in 2002, or 3 cents per share.

As of June 30, 2003, cash totaled $5.48 million, which reflects the additional net proceeds from the debenture financing completed in June, offset by the use of cash in the quarter of approximately $1.15 million.

“We are pleased with our 60-percent revenue growth relative to the second quarter of last year,” says Pierre Donaldson, president and CEO of Bioscrypt Inc. “We believe that in the second half of the year we will generate even further top-line revenue growth as government projects and other large installations generate significant orders of our products.”

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