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Exhibit 99.1
VISIBLE GENETICS INC.
CONSOLIDATED BALANCE SHEETS
(UNITED STATES DOLLARS)
<Table>
<Caption>
MARCH 31 DECEMBER 31
2002 2001
------------- -------------
(UNAUDITED)
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 749,510 $ 15,502,095
Short-term investments 40,965,089 37,692,756
Trade receivables, net of allowance for doubtful accounts 4,080,560 3,136,754
Other receivables 419,298 437,888
Prepaid and deposits 598,353 392,454
Inventory 3,504,377 2,756,950
------------- -------------
TOTAL CURRENT ASSETS 50,317,187 59,918,897
------------- -------------
FIXED ASSETS 18,194,524 18,656,995
PATENTS AND LICENSES 13,608,737 14,336,439
OTHER LONG-TERM ASSETS 452,419 456,744
------------- -------------
$ 82,572,867 $ 93,369,075
============= =============
LIABILITIES
CURRENT LIABILITIES
Accounts payable $ 3,685,837 $ 3,851,701
Accrued liabilities 4,128,599 5,081,814
------------- -------------
TOTAL CURRENT LIABILITIES 7,814,436 8,933,515
------------- -------------
MANDATORILY REDEEMABLE CONVERTIBLE PREFERRED SHARES 27,775,615 26,886,004
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SHAREHOLDERS' EQUITY
Share capital 195,418,956 195,408,884
Cumulative translation adjustment (929,226) (1,018,839)
Deficit (147,506,914) (136,840,489)
------------- -------------
46,982,816 57,549,556
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$ 82,572,867 $ 93,369,075
============= =============
</Table>
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VISIBLE GENETICS INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNITED STATES DOLLARS)
<Table>
<Caption>
THREE MONTHS ENDED MARCH 31
2002 2001
------------ ------------
(UNAUDITED) (UNAUDITED)
SALES
Products $ 4,226,002 $ 3,532,687
Services 105,812 41,140
------------ ------------
4,331,814 3,573,827
------------ ------------
COST OF SALES
Products 3,159,754 2,284,687
Services 102,786 28,443
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3,262,540 2,313,130
------------ ------------
GROSS MARGIN 1,069,274 1,260,697
------------ ------------
EXPENSES
Sales, general and administrative 8,329,349 7,757,560
Research and development 2,814,915 2,720,060
Exit and termination costs -- 540,000
------------ ------------
11,144,264 11,017,620
------------ ------------
LOSS FROM OPERATIONS BEFORE INTEREST (10,074,990) (9,756,923)
Interest income 191,025 1,178,195
Interest and financing expense (2,537) (955)
------------ ------------
NET LOSS FOR THE PERIOD (9,886,502) (8,579,683)
Accretion of preferred dividends and
discount attributable to preferred shares (889,611) (832,946)
------------ ------------
NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS $(10,776,113) $ (9,412,629)
============ ============
Weighted average number of common
shares outstanding 19,201,591 16,293,708
BASIC AND FULLY DILUTED LOSS PER SHARE $ (0.56) $ (0.58)
============ ============
</Table>
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VISIBLE GENETICS INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNITED STATES DOLLARS)
<Table>
<Caption>
THREE MONTHS ENDED MARCH 31
2002 2001
------------ ------------
(UNAUDITED) (UNAUDITED)
CASH PROVIDED BY (USED IN)
OPERATING ACTIVITIES
Net loss for the period $ (9,886,502) $ (8,579,683)
Add: Items not involving cash -
Depreciation 1,595,070 1,230,469
Amortization 752,666 756,381
Foreign exchange 3,196 (77,758)
Increase ( decrease ) from changes in -
Trade receivables (986,213) (399,565)
Other receivables 12,018 (549,514)
Prepaids and deposits (209,159) (265,735)
Inventory (733,023) (120,715)
Other long-term assets 4,325 2,265
Accounts payable (143,316) 10,516
Accured liabilities (907,412) 1,217,919
------------ ------------
(10,498,350) (6,775,420)
------------ ------------
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES
Purchase of fixed assets (1,099,392) (7,017,719)
Licenses and patents acquired (24,964) (32,506)
Purchase of short-term investments (23,502,904) (10,895,636)
Redemption of short-term investments 20,230,571 7,209,136
------------ ------------
(4,396,689) (10,736,725)
------------ ------------
CASH PROVIDED BY FINANCING ACTIVITIES
Common shares issued, net of expenses 209,373 344,516
------------ ------------
209,373 344,516
------------ ------------
EFFECT OF EXCHANGE RATE FLUCTUATIONS ON CASH BALANCES (66,919) (142,595)
------------ ------------
(DECREASE) IN CASH AND CASH EQUIVALENTS,
DURING THE PERIOD (14,752,585) (17,310,224)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 15,502,095 18,476,303
------------ ------------
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 749,510 $ 1,166,079
============ ============
SUPPLEMENTAL INFORMATION
Interest paid $ 2,537 $ 955
Income taxes paid $ -- $ --
</Table>
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VISIBLE GENETICS INC.
CONSOLIDATED STATEMENTS OF DEFICIT
(UNITED STATES DOLLARS)
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<Caption>
THREE MONTHS ENDED MARCH 31
2002 2001
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(UNAUDITED) (UNAUDITED)
Deficit, beginning of year $(136,840,489) $ (92,038,849)
Net loss for the period (9,886,502) (8,579,683)
Accretion of preferred dividends and
discount attributable to preferred
shares transferred to deficit (779,923) (799,045)
------------- -------------
Deficit, end of the period $(147,506,914) $(101,417,577)
============= =============
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VISIBLE GENETICS INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(UNITED STATES DOLLARS)
THREE MONTHS ENDED MARCH 31
2002 2001
------------- -------------
(UNAUDITED) (UNAUDITED)
Net loss for the period $ (9,886,502) $ (8,579,683)
Other comprehensive income:
Foreign currency translation adjustments 89,613 (99,443)
------------- -------------
Comprehensive loss for the period $ (9,796,889) $ (8,679,126)
============= =============
</Table>
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VISIBLE GENETICS INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 2002
Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accompanying financial statements have been prepared in United States
dollars, in accordance with accounting principles generally accepted in the
United States. The principal accounting policies of the Company have been
applied on a consistent basis. See the Company's 2001 Annual Report for a
description of the Company's significant accounting policies. These interim
financial statements do not include all of the information and note disclosure
required by generally accepted accounting principles. In the opinion of
management, all adjustments considered necessary for a fair presentation of
results for the reported periods have been included.
Note 2 - RECENT ACCOUNTING PRONOUNCEMENTS
In June 2001, the Financial Accounting Standards Board (FASB) issued Statement
of Financial Accounting Standards (SFAS) No. 142, "Goodwill and Other Intangible
Assets". This statement features new accounting rules for goodwill and
intangible assets. The Company adopted SFAS No. 142 on January 1, 2002, and such
adoption did not have any impact on the carrying values of assets and
liabilities recorded in the consolidated balance sheets.
In August 2001, the FASB issued SFAS No. 144, "Accounting for the Impairment or
Disposal of Long-Lived Assets". This statement supercedes SFAS No. 121
"Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to
be Disposed Of". The Company reviews long-lived assets, including fixed assets,
patents and licenses, for impairment whenever events or changes in business
circumstances indicate that the carrying amount of the asset may not be fully
recoverable. Under SFAS No. 144, an impairment loss would be recognized when
estimated undiscounted future cash flows expected to result from the use of the
asset and its eventual disposition are less than its carrying amount.
Impairment, if any, is measured using fair market value of the asset. The
Company adopted SFAS No. 144 on January 1, 2002, and such adoption did not have
any impact on the carrying values of assets and liabilities recorded in the
consolidated balance sheets.
Note 3 -INVENTORY
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<Caption>
March 31,
---------
2002 2001
---- ----
Raw materials $1,387,975 $1,055,404
Work in process 620,050 451,205
Finished goods 1,496,352 846,461
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$3,504,377 $2,353,070
========== ==========
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Note 4 - EXIT COSTS
During the first quarter of 2001 the Company approved a plan to close its
Pittsburgh facility and move all of its kit manufacturing to productions lines
in the Company's facility in Atlanta. The Pittsburgh facility will be closed in
the second quarter of 2002.
As a result of the decision to centralize kit manufacturing in Atlanta certain
employees were terminated and the Pittsburgh facility will be vacated.
Accordingly, the Company recorded a charge of $540,000 in the statement of
operations in the first quarter of 2001, which is included in accrued
liabilities at March 31, 2001. This amount represents severance payments made to
terminated employees, the remaining future lease commitments, the unamortized
balance of leasehold improvements and other costs related to closure
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of the facility. As of March 31, 2002, approximately $270,628 of these costs
were paid and the remaining balance is included in accrued liabilities.
Note 5 - SEGMENT INFORMATION
The Company's reportable segments are Sequencing Systems, GeneKits and Other
Consumables, and Testing, Sequencing and Other Services. Total assets shown
below are as of March 31, while all other numbers are for the three-month period
ended March 31, of the respective year.
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<Caption>
MARCH 31, 2002
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Sequencing GeneKits Testing, Reconciling Total
Systems and Other Sequencing and Items(A)
Consumables Other Services
Revenues $ 610,690 $ 3,615,312 $ 105,812 $ -- $ 4,331,814
Depreciation & Amtz. 499,609 1,795,634 52,493 -- 2,347,736
(Loss) from operations
before interest (1,435,757) (8,587,815) (51,418) -- (10,074,990)
Additions to fixed assets 9,437 1,089,955 -- -- 1,099,392
Total assets 3,019,519 37,660,687 178,062 41,714,599 82,572,867
<Caption>
MARCH 31, 2001
- --------------
Sequencing GeneKits Testing, Reconciling Total
Systems and Other Sequencing and Items(A)
Consumables Other Services
Revenues $ 590,908 $ 2,941,779 $ 41,140 $ -- $ 3,573,827
Depreciation & Amtz. 529,349 1,207,179 250,322 -- 1,986,850
(Loss) from operations
before interest (1,632,411) (8,111,843) (12,669) -- (9,756,923)
Additions to fixed assets 60,992 6,870,180 86,547 -- 7,017,719
Total assets 3,113,117 31,186,665 1,904,976 66,775,266 102,980,024
</Table>
(A) Reconciling items consist of cash, cash equivalents and short-term
investments.
Note 6 - CONTINGENCIES
In September 2001, a lawsuit was filed in the United States District Court for
the Northern District of California against the Company by The Board of Trustees
of the Leland Stanford Junior University claiming that the Company's TRUGENE
HIV-1 Genotyping Kit infringes patents owned by the university. The Company has
received an attorney opinion that it does not infringe any claim of the
patents-in-suit. No amount has been provided in these consolidated financial
statements in respect of these allegations, as the amount of loss, if any,
cannot be determined and the results of such allegations cannot be predicted
with certainty.
On February 27, 2002, the Company received notice of a lawsuit that has been
filed in Milan, Italy against Visible Genetics Inc. and two of the Company's
wholly owned subsidiaries by Nuclear Laser Medicine Srl. The lawsuit seeks
unspecified damages and specific performance relating to an alleged distribution
agreement pertaining to the Company's Hepatitis C and HIV products in Italy. No
amount has been provided in these consolidated financial statements in respect
of these allegations, as the amount of loss, if any, cannot be determined and
the results of such allegations cannot be predicted with certainty.