EXHIBIT 99.1
Contact:
Steven Koehler Michael Mitchell
Chief Financial Officer Director of Corporate Communications
The Medicines Company The Medicines Company
(973) 656-1616 973-656-1616
investor.relations@themedco.com
For Immediate Release:
THE MEDICINES COMPANY REPORTS THIRD QUARTER 2002
FINANCIAL RESULTS
PARSIPPANY, NJ, October 22, 2002 - The Medicines Company (NASDAQ: MDCO)
announced today its financial results for the quarter ended September 30, 2002.
Financial highlights for the quarter included:
- - Net revenue increased to $9.1 million, compared to $3.5 million for the
third quarter 2001, all generated by sales of the company's flagship
product, Angiomax. For the first nine months of 2002, net revenue was $24.0
million, compared to $7.4 million for the same period in 2001.
- - Net loss attributable to common stockholders decreased to $11.2 million,
compared to $11.3 million for the third quarter 2001. For the first nine
months of 2002, net loss was $36.0 million, compared to $46.4 million for
the same period in 2001.
- - Net loss per common share was $0.29, compared to $0.33 per share for the
third quarter 2001. For the first nine months of 2002, net loss per share
was $0.99, compared to $1.43 per share for the same period in 2001.
Operations highlights for the quarter included:
- - Completion of the enrollment and 30-day follow-up phases of the REPLACE-2
clinical trial.
- - Canadian approval of Angiomax for use during coronary angioplasty.
- - Several positive Angiomax contemporary registry data presentations by
leading interventional cardiology centers at the Transcatheter
Cardiovascular Therapeutics (TCT) conference.
Dave Stack, President and CEO of The Medicines Company stated, "Angiomax
revenues this summer were sluggish, as a slow season for the entire Cath Lab
market affected Angiomax usage and our wholesaler sales. We are encouraged by
the continued demand for Angiomax from our accounts that have more experience
using the
-continues-
product. We believe that interventional cardiologists who begin to use the
product are expanding their use. The series of registry data sets presented at
the recent TCT conference further confirms our belief that Angiomax provides
improved efficacy and safety while lowering hospital costs.
Overall, we have kept expenses down and are also comfortable with levels of
wholesaler stocking. Our business has been strong in 2002, and we expect to
reach the low end of 2002 revenue guidance range, $36 million, at the end of the
year."
Mr. Stack added that The Medicines Company is not providing 2003 revenue and
earnings guidance at this time because results of the Company's REPLACE-2
clinical trial, which are expected by the end of 2002, are likely to affect
forecasts.
There will be a conference call with management today at 5:00 p.m. Eastern Time
to discuss these results. To listen in, please dial 800-472-8325 and request The
Medicines Company 2002 Third Quarter conference call. If you are calling from
outside of the United States, please dial 1-706-679-0816. If you cannot attend
the live call, a digital replay will be available through November 6. Please
call 800-642-1687 in the U.S. or 1-706-645-9291 internationally and enter
passcode 6138137. Additionally, this call is being webcast by CCBN and can be
accessed at The Medicines Company's web site (www.themedicinescompany.com).
ABOUT THE MEDICINES COMPANY: The Medicines Company meets the demands of the
world's most advanced medical practitioners by developing products that improve
specialized care. The Company markets Angiomax(R) (bivalirudin), an
anticoagulant approved in the United States and other countries for use in
patients undergoing coronary angioplasty procedures. The Medicines Company
creates value using its range of clinical and commercial skills to develop
products acquired from leading life science innovators.
This press release contains forward-looking statements that involve a number of
risks and uncertainties. For this purpose, any statements contained herein that
are not statements of historical fact may be deemed to be forward-looking
statements. Without limiting the foregoing, the words, "believes,"
"anticipates," "plans," "expects," "intends," and similar expressions are
intended to identify forward-looking statements. Important factors that could
cause actual results to differ materially from the expectations described in
these forward-looking statements are set forth under the caption "Risk Factors"
in the Company's Quarterly Report on Form 10-Q filed with the Securities and
Exchange Commission on August 14, 2002 and incorporated herein by reference.
These important factors include risks as to the commercial success of Angiomax;
how long the Company will be able to operate on its existing capital resources;
whether the Company's products (other than Angiomax for its approved indication)
will advance in the clinical trials process, the timing of such clinical trials,
whether the clinical trial results will warrant continued product development;
whether and when, if at all, the Company's products will receive approval from
the U.S. Food and Drug Administration or equivalent foreign regulatory agencies,
and for which indications, and, if such products receive approval, whether they
will be successfully marketed; the Company's ability to find a commercial
partner, distributor or license in Canada; the Company's history of net losses;
the Company's dependence on third parties, including manufacturers, suppliers
and collaborators; and the Company's revenues on a limited number of wholesalers
to which the Company sells Angiomax, and the fact that sales by such wholesalers
to end-users may not be indicative of revenues of the Company. We do not assume
any obligation to update any forward-looking statements.
# # #
FINANCIAL STATEMENTS FOLLOW
THE MEDICINES COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
UNAUDITED
THREE MONTHS ENDED SEPTEMBER 30,
-------------------------------
2002 2001
------------ ------------
Revenue $ 9,133,199 $ 3,526,234
Operating Expenses
Cost of revenue 2,227,178 564,835
Research and development 9,866,139 6,325,575
Selling, general and administrative 8,467,569 8,732,412
------------ ------------
Total operating expenses 20,560,886 15,622,822
------------ ------------
Loss from operations (11,427,687) (12,096,588)
Interest income, net 215,927 787,659
Loss on sale of investments -- --
------------ ------------
Net loss (11,211,760) (11,308,929)
============ ============
Basic and diluted net loss attributable to
common stockholders per common share $ (0.29) $ (0.33)
============ ============
Shares used in computing net loss attributable
to common stockholders per common share:
Basic and diluted 39,161,664 34,502,886
============ ============
NINE MONTHS ENDED SEPTEMBER 30,
------------------------------
2002 2001
------------ ------------
Revenue $ 24,004,230 $ 7,435,063
Operating Expenses
Cost of revenue 4,959,808 1,216,278
Research and development 28,567,263 27,229,728
Selling, general and administrative 27,199,457 27,359,289
------------ ------------
Total operating expenses 60,726,528 55,805,295
------------ ------------
Loss from operations (36,722,298) (48,370,232)
Interest income, net 728,149 2,852,188
Loss on sale of investments -- (850,000)
------------ ------------
Net loss (35,994,149) (46,368,044)
============ ============
Basic and diluted net loss attributable to common
stockholders per common share $ (0.99) $ (1.43)
============ ============
Shares used in computing net loss attributable to
common stockholders per common share:
Basic and diluted 36,409,258 32,382,878
============ ============
THE MEDICINES COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
UNAUDITED
SEPTEMBER 30, DECEMBER 31,
2002 2001
------------ -----------
ASSETS
Cash, cash equivalents, available for sales securities $51,739,326 $54,009,376
Accrued interest receivable 134,352 6,757
Accounts receivable, net 7,258,107 5,346,684
Inventories 17,602,036 16,610,928
Fixed assets, net 873,903 1,223,528
Other assets 1,276,045 703,640
----------- -----------
Total Assets $78,883,769 $77,900,913
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities $16,376,693 $16,779,949
Deferred revenue 1,427,083 --
Stockholder's equity 61,079,993 61,120,964
----------- -----------
Total Liabilities and Stockholders' Equity $78,883,769 $77,900,913
=========== ===========
# # #