Exhibit 99.1
FOR IMMEDIATE RELEASE
Contact: Cheryl R. Johnson
Vice President, Investor Relations
NOVOSTE CORPORATION
(770) 717-6052
NOVOSTE REPORTS FINANCIAL RESULTS FOR FIRST QUARTER
* Annual Meeting of Shareholders Set for May 11, 2000 *
NORCROSS, GA., April 25, 2000 - Novoste Corporation (Nasdaq: NOVT) today
reported its financial results for the quarter ended March 31, 2000. Net revenue
for the quarter was $846,000 compared to $81,000 for the first quarter of 1999.
Net loss for the quarter was $7,199,000, or $(0.50) per share, compared to a net
loss of $8,062,000, or $(0.72) per share, for the same period last year. The
decrease in net loss for the quarter was due to lower clinical trial
expenditures, which was partially offset by an increase in sales and marketing
expenses.
On April 7, 2000 Novoste completed a private placement offering, in which it
sold 1,463,500 shares of its common stock at $35.00 per share. The placement
raised net proceeds to the Company of $48.8 million, of which $5.0 million was
received during the second quarter. After the offering, the Company had 15.85
million shares of common stock outstanding. The Company ended the first quarter
with $82.2 million in cash and investments.
William A. Hawkins, President and CEO of Novoste Corporation, commented on the
quarter, "Our results this quarter demonstrate our European customers' growing
interest in the use of vascular brachytherapy to treat patients with in-stent
restenosis. We are proud of our accomplishments with respect to clinical trial
results, regulatory submissions, European commercialization, and financing the
Company's growth. We remain confident in our ability to continue to build a
successful company."
The Company's Annual Meeting of Shareholders will be held on Thursday, May 11,
at 9:00 a.m. at the Atlanta Marriott Gwinnett Place, 1775 Pleasant Hill Rd., in
Duluth, Georgia. The Proxy Statement and Annual Report were mailed on April 11
to shareholders of record on March 24, 2000.
The Company has scheduled a conference call for 10:00 a.m. Eastern on Tuesday,
April 25, 2000, to discuss the first quarter results. You may access the
conference call on the Internet at two addresses: 1) novoste.com (in the
"Investor/Media" section), or 2) streetevents.com. The RealPlayer 7 software is
required to listen to the audio stream; a link to the Real Networks Web site is
provided on the sites mentioned above to download the free software.
The forward-looking statements included in this news release reflect
management's best judgment based on factors currently known. Actual results may
differ materially from those projected in these forward-looking statements based
upon risks and uncertainties including the demonstration of safety and efficacy
of the Beta-Cath(TM) System, receipt and timing of FDA and other regulatory
approvals, market acceptance and availability of the Beta-Cath(TM) System, and
other risks detailed in documents filed by Novoste with the SEC, including Forms
10-K, 10-Q and 8-K.
-- FINANCIAL HIGHLIGHTS TO FOLLOW --
NOVOSTE CORPORATION
CONDENSED STATEMENT OF OPERATIONS
(unaudited)
Three Months Ended March 31,
-------------------------------
2000 1999
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Net Revenue .............................. $ 846,046 $ 80,913
Cost of Sales ............................ 753,380 175,148
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Gross Margin ............................. 92,666 (94,235)
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Operating expenses:
Research and development .............. 4,475,540 6,162,769
Sales and marketing ................... 2,369,504 1,374,006
General and administrative ............ 1,047,501 743,532
------------ ------------
Total operating expenses ................. 7,892,545 8,280,307
------------ ------------
Loss from operations ..................... (7,799,879) (8,374,542)
Interest income .......................... 600,937 312,597
------------
Net loss ................................. $ (7,198,942) $ (8,062,945)
============ ============
Net loss per share ....................... $ (0.50) $ (0.72)
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Shares used in computing net loss
per share .............................. $ 14,268,589 $ 11,250,436
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CONDENSED BALANCE SHEETS
(unaudited)
March 31, December 31,
2000 1999
------------ ------------
ASSETS
Current assets:
Cash, cash equivalents and short term
investments ........................... $82,154,155 $41,423,692
Other current assets .................. 4,009,411 3,699,527
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Total current assets ..................... 86,163,566 45,123,219
Property and equipment, net .............. 3,779,679 3,509,203
Other assets ............................. 564,573 734,980
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Total assets ............................. $90,507,818 $49,367,402
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities ...................... $ 4,987,464 $ 6,302,558
Stockholders' equity ..................... $85,520,354 43,064,844
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Total liabilities and stockholders'
equity ................................. $90,507,818 $49,367,402
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