Hycor Biomedical Inc. Reports Strong First-Quarter Results;
Net Income Up 31% on Revenue Growth of 6.7%
Business Editors & Health/Medical Writers
GARDEN GROVE, Calif.--(BUSINESS WIRE)--April 22, 2003--Hycor Biomedical Inc.
(Nasdaq:HYBD) today reported net income of $331,000, or $0.04 per share on sales
of $4,878,000 for the first quarter ended March 31, 2003.
The results compare with net income of $253,000, or $0.03 per share on
revenue of $4,571,000 for the first quarter ended March 31, 2002.
"One of our key goals is to continue to grow our core business," said J.
David Tholen, president and chief executive officer of Hycor. "During the first
quarter, we accomplished this goal through a 27% increase in allergy diagnostics
sales when compared to the same quarter in 2002.
"In addition, we strengthened our core business with the FDA approval of an
additional autoimmune test. In the U.S., 29 products have now been approved
representing the broadest portfolio of automated autoimmune diagnostic testing
products available in the market. Internationally, we offer an even broader menu
of 37 tests."
"We also began to make the R&D investment in our significant strategic
agreement with Bayer Diagnostics to adapt Hycor's autoimmune reagent portfolio
to Bayer's ADVIA Centaur Immunoassay System. We continue to believe that the
investments we are making with the Bayer program will lead to significant
revenue opportunities in 2004 and beyond.
"We also continue to explore other strategic agreements for our autoimmune
and allergy diagnostics product lines, as well as product line acquisitions and
strategic business combinations. In addition, our balance sheet remains
extremely strong with no debt," Tholen concluded.
Hycor will host a conference call and webcast today, Tuesday, April 22,
2003, at 8:30 a.m. PDT to discuss the company's first- quarter results, outlook
for the remainder of the year and current corporate developments. The dial-in
number for the conference call is 800/245-3043 for domestic participants and
785/832-0201 for international participants.
A taped replay of the conference call will also be available beginning
approximately one hour after the call's conclusion and will remain available
through 9 p.m. EDT on Wednesday, April 23, 2003, and can be accessed by dialing
800/753-6120 for domestic callers and 402/220-0684 for international callers.
To access the live webcast of the call, go to Hycor's Web site at
www.hycorbiomedical.com and click on the Investors icon. An archived webcast
will also be available at www.hycorbiomedical.com.
Hycor Biomedical discovers, develops, manufactures and markets diagnostic
products for a variety of human medical conditions. These products include high
quality automated instrument and reagent systems that use blood samples to test
for more than 1,000 different allergies and autoimmune disorders, and urinalysis
controls and disposable products under the KOVA(R) brand, the market leader in
standardized microscopic urinalysis.
Hycor products are used by physicians and clinical laboratories all over the
world to provide accurate, reliable test results for physicians and their
patients.
With headquarters in Garden Grove and facilities in Germany and Scotland,
Hycor employs more than 140 people worldwide and serves customers in more than
50 countries. Visit Hycor Biomedical's Web site at
http://wwwhycorbiomedical.com.
The matters discussed in this report are forward-looking statements that
involve risks and uncertainties that could cause actual results to differ
materially from the results anticipated in the forward-looking statements. These
risks and uncertainties include, but are not limited to, economic, competitive,
governmental and technological factors affecting the company's operations,
markets, products, services and prices, and other factors discussed in the
company's filings with the Securities and Exchange Commission.
HYCOR BIOMEDICAL INC.
CONSOLIDATED STATEMENTS
Three Months Ended
March 31,
INCOME STATEMENT 2003 2002
Product Sales 4,878 4,571
Cost of Sales 2,333 2,225
Gross Profit on Sales 2,545 2,346
Expenses 2,251 2,068
Operating Income 294 278
Interest Expense 3 10
Interest Income 47 33
Foreign Exchange Gain (Loss) 37 (4)
Net Income Before Taxes 375 297
Income Tax Provision 44 44
Net Income 331 253
Basic Earnings Per Share 0.04 0.03
Diluted Earnings Per Share 0.04 0.03
Weighted Average Shares -
Basic 8,049 8,025
Weighted Average Shares -
Diluted 8,161 8,230
March 31, Dec. 31,
BALANCE SHEET 2003 2002
Cash and Equivalents 5,181 5,458
Other Current Assets 7,774 8,314
Net Property and Equipment 2,185 2,278
Other Assets, Net 243 245
15,383 16,295
Current Liabilities 1,732 2,032
Long-Term Debt -- 1,000
Stockholders' Equity 13,651 13,263
15,383 16,295
Note: Dollars in thousands, except earnings per share.
CONTACT: Hycor Biomedical Inc., Garden Grove
Reg Jones, 714/933-3000
or
EVC Group
Douglas M. Sherk, 415/659-2285
Jennifer Cohn, 415/659-2289