-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, JxSfZwU+9RG+Dm8bLcYVd6hs2MVNSYk7loTMQvEyClah9crvg5TTfNV7I6yWE6W0 JiRGggnyG8Ic+2+x+ZUy2Q== 0000912057-00-023225.txt : 20010524 0000912057-00-023225.hdr.sgml : 20010524 ACCESSION NUMBER: 0000912057-00-023225 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20000511 FILED AS OF DATE: 20000511 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VISIBLE GENETICS INC CENTRAL INDEX KEY: 0001010819 STANDARD INDUSTRIAL CLASSIFICATION: 3826 IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: SEC FILE NUMBER: 000-28550 FILM NUMBER: 625668 BUSINESS ADDRESS: STREET 1: 700 BAY ST STREET 2: SUITE 1000 CITY: TORONTO ONTARIO CANA STATE: A6 BUSINESS PHONE: 2127025700 MAIL ADDRESS: STREET 1: 700 BAY ST STE 1000 STREET 2: TORONTO ONTARIO CANADA CITY: M5G 1Z6 6-K 1 6-K - - -------------------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 OF THE SECURITIES EXCHANGE ACT OF 1934 FILING NO. 1 FOR THE MONTH OF MAY, 2000 Visible Genetics Inc. --------------------- (Exact name of Registrant) 700 Bay Street, Suite 1000, Toronto ON, Canada M5G 1Z6 ------------------------------------------------------ (Address of principal executive offices) Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F Form 20-F X Form 40-F --- --- Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. Yes No X --- --- - - -------------------------------------------------------------------------------- VISIBLE GENETICS INC. On May 11, 2000, we announced our financial results for the first quarter ended March 31, 2000. We reported sales of $3.6 million for the first quarter ended March 31, 2000, compared to $3.3 million for the same period in 1999. The net loss for the quarter was $5.7 million compared to $4.3 million for the same period in 1999. The increase in the net loss for the quarter was due to increased expenses related to our TRUGENE HIV-1 Genotyping Kit clinical trials and related expenses required for our planned Food and Drug Administration application, for expansion of our international sales and marketing activities and construction of our new kit manufacturing facility in Atlanta. The net loss per share attributable to common shareholders was $0.55 for the three months ended March 31, 2000 versus $0.46 for the comparable period in 1999. Subsequent to the end of the quarter, we completed a follow on public offering of 2,090,000 common shares at $38 per share for gross proceeds of $79,420,000. Our financial results for the quarter ended March 31, 2000 are filed as an exhibit to this report. This Form 6-K contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks, uncertainties and other factors which may cause our results to differ materially from expectations. These include risks relating to the ability to obtain regulatory approval, market acceptance of genotyping and our products and other risks detailed from time to time in our SEC filings, including our most recent Annual Report on Form 20-F. These forward-looking statements speak only as of the date hereof. We disclaim any intent or obligation to update these forward-looking statements. We hereby incorporate by reference this Form 6-K into our Registration Statements on Form F-3, and into the prospectuses contained therein, (File Nos. 333-67607, 333-68939, 333-91155 and 333-94649) and our outstanding Registration Statements on Form S-8 and into the reoffer prospectuses contained therein. Exhibit 1. First Quarter Financial Results SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. VISIBLE GENETICS INC. Date: May 11, 2000 By: /s/ Thomas J. Clarke -------------------------- Name: Thomas J. Clarke Title: Chief Financial Officer VISIBLE GENETICS INC. CONSOLIDATED BALANCE SHEETS (UNITED STATES DOLLARS)
MARCH 31 DECEMBER 31 2000 1999 ------------ ------------- ASSETS CURRENT ASSETS Cash and cash equivalents $ 3,926,292 $ 2,792,985 Short-term investments 32,260,495 39,894,978 Trade receivables, net of allowance for doubtful accounts 4,580,541 5,657,822 Other receivables 850,647 668,748 Prepaid and deposits 1,068,626 729,307 Inventory 3,093,797 2,600,007 ============ ============ TOTAL CURRENT ASSETS 45,780,398 52,343,847 FIXED ASSETS 4,849,801 4,173,335 PATENTS AND LICENSES 4,203,916 2,122,367 ============ ============ $ 54,834,115 $ 58,639,549 ============ ============ LIABILITIES CURRENT LIABILITIES Notes payable $ -- $ -- Accounts payable 3,819,605 3,110,442 Accrued liabilities 2,914,207 3,622,110 ------------ ------------ TOTAL CURRENT LIABILITIES 6,733,812 6,732,552 ------------ ------------ MANDATORILY REDEEMABLE CONVERTIBLE PREFERRED SHARES 28,523,419 27,555,652 ------------ ------------ SHAREHOLDERS' EQUITY Share capital 84,026,198 75,422,070 Other equity 1,593,143 8,987,328 Cumulative translation adjustment (888,737) (619,911) Deficit (65,153,720) (59,438,142) ------------ ------------ 19,576,884 24,351,345 ------------ ------------ $ 54,834,115 $ 58,639,549 ============ ============
VISIBLE GENETICS INC. CONSOLIDATED STATEMENTS OF OPERATIONS (UNITED STATES DOLLARS)
THREE MONTHS ENDED MARCH 31 2000 1999 ---- ---- SALES Products $ 3,441,467 $ 3,079,096 Services 202,588 181,517 ------------ ----------- 3,644,055 3,260,613 ------------ ----------- COST OF SALES Products 2,137,896 2,043,912 Services 146,485 106,560 ------------ ----------- 2,284,381 2,150,472 ------------ ----------- GROSS MARGIN 1,359,674 1,110,141 EXPENSES Sales, general and administrative 5,418,203 3,163,728 Research and development 2,082,558 1,853,821 7,500,761 5,017,549 ------------ ----------- LOSS FROM OPERATIONS BEFORE INTEREST (6,141,087) (3,907,408) Interest income 430,348 113,650 Interest and financing expense (4,839) (540,286) NET LOSS FOR THE PERIOD (5,715,578) (4,334,044) Cumulative preferred dividends and accretion of discount attributable to preferred stock (967,767) -- NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS $ (6,683,345) $(4,334,044) ------------ ----------- Weighted average number of common shares outstanding 12,248,002 9,410,845 BASIC AND FULLY DILUTED LOSS PER SHARE $ (0.55) $ (0.46) ============ ===========
VISIBLE GENETICS INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (UNITED STATES DOLLARS)
THREE MONTHS ENDED MARCH 31 2000 1999 ------------- ------------ CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES Net Loss for the period $ (5,715,578) $(4,334,044) Add: Items not involving cash - Depreciation 502,943 372,202 Amortization 76,771 66,831 Patents and licenses written off -- -- Deferred compensation cost related to options granted -- -- Non cash financing expense related to warrants granted -- 331,893 Amortization of discount on accounts receivable -- -- Foreign exchange (15,079) 29,779 In-process research and development acquired -- -- Increase ( decrease ) from changes in - Trade receivables 667,763 (187,027) Other receivables (200,983) 105,168 Prepaid and deposits (343,761) (70,032) Inventory (570,824) 399,111 Net investment in sales-types lease - (217,369) Other long term assets - (694,617) Accounts payable 738,608 (741,659) Accured liabilities (612,116) 427,132 ------------ ----------- (5,472,256) (4,512,632) ============ =========== INVESTING ACTIVITIES Purchase of fixed assets (1,187,671) (628,042) Licenses and patents acquired (2,158,320) (218,971) Purchase of short-term investments (2,608,625) (48,998) Redemption of short-term investments 10,243,108 2,063,270 ============ =========== 4,288,492 1,167,259 ============ =========== FINANCING ACTIVITIES Common shares issued, net of expenses 2,192,485 1,338,389 Other equity -- 11,438 ------------ ----------- 2,192,485 1,349,827 EFFECT OF EXCHANGE RATE FLUCTUATIONS ON CASH BALANCES 124,586 112,175 ------------ ----------- INCREASE (DECREASE) IN CASH DURING THE YEAR 1,133,307 (1,883,371) CASH, BEGINNING OF PERIOD 2,792,985 6,165,924 ------------ ----------- CASH, END OF PERIOD $ 3,926,292 $ 4,282,553 ============ ===========
VISIBLE GENETICS INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNITED STATES DOLLARS)
THREE MONTHS ENDED MARCH 31 2000 1999 ------------ ------------ Net loss for the period $(5,715,578) $(4,334,044) Other comprehensive income: Foreign currency translation adjustments (283,601) (195,528) ----------- ----------- Comprehensive loss for the period $(5,999,179) $(4,529,572) =========== ===========
VISIBLE GENETICS INC. CONSOLIDATED STATEMENTS OF DEFICIT (UNITED STATES DOLLARS)
THREE MONTHS ENDED MARCH 31 2000 1999 ------------- ------------- Deficit, beginning of year $(59,438,142) $(34,151,257) Net loss for the period (5,715,578) (4,334,044) ------------ ------------ Deficit, end of the period $(65,153,720) $(38,485,301) ============ ============
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