EX-99.1 2 a2031440zex-99_1.txt EXHIBIT 99.1 VISIBLE GENETICS INC. CONSOLIDATED BALANCE SHEETS ( UNITED STATES DOLLARS)
SEPTEMBER 30 DECEMBER 31 2000 1999 ------------- ------------- ASSETS Current assets Cash and cash equivalents $ 1,984,810 $ 2,792,985 Short-term investments 86,722,840 39,894,978 Trade receivables, net of allowance for doubtful accounts 3,470,473 5,657,822 Other receivables 457,271 668,748 Prepaid and deposits 976,664 729,307 Inventory 3,052,775 2,600,007 ------------- ------------- Total current assets 96,664,833 52,343,847 ------------- ------------- Fixed assets 8,239,877 4,173,335 Patents and licenses 12,984,233 2,122,367 ------------- ------------- $ 117,888,943 $ 58,639,549 ============= ============= LIABILITIES Current liabilities Accounts payable $ 3,780,943 $ 3,110,442 Accrued liabilities 3,940,161 3,622,110 ------------- ------------- Total current liabilities 7,721,104 6,732,552 ------------- ------------- Mandatorily redeemable convertible preferred shares 23,547,177 27,555,652 ------------- ------------- SHAREHOLDERS' EQUITY Share capital 169,494,099 75,422,070 Other equity (35,224) 8,987,328 Cumulative translation adjustment (1,190,311) (619,911) Deficit (81,647,902) (59,438,142) ------------- ------------- 86,620,662 24,351,345 ------------- ------------- $ 117,888,943 $ 58,639,549 ============= =============
VISIBLE GENETICS INC. CONSOLIDATED STATEMENTS OF OPERATIONS (UNITED STATES DOLLARS)
THREE MONTHS ENDED SEPTEMBER 30 NINE MONTHS ENDED SEPTEMBER 30 2000 1999 2000 1999 ------------ ------------ ------------ ------------ SALES Products $ 2,934,278 $ 3,175,577 $ 9,675,155 $ 7,820,349 Services 74,188 310,900 384,854 852,114 ------------ ------------ ------------ ------------ 3,008,466 3,486,477 10,060,009 8,672,463 ------------ ------------ ------------ ------------ COST OF SALES Products 2,804,305 2,061,324 7,264,251 5,794,770 Services 92,915 193,509 299,706 523,882 ------------ ------------ ------------ ------------ 2,897,220 2,254,833 7,563,957 6,318,652 ------------ ------------ ------------ ------------ GROSS MARGIN 111,246 1,231,644 2,496,052 2,353,811 EXPENSES Sales, general and administrative 7,423,619 5,675,071 20,141,522 13,408,613 Research and development 2,835,718 2,112,131 7,859,436 5,986,419 ------------ ------------ ------------ ------------ 10,259,337 7,787,202 28,000,958 19,395,032 ------------ ------------ ------------ ------------ LOSS FROM OPERATIONS BEFORE INTEREST (10,148,091) (6,555,558) (25,504,906) (17,041,221) Interest income 1,305,460 209,032 3,304,269 351,253 Interest and financing expense (1,530) (683,018) (9,123) (1,783,472) ------------ ------------ ------------ ------------ NET LOSS FOR THE PERIOD (8,844,161) (7,029,544) (22,209,760) (18,473,440) Cumulative preferred dividends and accretion of discount attributable to preferred stock (868,985) -- (2,806,134) -- NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS $ (9,713,146) $ (7,029,544) $(25,015,894) $(18,473,440) ------------ ------------ ------------ ------------ Weighted average number of common shares outstanding 15,512,249 9,600,049 14,125,983 9,508,358 BASIC AND FULLY DILUTED LOSS PER SHARE $ (0.63) $ (0.82) $ (1.77) $ (2.03) ------------ ------------ ------------ ------------
VISIBLE GENETICS INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (UNITED STATES DOLLARS)
NINE MONTHS ENDED SEPTEMBER 30 2000 1999 ----------------------- --------------------- CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES Net Loss for the period $ (22,209,760) $ (18,473,440) Add: Items not involving cash - Depreciation 1,837,871 1,177,973 Amortization 1,464,708 291,988 Non cash financing expense related to warrants granted - 1,285,376 Foreign exchange (113,844) (11,276) Increase ( decrease ) from changes in - Trade receivables 2,161,046 (1,574,279) Other receivables 372,816 696,617 Prepaid and deposits (265,667) (275,338) Inventory (620,367) 505,598 Accounts payable 761,890 (793,094) Accured liabilities 318,051 (57,261) ----------------------- --------------------- (16,293,256) (17,227,136) ======================= ===================== Investing activities Purchase of fixed assets (5,970,824) (1,446,084) Licenses and patents acquired (12,326,574) (440,031) Purchase of short-term investments (86,722,840) (9,167,234) Redemption of short-term investments 39,894,978 5,108,254 ----------------------- --------------------- (65,125,260) (5,945,095) ======================= ===================== Financing activities Common shares issued, net of expenses 80,584,446 1,927,377 Convertible preferred stock issued, net of expenses 29,176,857 Repayment of loan (4,100,000) Other equity - 11,438 ----------------------- --------------------- 80,584,446 27,015,672 ======================= ===================== Effect of exchange rate fluctuations on cash balances 25,895 (220,573) ----------------------- --------------------- Increase (decrease) in cash during the year (808,175) 3,622,868 CASH, BEGINNING OF PERIOD 2,792,985 6,165,924 ----------------------- --------------------- CASH, END OF PERIOD $ 1,984,810 $ 9,788,792 ======================= =====================
VISIBLE GENETICS INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNITED STATES DOLLARS)
NINE MONTHS ENDED SEPTEMBER 30 2000 1999 --------------------- --------------------- Net loss for the period $ (22,209,760) $ (18,473,440) Other comprehensive income: Foreign currency translation adjustments (585,175) (489,326) --------------------- --------------------- Comprehensive loss for the period $ (22,794,935) $ (18,962,766) --------------------- ---------------------
VISIBLE GENETICS INC. Consolidated Statements of Deficit (UNITED STATES DOLLARS)
NINE MONTHS ENDED SEPTEMBER 30 2000 1999 --------------------- --------------------- Deficit, beginning of year $ (59,438,142) $ (34,151,257) Net loss for the period (22,209,760) (18,473,440) --------------------- --------------------- Deficit, end of the period $ (81,647,902) $ (52,624,697) --------------------- ---------------------