-----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, JrYIuI9yNtMgSBScwkPpqJnIPyN7Sc7uvsyIP5F+t3wuBp8xv8CuDwy3WqhRn2UI zz05sWOLSrSCDjWrnZRwQg== 0000912057-01-502938.txt : 20010524 0000912057-01-502938.hdr.sgml : 20010524 ACCESSION NUMBER: 0000912057-01-502938 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20010308 FILED AS OF DATE: 20010308 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: 1563331 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 a2040948z6-k.txt FORM 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 MARCH, 2001 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 March 8, 2001, we reported our financial results for the fourth quarter and year ended December 31, 2000. We reported sales of $3.0 million for the fourth quarter of 2000 and $13.1 million for the year ended December 31, 2000, compared to $5.0 million and $13.6 million for the respective periods in 1999. The net loss attributable to common shareholders for the fourth quarter of 2000 was $10.4 million or $0.65 per share, compared to a net loss attributable to common shareholders of $7.8 million or $0.76 per share for the same period in 1999. For the year ended December 31, 2000, we reported a net loss attributable to common shareholders of $35.4 million or $ 2.42 per share, compared to $27.1 million or $2.73 per share for 1999. (All amounts are in United States dollars.) The decline in sales during the fourth quarter and full year 2000 reflects the decision made during 2000, in anticipation of receiving FDA approval of our TRUGENE(TM) HIV-1 Genotyping Kit, to de-emphasize marketing and sales of sequencing systems to the research market. As a result, fourth quarter and full year 2000 sales of sequencing systems were $0.6 million and $4.5 million, respectively, compared to $2.8 million and $7.7 million for the comparable periods of 1999. During 2000, we emphasized generating recurring revenue from the sale of GeneKits and consumables in countries where regulatory guidelines permitted. Sales of GeneKits and consumables increased to $2.4 million and $8.1 million for the fourth quarter and full year of 2000, respectively, up from $1.9 million and $4.7 million for the comparable periods of 1999. Gross margins for the fourth quarter and full year of 2000 were negatively impacted by discarded materials and other costs attributable to the manufacturing scale up associated with the anticipated United States launch of the TRUGENE HIV-1 Genotyping Kit, if FDA approval is received. Cash and short-term investments at December 31, 2000 amounted to $80.4 million, compared to $42.7 million at December 31, 1999. 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, 333-94649 and 333-40616) and our outstanding Registration Statements on Form S-8 and into the reoffer prospectuses contained therein. Exhibit 1. Fourth Quarter and 2000 Year End 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: March 8, 2001 By: /s/ THOMAS CLARKE ----------------- Name: Thomas Clarke Title: Chief Financial Officer VISIBLE GENETICS INC. CONSOLIDATED BALANCE SHEETS ( UNITED STATES DOLLARS)
DECEMBER 31, DECEMBER 31, 2000 1999 ----------------- ---------------- ASSETS CURRENT ASSETS Cash and cash equivalents $ 18,476,303 $ 2,792,985 Short-term investments 61,922,687 39,894,978 Trade receivables, net of allowance for doubtful accounts 3,214,934 5,657,822 Other receivables 884,995 668,748 Prepaid and deposits 452,124 436,903 Inventory 2,268,877 2,600,007 ----------------- ---------------- TOTAL CURRENT ASSETS 87,219,920 52,051,443 ----------------- ---------------- FIXED ASSETS 10,292,282 4,173,335 PATENTS AND LICENSES 12,182,112 2,122,367 OTHER LONG TERM ASSETS 661,591 292,404 ----------------- ---------------- $110,355,905 $58,639,549 ================= ================ LIABILITIES CURRENT LIABILITIES Accounts payable $ 3,847,364 $ 3,110,442 Accrued liabilities 5,265,864 3,622,110 ----------------- ---------------- TOTAL CURRENT LIABILITIES 9,113,228 6,732,552 ----------------- ---------------- MANDATORILY REDEEMABLE CONVERTIBLE PREFERRED STOCK 24,397,398 27,555,652 ----------------- ---------------- SHAREHOLDERS' EQUITY Share capital 169,717,379 75,422,070 Other equity (646,363) 8,987,328 Cumulative translation adjustment (1,013,459) (619,911) Deficit (91,212,278) (59,438,142) ----------------- ---------------- 76,845,279 24,351,345 ----------------- ---------------- $110,355,905 $58,639,549 ================= ================
VISIBLE GENETICS INC. CONSOLIDATED STATEMENTS OF OPERATIONS (UNITED STATES DOLLARS)
THREE MONTHS ENDED DECEMBER 31 TWELVE MONTHS ENDED DECEMBER 31 ------------------------------ ------------------------------- (UNAUDITED) 2000 1999 2000 1999 ---- ---- ---- ---- SALES Products $ 2,984,628 $ 4,635,426 $ 12,659,783 $ 12,455,775 Services 27,926 319,031 412,780 1,171,145 --------------- --------------- --------------- --------------- 3,012,554 4,954,457 13,072,563 13,626,920 --------------- --------------- --------------- --------------- COST OF SALES Products 2,551,490 2,799,004 9,815,741 8,593,774 Services 18,042 155,230 317,748 679,112 --------------- --------------- --------------- --------------- 2,569,532 2,954,234 10,133,489 9,272,886 --------------- --------------- --------------- --------------- GROSS MARGIN 443,022 2,000,223 2,939,074 4,354,034 --------------- --------------- --------------- --------------- EXPENSES Sales, general and administrative 8,429,225 6,204,167 28,570,747 19,073,546 Research and development 2,747,080 1,948,908 10,606,516 7,935,327 Exit and termination costs - 789,849 - 1,329,083 --------------- --------------- --------------- --------------- 11,176,305 8,942,924 39,177,263 28,337,956 --------------- --------------- --------------- --------------- LOSS FROM OPERATIONS BEFORE INTEREST (10,733,283) (6,942,701) (36,238,189) (23,983,922) Interest income 1,176,319 343,296 4,480,589 694,549 Interest and financing expense (7,412) (214,040) (16,536) (1,997,512) --------------- --------------- --------------- --------------- NET LOSS FOR THE PERIOD (9,564,376) (6,813,445) (31,774,136) (25,286,885) Cumulative preferred dividends and accretion of discount attributable to preferred stock (850,221) (938,484) (3,656,355) (1,770,069) --------------- --------------- --------------- --------------- NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS $ (10,414,597) $ (7,751,929) $ (35,430,491) $ (27,056,954) --------------- --------------- --------------- --------------- Weighted average number of common shares outstanding 16,229,554 10,144,712 14,612,172 9,916,954 --------------- --------------- --------------- --------------- BASIC AND FULLY DILUTED LOSS PER SHARE $ (0.65) $ (0.76) $ (2.42) $ (2.73) =============== =============== =============== ===============
VISIBLE GENETICS INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (UNITED STATES DOLLARS)
TWELVE MONTHS ENDED DECEMBER 31 2000 1999 ---------------- --------------- CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES Net loss for the period $ (31,774,136) $ (25,286,885) Add: Items not involving cash - Depreciation 3,078,551 1,722,886 Amortization 2,211,253 393,979 Patents and licences written off 142,165 451,085 Non cash financing expense related to warrants granted - 1,466,691 Amortization of discount on accounts receivable - (48,158) Foreign exchange (163,252) 26,789 Increase ( decrease ) from changes in - Trade receivables 2,436,001 (1,804,006) Other receivables (267,177) 719,519 Prepaid and deposits (19,863) (209,338) Inventory 219,221 1,290,997 Other long term assets (369,187) (292,404) Accounts payable 789,233 (734,230) Accured liabilities 1,783,467 1,956,660 ---------------- --------------- (21,933,724) (20,346,415) ---------------- --------------- Investing activities Purchase of fixed assets (9,269,045) (1,919,092) Licenses and patents acquired (12,413,163) (698,261) Purchase of short-term investments (356,812,514) (50,503,643) Redemption of short-term investments 334,784,805 15,716,919 ---------------- --------------- (43,709,917) (37,404,077) ---------------- --------------- Financing activities Common shares issued, net of expenses 81,109,816 29,009,385 Convertible preferred stock issued, net of expenses 22,719,748 Warrants issued in connection with preferred stock - 6,397,448 Repayment of notes payable (4,100,000) Repayment of loan from an officer - 323,405 Other equity - 29,851 ---------------- --------------- 81,109,816 54,379,837 ---------------- --------------- Effect of exchange rate fluctuations on cash balances 217,143 (2,284) ---------------- --------------- Increase (decrease) in cash during the year 15,683,318 (3,372,939) Cash, Beginning of period 2,792,985 6,165,924 ---------------- --------------- CASH, END OF PERIOD $ 18,476,303 $ 2,792,985 ================ ===============
VISIBLE GENETICS INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNITED STATES DOLLARS)
TWELVE MONTHS ENDED DECEMBER 31 2000 1999 --------------- -------------- Net loss for the period $ (31,774,136) $ (25,286,885) Other comprehensive income: Foreign currency translation adjustments (393,548) (704,733) --------------- -------------- Comprehensive loss for the period $ (32,167,684) $ (25,991,618) =============== ==============
VISIBLE GENETICS INC. Consolidated Statements of Deficit (UNITED STATES DOLLARS)
TWELVE MONTHS ENDED DECEMBER 31 2000 1999 --------------- -------------- Deficit, beginning of year $ (59,438,142) $ (34,151,257) Net loss for the period (31,774,136) (25,286,885) --------------- -------------- Deficit, end of the period $ (91,212,278) $ (59,438,142) =============== ==============
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