EX-1 3 a2071443zex-1.txt EXHIBIT 1 VISIBLE GENETICS INC. CONSOLIDATED BALANCE SHEETS ( UNITED STATES DOLLARS)
DECEMBER 31 DECEMBER 31 2001 2000 -------------------- ------------------- ASSETS CURRENT ASSETS Cash and cash equivalents $ 15,502,095 $ 18,476,303 Short-term investments 37,692,756 61,922,687 Trade receivables, net of allowance for doubtful accounts 3,136,754 3,214,934 Other receivables 437,888 884,995 Prepaid and deposits 392,454 452,124 Inventory 2,756,950 2,268,877 -------------------- ------------------- TOTAL CURRENT ASSETS 59,918,897 87,219,920 -------------------- ------------------- FIXED ASSETS 18,656,995 10,292,282 PATENTS AND LICENSES 14,336,439 12,182,112 OTHER LONG TERM ASSETS 456,744 481,383 -------------------- ------------------- $ 93,369,075 $ 110,175,697 ==================== =================== LIABILITIES CURRENT LIABILITIES Accounts payable $ 3,851,701 $ 3,847,364 Accrued liabilities 5,081,814 5,265,864 -------------------- ------------------- TOTAL CURRENT LIABILITIES 8,933,515 9,113,228 -------------------- ------------------- MANDATORILY REDEEMABLE CONVERTIBLE PREFERRED SHARES 26,886,004 24,397,398 -------------------- ------------------- SHAREHOLDERS' EQUITY Share capital 195,408,884 169,717,379 Other equity - - Cumulative translation adjustment (1,018,839) (1,013,459) Deficit (136,840,489) (92,038,849) -------------------- ------------------- 57,549,556 76,665,071 -------------------- ------------------- $ 93,369,075 $ 110,175,697 ==================== ===================
VISIBLE GENETICS INC. CONSOLIDATED STATEMENTS OF OPERATIONS (UNITED STATES DOLLARS)
THREE MONTHS ENDED DECEMBER 31 YEARS ENDED DECEMBER 31 2001 2000 2001 2000 ---- ---- ---- ---- (UNAUDITED) (UNAUDITED) SALES Products $ 3,143,481 $ 2,984,628 $ 13,330,346 $ 12,659,783 Services 47,286 27,926 249,568 412,780 ---------------- ---------------- --------------- --------------- 3,190,767 3,012,554 13,579,914 13,072,563 ---------------- ---------------- --------------- --------------- COST OF SALES Products 2,537,497 2,551,490 9,789,570 9,815,741 Services 36,115 18,042 208,207 317,748 ---------------- ---------------- --------------- --------------- 2,573,612 2,569,532 9,997,777 10,133,489 ---------------- ---------------- --------------- --------------- GROSS MARGIN 617,155 443,022 3,582,137 2,939,074 EXPENSES Sales, general and administrative 8,980,419 8,429,225 33,986,435 28,570,747 Research and development 2,879,634 2,747,080 10,834,731 10,606,516 Exit and termination costs - - 1,920,000 - ---------------- ---------------- --------------- --------------- 11,860,053 11,176,305 46,741,166 39,177,263 ---------------- ---------------- --------------- --------------- LOSS FROM OPERATIONS BEFORE INTEREST (11,242,898) (10,733,283) (43,159,029) (36,238,189) Interest income 223,656 1,176,319 2,513,697 4,480,589 Interest and financing expense (699) (7,412) (8,402) (16,536) ---------------- ---------------- --------------- --------------- NET LOSS FOR THE PERIOD (11,019,941) (9,564,376) (40,653,734) (31,774,136) Cumulative preferred dividends and accretion of discount attributable to preferred shares (887,905) (850,221) (3,426,827) (3,656,355) NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS $ (11,907,846) $ (10,414,597) $ (44,080,561) $ (35,430,491) ---------------- ---------------- --------------- --------------- Weighted average number of common shares outstanding 16,775,455 16,229,554 16,481,916 14,612,172 BASIC AND FULLY DILUTED LOSS PER SHARE $ (0.71) $ (0.65) $ (2.67) $ (2.42) ---------------- ---------------- --------------- ---------------
VISIBLE GENETICS INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (UNITED STATES DOLLARS)
YEARS ENDED DECEMBER 31 2001 2000 ---------------- --------------- CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES Net loss for the period $ (40,653,734) $ (31,774,136) Add: Items not involving cash - Depreciation 4,651,803 3,078,551 Amortization 3,069,946 2,211,253 Patents and licences written off 65,014 142,165 Foreign exchange 13,903 (163,252) Increase ( decrease ) from changes in - Trade receivables 47,568 2,436,001 Other receivables 418,349 (267,177) Prepaids and deposits 55,530 (19,863) Inventory (486,797) 219,221 Other long-term assets 24,639 (188,979) Accounts payable 50,497 789,233 Accured liabilities (77,522) 1,783,467 --------------- --------------- (32,820,804) (21,753,516) --------------- --------------- CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES Purchase of fixed assets (13,192,037) (9,269,045) Licenses and patents acquired (5,289,287) (12,413,163) Purchase of short-term investments (116,002,357) (356,812,514) Redemption of short-term investments 140,232,288 334,784,805 --------------- --------------- 5,748,607 (43,709,917) --------------- --------------- CASH PROVIDED BY FINANCING ACTIVITIES Common shares issued, net of expenses 24,026,825 80,929,608 --------------- --------------- 24,026,825 80,929,608 --------------- --------------- EFFECT OF EXCHANGE RATE FLUCTUATIONS ON CASH BALANCES 71,164 217,143 --------------- --------------- INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS, DURING THE YEAR (2,974,208) 15,683,318 CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 18,476,303 2,792,985 --------------- --------------- CASH AND CASH EQUIVALENTS, END OF YEAR $ 15,502,095 $ 18,476,303 =============== =============== SUPPLEMENTAL INFORMATION Interest paid $ 8,402 $ 16,536 Income taxes paid $ - $ -
VISIBLE GENETICS INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNITED STATES DOLLARS)
YEARS ENDED DECEMBER 31 2001 2000 ------------------ ----------------- Net loss for the period $ (40,653,734) $ (31,774,136) Other comprehensive income: Foreign currency translation adjustments (5,380) (393,548) ------------------ ----------------- Comprehensive loss for the period $ (40,659,114) $ (32,167,684) ------------------ -----------------
VISIBLE GENETICS INC. CONSOLIDATED STATEMENTS OF DEFICIT (UNITED STATES DOLLARS)
YEARS ENDED DECEMBER 31 2001 2000 ------------------ ----------------- Deficit, beginning of year $ (92,038,849) $ (59,438,142) Net loss for the period (40,653,734) (31,774,136) Cumulative preferred dividends and accretion of discount attributable to preferred shares (4,147,906) (826,571) ------------------ ----------------- Deficit, end of the period $ (136,840,489) $ (92,038,849) ------------------ -----------------