-----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, WIGxEGH53ZAsE5bB4tKI+CpbpWYrY2VD7EgyJwyTwBttSC41IvbRVFekx8vpk05C YIXhsE7/+zk1omvGxSLfuA== /in/edgar/work/20000801/0001005477-00-005431/0001005477-00-005431.txt : 20000921 0001005477-00-005431.hdr.sgml : 20000921 ACCESSION NUMBER: 0001005477-00-005431 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000725 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20000801 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NOVOSTE CORP /FL/ CENTRAL INDEX KEY: 0001012131 STANDARD INDUSTRIAL CLASSIFICATION: [3845 ] IRS NUMBER: 592787476 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-20727 FILM NUMBER: 683801 BUSINESS ADDRESS: STREET 1: 3890 STEVE REYNOLDS BLVD CITY: NORCROSS STATE: GA ZIP: 30093 BUSINESS PHONE: 7707170904 MAIL ADDRESS: STREET 1: 4350 C INTERNATIONAL BLVD CITY: NORCROSS STATE: GA ZIP: 30093 8-K 1 0001.txt FORM 8-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) July 25, 2000 ------------- NOVOSTE CORPORATION (Exact name of registrant as specified in its charter) ------------------------------------------------------ Florida 0-20727 59-2787476 -------------------------------------------------------------------------- (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification) 3890 Steve Reynolds Blvd., Norcross, GA 30093 ---------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (770) 717-0904 -------------- (Former name or former address, if changed since last report) Item 5. Other Events On July 25, 2000, the Registrant issued a press release announcing its financial results for the quarter ended June 30, 2000. A copy of the press release is attached as Exhibit 99.1 and incorporated by reference herein. Item 7. Financial Statements, Pro Forma Financial Information and Exhibits. Exhibit 99.1 Press Release dated July 25, 2000. 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 hereunto duly authorized. Dated: July 31, 2000 NOVOSTE CORPORATION ------------------- (Registrant) By: /s/ WILLIAM A. HAWKINS ---------------------- William A. Hawkins Chief Executive Officer EX-99.1 2 0002.txt PRESS RELEASE Exhibit 99.1 FOR IMMEDIATE RELEASE Contact: Cheryl R. Johnson Vice President, Investor Relations NOVOSTE CORPORATION (770) 717-6052 NOVOSTE REPORTS SECOND QUARTER 2000 FINANCIAL RESULTS NORCROSS, GA., July 25, 2000 - Novoste Corporation (Nasdaq: NOVT) today announced that for the quarter ended June 30, 2000, net sales reached a record $1,198,000, a 116% increase over net sales of $554,000 in the second quarter of 1999. For the six months ended June 30, 2000, net sales totaled $2,044,000, compared to $638,000 during the first six months of 1999. The increase in net sales was due primarily to growth in the customer base in Europe and other international markets. For the three months ended June 30, 2000, the Company reported a net loss of $7,129,000, or $(0.45) per share, compared to a net loss of $7,438,000, or $(0.53) per share, for the same period last year. For the six months ended June 30, 2000, the net loss was $14,328,000, or $(0.95) per share, compared to a net loss of $15,500,000 or $(1.22) per share for the corresponding period in 1999. The decrease in net loss was attributed to improved gross margins and increased interest income related to a higher cash balance in 2000 compared to 1999. Commenting on the quarter, William A. Hawkins, President & CEO of Novoste, stated, "I am pleased with our sales growth and in the broadening of our customer base. In the last 90 days, the number of hospitals licensed to purchase the Beta-Cath(TM) System outside the United States increased from 72 to 101. During the second quarter, we also expanded our product offering by receiving approval to affix the CE mark to our 60-mm radiation source train, which will enable physicians to use our vascular brachytherapy device to treat patients with longer lesions. In Europe, we now offer radiation source trains in lengths of 30, 40, and 60 millimeters." Mr. Hawkins added, "Novoste has made tremendous progress towards commercializing the Beta-Cath(TM) System in the U.S. market. Our Pre-Market Approval (PMA) application, which was filed with the FDA on April 14, is currently undergoing expedited review. We also have made excellent progress towards completing patient follow-up in our START 40 and Beta-Cath(TM) System trials and are committed to announcing the results of both trials during the fourth quarter of this year." Novoste Corporation, based in Atlanta, Ga., is a leader in the emerging field of vascular brachytherapy to reduce the incidence of restenosis. The company's Beta-Cath(TM) System is commercially available in the European Union and other countries outside the U.S. For more information on the Beta-Cath(TM) System or Novoste, please call (770) 717-0904 or visit the company's web site at www.novoste.com. The forward-looking statements included in this release reflect management's best judgment based on factors currently known. Actual results may differ materially from those projected in these forward-looking statements based upon risks and uncertainties, including the demonstration of safety and efficacy of the Beta-Cath(TM) System, receipt and timing of FDA and other regulatory approvals, market acceptance and availability of the Beta-Cath(TM) System, and other risks detailed in documents filed by Novoste with the SEC including its S-3 registration statement and Forms 10-K, 10-Q and 8-K. - FINANCIAL HIGHLIGHTS TO FOLLOW - NOVOSTE CORPORATION CONDENSED STATEMENT OF OPERATIONS (unaudited)
Three Months Ended June 30, Six Months Ended June 30, 2000 1999 2000 1999 ---------------------------- ---------------------------- Net Revenue $ 1,197,647 $ 553,914 $ 2,043,693 $ 637,826 Cost of Sales 770,013 499,012 1,523,393 676,908 ------------ ------------ ------------ ------------ Gross Margin 427,634 54,902 520,300 (39,082) ------------ ------------ ------------ ------------ Operating expenses Research and development 4,250,381 5,672,618 8,725,921 11,835,387 Sales and marketing 2,987,702 1,467,260 5,357,206 2,841,266 General and administrative 1,367,654 1,070,393 2,415,155 1,814,171 ------------ ------------ ------------ ------------ Total operating expenses 8,605,737 8,210,271 16,498,282 16,490,824 ------------ ------------ ------------ ------------ Loss from operations (8,178,103) (8,155,369) (15,977,982) (16,529,906) Interest income 1,048,970 717,027 1,649,907 1,029,624 ------------ ------------ ------------ ------------ Net loss $ (7,129,133) $ (7,438,342) $(14,328,075) $(15,500,282) ============ ============ ============ ============ Net loss per share $ (0.45) $ (0.53) $ (0.95) $ (1.22) ============ ============ ============ ============ Shares used in computing net loss per share 15,865,441 14,095,791 15,067,015 12,680,973 ============ ============ ============ ============
CONDENSED BALANCE SHEETS (unaudited) June 30, December 31, 2000 1999 ----------- ------------ ASSETS Current assets Cash, cash equivalents and short-term investments $79,173,647 $ 41,423,692 Other current assets 2,675,300 3,699,527 ----------- ------------ Total current assets 81,848,947 45,123,219 Other assets 8,061,264 4,244,183 ----------- ------------ Total assets $89,910,211 $ 49,367,402 =========== ============ LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities $ 6,466,191 6,302,558 Stockholders' equity 83,444,020 43,064,844 ----------- ------------ Total liabilities and stockholders' equity $89,910,211 $ 49,367,402 =========== ============ # # # -----END PRIVACY-ENHANCED MESSAGE-----