-----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, Dot91rFYXGiVbnbUYbdijDhydYuhGwZudciDgl8gjmGddvCF3weGxeLoyOadsvIh UmQ3nkzTaTm5Af2cGEc4VQ== 0001005477-01-000539.txt : 20010131 0001005477-01-000539.hdr.sgml : 20010131 ACCESSION NUMBER: 0001005477-01-000539 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20010129 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20010130 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NOVOSTE CORP /FL/ CENTRAL INDEX KEY: 0001012131 STANDARD INDUSTRIAL CLASSIFICATION: ELECTROMEDICAL & ELECTROTHERAPEUTIC APPARATUS [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: 1519353 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) January 29, 2001 ---------------- 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 January 29, 2001, the Registrant issued a press release announcing its financial results for the fourth quarter and year ended December 31, 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 January 29, 2001. 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: January 30, 2001 NOVOSTE CORPORATION ------------------------------------ (Registrant) By: /s/ Edwin Cordell ------------------------------------ Edwin Cordell Chief Financial Officer EX-99.1 2 0002.txt PRESS RELEASE Exhibit 99.1 FOR IMMEDIATE RELEASE Contact: Cheryl R. Johnson Edwin B. Cordell Vice President, Investor Relations Chief Financial Officer Novoste Corporation Novoste Corporation (770) 717-6052 (770) 717-6053 NOVOSTE ANNOUNCES FOURTH QUARTER AND YEAR END 2000 FINANCIAL RESULTS * TOTAL REVENUES INCREASED 276% OVER PRIOR YEAR * NORCROSS, Georgia -- (January 29, 2001) -- Novoste Corporation (Nasdaq: NOVT) today reported its financial results for the fourth quarter and year ended December 31, 2000. For the quarter ended December 31, 2000, net revenue was $3,280,000, compared to $1,446,000 reported in the third quarter and $619,000 in the fourth quarter of 1999. For the year ended December 31, 2000, net revenue was $6,863,000, a 276% increase compared to $1,823,000 in 1999. The increase in revenue was due to continued sales growth in international markets, particularly in Germany, and the market launch of the Company's Beta-Cath(TM) System in the United States in November 2000. Net loss for the fourth quarter was $10,041,000, or $(0.63) per share, compared to a net loss of $7,354,000, or $(0.52) per share for the same period last year. Net loss for 2000 was $33,073,000 or $(2.13) per share, compared to a net loss of $30,920,000 or $(2.30) per share for the previous year. The increase in net loss for the fourth quarter and the year was primarily related to the expenditures incurred to support U.S. commercialization of the Beta-Cath(TM) System, such as building a direct sales force, training customers, and ramping up manufacturing activity. Novoste ended the year with $57.2 million in cash and cash equivalents. "The year 2000 was an exceptional year for Novoste," said William A. Hawkins, Novoste's president and chief executive officer. "In the first quarter of the year, we announced the results of the START Trial, the pivotal trial which validated the safety and effectiveness of the Beta-Cath(TM) System in treating patients with blocked stents. Novoste then received FDA approval for its device and initiated product shipments in November, several months prior to expectations." Commenting further, Mr. Hawkins stated, "Our investment in clinical trials, manufacturing readiness, and, more recently, a national sales force has led to a very strong launch of the Beta-Cath(TM) System in the U.S. We are very optimistic and enthusiastic about the rapid therapy adoption that is occurring with the Beta-Cath(TM) System. As predicted, beta radiation is proving to be a therapy which is practical and desirable for the many patients who suffer from in-stent restenosis." The Company will host a conference call this morning at 11:00 a.m. (Eastern) to further discuss its financial results and company outlook. You may access the conference call on the Investor Relations portion of the Company's website at http://www.novoste.com. Listeners are advised to visit the website at least 20 minutes early to download and install any necessary audio software. An archived copy of the call will be available for a period of one week. Novoste Corporation, based in Atlanta, Ga., is a leader in the new field of vascular brachytherapy (radiation therapy) to reduce the incidence of restenosis. The company's Beta-Cath(TM) System is commercially available in the United States, as well as in the European Union and several other countries. For information on how to purchase the Beta-Cath(TM) System, please call 1-800-NOVOSTE (1-800-668-6783). For general company information, please call (770) 717-0904 or visit the company's web site at www.novoste.com. The forward-looking statements included in this news 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, such as timing and receipt of regulatory approvals, continued market acceptance of the Beta-Cath(TM) System, and continued demonstration of safety, efficacy, and device performance in post-market surveillance studies, 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
Three Months Ended December 31, Twelve Months Ended December 31, 2000 1999 2000 1999 ------------------------------- -------------- -------------- Net Revenue $ 3,279,912 $ 618,695 $ 6,863,487 $ 1,823,394 Cost of Sales 1,996,613 425,452 4,591,508 1,642,395 ------------ ------------ ------------ ------------ Gross Margin 1,283,299 193,243 2,271,979 180,999 ------------ ------------ ------------ ------------ Operating expenses Research and development 3,144,788 4,938,240 17,118,976 22,889,182 Sales and marketing 7,121,966 2,086,634 15,650,756 6,606,337 General and administrative 2,050,169 1,043,869 6,321,186 3,775,154 ------------ ------------ ------------ ------------ Total operating expenses 12,316,923 8,068,743 39,090,918 33,270,673 ------------ ------------ ------------ ------------ Loss from operations (11,033,624) (7,875,500) (36,818,939) (33,089,674) Interest income 993,008 521,832 3,745,466 2,169,462 ------------ ------------ ------------ ------------ Net loss $(10,040,616) $ (7,353,668) $(33,073,473) $(30,920,212) ============ ============ ============ ============ Net loss per share $ (0.63) $ (0.52) $ (2.13) $ (2.30) ============ ============ ============ ============ Shares used in computing net loss per share 16,037,737 14,193,719 15,562,772 13,433,226 ============ ============ ============ ============
CONDENSED BALANCE SHEETS
December 31, December 31, 2000 1999 ----------- ----------- ASSETS Current assets Cash, cash equivalents and short-term investments $57,167,834 $41,423,692 Other current assets 6,203,851 3,699,527 ----------- ----------- Total current assets 63,371,685 45,123,219 Property and equipment, net 7,277,734 3,509,203 Radiation and transfer devices 5,561,869 -- Other assets 942,427 734,980 ----------- ----------- Total assets $77,153,715 $49,367,402 =========== =========== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities $ 9,711,070 $ 6,302,558 Long term liabilities 400,526 -- Stockholders' equity 67,042,119 43,064,844 ----------- ----------- Total liabilities and stockholders' equity $77,153,715 $49,367,402 =========== ===========
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