-----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, IMzA+A9/6jTC2WFEsvgmiSUNCK5VA9P7okMSsIU7offq5+iKT26c/XiyuVjiRVEc 6qmvQPZcGNyJbQCNFDn9FA== 0000912057-97-004725.txt : 19970222 0000912057-97-004725.hdr.sgml : 19970222 ACCESSION NUMBER: 0000912057-97-004725 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19961231 FILED AS OF DATE: 19970213 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: METRA BIOSYSTEMS INC CENTRAL INDEX KEY: 0000888999 STANDARD INDUSTRIAL CLASSIFICATION: IN VITRO & IN VIVO DIAGNOSTIC SUBSTANCES [2835] IRS NUMBER: 330408436 STATE OF INCORPORATION: CA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-26234 FILM NUMBER: 97528635 BUSINESS ADDRESS: STREET 1: 265 N WHISMAN RD CITY: MOUNTAIN VIEW STATE: CA ZIP: 94043 BUSINESS PHONE: 4159039100 MAIL ADDRESS: STREET 1: 265 NORTH WHISMAN RD CITY: MOUNTAIN VIEW STATE: CA ZIP: 940433911 10-Q 1 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 -------------------------- FORM 10-Q [ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED DECEMBER 31, 1996 METRA BIOSYSTEMS, INC. -------------------------------------------------------------- (Exact Name of Registrant as specified in its charter) 0-26234 -------------------------------------------------------------- Commission File Number CALIFORNIA 33-0408436 - -------------------------------- -------------------------------------- (State or other jurisdiction of (I.R.S. Employer Identification Number) incorporation or organization) 265 NORTH WHISMAN ROAD, MOUNTAIN VIEW, CA 94043-3911 -------------------------------------------------------------- (Address of Registrant's principal executive offices) (415) 903-9100 -------------------------------------------------------------- (Registrant's telephone number including area code) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. [ X ]Yes [ ] No. The number of shares of the Registrant's common stock outstanding as of January 31, 1997 was 12,623,051. METRA BIOSYSTEMS, INC. AND SUBSIDIARIES INDEX PAGE NO. PART I. FINANCIAL INFORMATION 3 ITEM 1. FINANCIAL STATEMENTS 3 CONSOLIDATED CONDENSED BALANCE SHEETS DECEMBER 31, 1996 AND JUNE 30, 1996 3 CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS THREE AND SIX MONTHS ENDED DECEMBER 31, 1996 AND 1995 4 CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS SIX MONTHS ENDED DECEMBER 31, 1996 AND 1995 5 NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS 6-7 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION, RESULTS OF OPERATIONS AND FACTORS THAT MAY AFFECT FUTURE RESULTS 8-10 PART II. OTHER INFORMATION 11 ITEM 1. LEGAL PROCEEDINGS 11 ITEM 2. CHANGES IN SECURITIES 11 ITEM 3. DEFAULTS UPON SENIOR SECURITIES 11 ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITIES HOLDERS 11-12 ITEM 5. OTHER INFORMATION 12 ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K 12 SIGNATURE 13 2 PART I. FINANCIAL INFORMATION ITEM 1. - FINANCIAL STATEMENTS METRA BIOSYSTEMS, INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED BALANCE SHEETS (IN THOUSANDS) ASSETS DECEMBER 31, JUNE 30, 1996 1996 ------------ ---------- (Unaudited) Current assets: Cash and cash equivalents $18,518 $ 19,217 Securities available-for-sale, at market 19,220 26,283 Accounts receivable, net 1,232 1,266 Interest receivable 409 578 Inventories 682 1,040 Prepaid expenses and other current assets 232 249 --------- --------- Total current assets 40,293 48,633 Property and equipment, net 4,575 4,314 Securities available-for-sale, at market 6,089 6,747 Other assets, net 71 499 --------- --------- $51,028 $ 60,193 --------- --------- --------- --------- LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Current portion of capital lease obligations $ 537 $ 407 Accounts payable 1,157 2,185 Accrued expenses 1,930 1,810 --------- --------- Total current liabilities 3,624 4,402 Capital lease obligations 1,889 1,367 --------- --------- Total liabilities 5,513 5,769 Preferred stock - - Common stock 13 13 Capital in excess of par value of common stock 94,608 94,539 Notes receivable from shareholders (90) (90) Deferred compensation (60) (79) Foreign currency translation adjustment 26 13 Unrealized loss on securities available-for-sale (22) (83) Accumulated deficit (48,960) (39,889) --------- --------- Total shareholders' equity 45,515 54,424 --------- --------- $51,028 $ 60,193 --------- --------- --------- --------- See accompanying notes to consolidated condensed financial statements. 3 METRA BIOSYSTEMS, INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS) (UNAUDITED)
THREE MONTHS ENDED SIX MONTHS ENDED DECEMBER 31, DECEMBER 31, ------------------- -------------------- 1996 1995 1996 1995 -------- -------- -------- ---------- Revenues: Product sales $ 1,515 $ 1,059 $ 2,682 $ 1,774 Partner revenues 137 1,301 213 1,676 -------- -------- -------- -------- Total revenues 1,652 2,360 2,895 3,450 Operating expenses: Cost of product sales 1,310 519 2,282 1,388 Research and development 1,719 870 3,396 1,748 Sales and marketing 2,567 1,703 5,409 2,645 General and administrative 918 665 2,084 1,202 -------- -------- -------- -------- Total operating expenses 6,514 3,757 13,171 6,983 -------- -------- -------- -------- Loss from operations (4,862) (1,397) (10,276) (3,533) Interest income, net 579 419 1,204 860 -------- -------- -------- -------- Net loss $ (4,283) $ (978) $ (9,072) $ (2,673) -------- -------- -------- -------- -------- -------- -------- -------- Net loss per share $ (0.34) $ (0.10) $ (0.72) $ (0.28) -------- -------- -------- -------- -------- -------- -------- -------- Weighted average shares used to compute net loss per share 12,607,478 9,667,169 12,603,589 9,663,303 ---------- --------- ---------- --------- ---------- --------- ---------- ---------
See accompanying notes to consolidated condensed financial statements. 4 METRA BIOSYSTEMS, INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (IN THOUSANDS) (UNAUDITED)
SIX MONTHS ENDED DECEMBER 31, ------------------------------ 1996 1995 ------------ ------------ Cash flows from operating activities: Net cash used in operating activities $ (8,315) $ (4,996) Cash flows from investing activities: Purchases of investment securities (7,974) (23,340) Maturities and sales of investment securities 15,756 5,950 Purchases of property and equipment (887) (2,207) ----------- ---------- Net cash (used in) provided by investing activities 6,895 (19,597) Cash flows from financing activities: Proceeds from capital leases 848 1,922 Repayments of capital leases (196) (58) Proceeds from issuance of common stock 69 32,100 ----------- ---------- Net cash provided by (used in) financing activities 721 33,964 Net increase (decrease) in cash and cash equivalents (699) 9,371 Cash and cash equivalents at beginning of year 19,217 2,317 ----------- ---------- Cash and cash equivalents at end of year $ 18,518 $ 11,688 ----------- ---------- ----------- ---------- Supplemental disclosure of cash flow information: Cash paid for interest $ 91 $ 5 Supplemental disclosure of noncash investing and financing activities - conversion of mandatorily redeemable preferred stock and common stock warrant to common stock $ - $ 23,260 Upon completion of the Initial Public Offering, $727 of prepaid IPO costs were debited to additional paid in capital $ - $ 727
See accompanying notes to consolidated condensed financial statements. 5 METRA BIOSYSTEMS, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS DECEMBER 31, 1996 AND 1995 (UNAUDITED) 1. THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES THE COMPANY Metra Biosystems, Inc. ("Metra" or the "Company") was incorporated on March 21, 1990. Since the commencement of operations the Company has been engaged in the development and commercialization of diagnostic products for the detection and management of metabolic bone diseases and disorders. In December 1993, the Company incorporated a wholly-owned subsidiary, Metra Biosystems (U.K.) Ltd., that is responsible for the commercialization of Metra's products in Europe. In October 1995, a branch office of Metra Biosystems (U.K.) Ltd. was opened in Milan, Italy. In January 1996, the Company acquired Osteo Sciences Corporation, now a wholly-owned subsidiary, which is responsible for research and development of the Company's ultrasound technology. 2. INVESTMENT SECURITIES Investment securities which are classified as available-for-sale at December 31, 1996 and June 30, 1996 include the following: December 31, June 30, 1996 1996 ------------ -------- Fair Value (in thousands) U.S. Government securities $ 8,514 $ 8,516 Mortgage-backed securities 6,273 12,132 Corporate bonds 10,300 12,174 --------- -------- 25,087 32,822 Marketable equity securities 222 208 --------- -------- $ 25,309 $ 33,030 --------- -------- --------- -------- Cost U.S. Government securities $ 8,504 $ 8,527 Mortgage-backed securities 6,276 12,148 Corporate bonds 10,301 12,188 --------- -------- 25,081 32,863 Marketable equity securities 250 250 --------- -------- $ 25,331 $ 33,113 --------- -------- --------- -------- 6 The cost and estimated fair value of securities available-for-sale as of December 31, 1996 by contractual maturity, consisted of the following: Adjusted Fair Cost Value --------- --------- Due in one year or less $ 14,239 $ 14,245 Due in one to four years 4,816 4,791 --------- --------- 19,055 19,036 Mortgage-backed securities 6,276 6,273 --------- --------- $ 25,331 $ 25,309 --------- --------- --------- --------- 3. INVENTORIES Inventories consist of the following: December 31, June 30, 1996 1996 ------------ -------- (in thousands) Raw materials $ 291 $ 216 Finished goods 391 824 ------ ------- $ 682 $ 1,040 ------ ------- ------ ------- 4. LEASE COMMITMENTS In December 1996, the Company entered into a new leasing arrangement to finance $848,000 of equipment. As of December 31, 1996, all of the lease line was utilized and outstanding in conjunction with the new lease. The lease is classified as a capital lease and expires in fiscal year 2001. The leasing agreement includes negative covenants which require an irrevocable letter of credit in the event of non-compliance with the covenants. 5. MANAGEMENT REPRESENTATION The accompanying unaudited consolidated condensed financial statements have been prepared by the Company, pursuant to the rules and regulations of the Securities and Exchange Commission, and reflect all adjustments, consisting only of normal recurring adjustments, which, in the opinion of management, are necessary for a fair statement of the results for the interim periods presented. Operating results for the three and six months ended December 31, 1996 are not necessarily indicative of the results to be expected for the year. Certain information in footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles has been condensed or omitted pursuant to such rules and regulations. It is suggested that these consolidated financial statements be read in conjunction with the consolidated financial statements and the notes thereto contained in the Company's Annual Report on Form 10-K, as amended on Form 10-K/A, for the year ended June 30, 1996, previously filed with the Securities and Exchange Commission. 7 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS AND FACTORS THAT MAY AFFECT FUTURE RESULTS RESULTS OF OPERATIONS THREE AND SIX MONTHS ENDED DECEMBER 31, 1996 AND 1995 REVENUES Product sales increased 43% and 51%, respectively, to $1,515,000 and $2,682,000 for the three and six months ended December 31,1996 as compared to $1,059,000 and $1,774,000 for the corresponding periods of fiscal 1996. The growth of product sales in the second quarter and first six months of fiscal 1997 over the comparable prior periods of fiscal 1996 was principally due to an increased awareness and market acceptance of the Company's products in international markets, increased market penetration related to the establishment of the Company's Italian sales office in October 1995, and increased market awareness in the U.S. from the promotion of the Company's key products following the U.S. Food and Drug Administration's clearance of these products for clinical use in late 1995. Total revenues were $1,652,000 for the second quarter and $2,895,000 for the first six months of fiscal 1997, representing decreases of 30% and 16%, respectively, compared to $2,360,000 and $3,450,000 for the corresponding periods of fiscal 1996. The decrease in total revenues is primarily due to non- recurring milestone payments from corporate partners which were included in partner revenue during the first six months of the prior fiscal year. PRODUCT COSTS AND EXPENSES Cost of product sales were $1,310,000 for the second quarter and $2,282,000 for the first six months of fiscal 1997, as compared to $519,000 and $1,388,000 from the corresponding periods in the prior fiscal year. These increases were related to product sales growth and to certain manufacturing variances charged to cost of sales during the current period. While the manufacturing variances resulted in an unfavorable impact on gross margins for the second quarter and first six months of fiscal 1997, the Company has initiated actions which should result in increased gross margins for the second half of fiscal 1997. However, there can be no assurance that these actions will result in higher gross margins in the actual results for the second half of fiscal 1997. Research and development expenses for the second quarter and first six months of fiscal 1997 were $1,719,000 and $3,396,000 respectively, compared to $870,000 and $1,748,000 from the corresponding periods in the prior fiscal year. The increase in spending was related to increased product development and collaborative programs as well as the on-going development costs of the Company's ultrasound program which was initiated in January 1996 through the acquisition of Osteo Sciences Corporation. Sales and marketing expenses were $2,567,000 and $5,409,000 for the second quarter and first six months of fiscal 1997, respectively, as compared to $1,703,000 and $2,645,000 from the corresponding periods in the prior fiscal year. These increases are primarily attributable to new marketing programs aimed at increasing physician awareness and market acceptance of the Company's Pyrilinks-Registered Trademark--D product in the United States. Additional increases are related to increased personnel as compared to the second quarter and first six months of fiscal 1996 as well as expenses related to the Italian sales operation which was established in October 1995. General and administrative expenses were $918,000 and $2,084,000 for the second quarter and first six months of fiscal 1997, respectively, compared to $665,000 and $1,202,000 from the corresponding periods in the prior fiscal year. This increase is primarily due to increased personnel costs as well as additional legal and consulting expenses necessary to support the Company's expanded operations over the same periods in the prior fiscal year. 8 NET INTEREST INCOME Net interest income was $579,000 and $1,204,000 for the second quarter and the first six months of fiscal 1997, as compared to $419,000 and $860,000 from the corresponding periods in the prior fiscal year. The increase is primarily the result of increased cash resources available for investment resulting from the Company's follow-on offering in April 1996. FINANCIAL CONDITION LIQUIDITY AND CAPITAL RESOURCES The Company had cash, cash equivalents and investment securities of $43.8 million at December 31, 1996. The Company's use of cash in operating activities was $8.3 million for the six months ended December 31, 1996 compared to $5.0 million for the corresponding period ended December 31, 1995. The increase in cash usage was primarily due to the increased net loss for the corresponding periods and, to a lesser extent, fluctuations in working capital. Net cash received from financing activities for the first six months of fiscal 1997 was $721,000, which was primarily comprised of $848,000 of proceeds from a capital lease that was executed in December 1996 offset by $196,000 of repayments of existing capital leases. Capital expenditures for the first six months of fiscal 1997 were $887,000, compared to $2,207,000 for the corresponding period in fiscal 1996. This decrease is primarily due to leasehold improvements to a new facility incurred in the first two quarters of fiscal 1996 in support of the Company's expanded operations in Mountain View, California. The Company's future capital requirements depend upon, among other things, the costs of research and development programs, the funding of clinical and regulatory related studies, the expansion of marketing and selling activities, costs involved in filing, prosecuting and enforcing patent claims, and the time and costs associated with obtaining regulatory approvals for future products. Funds may also be used for investments in, or acquisitions of, complementary businesses, products or technologies, in expanding the Company's manufacturing capacity or in improving its existing facilities. Although the Company believes its current cash, cash equivalents and investment securities will be sufficient to meet the Company's operating expenses and capital requirements through fiscal 1999, the Company's future liquidity and capital requirements will depend on numerous factors, including regulatory actions by the FDA and other international regulatory bodies, market acceptance of its products, expansion of the Company's marketing and sales activities and the cost of intellectual property protection. The Company may, however, seek additional equity or debt financing to fund further expansion of its manufacturing capacity, or to fund other projects or acquisitions. The timing and amount of such capital requirements cannot be precisely determined at this time and will depend on a number of factors, including demand for the Company's products, product mix changes, industry conditions and competitive factors. There can be no assurance that if it becomes necessary to raise additional capital, that such capital will be available on acceptable terms, if at all. FACTORS THAT MAY AFFECT FUTURE RESULTS The Company commenced its marketing efforts in the United States upon receiving 510(k) clearance for its key products in late 1995, and does not anticipate significant revenues from clinical sales of its products in the United States unless and until the results of its medical education efforts are realized. The Company may continue to experience increased product sales over the prior fiscal year. However, the success of achieving increased sales growth depends upon increased awareness and acceptance of its products among clinicians, adequate levels of third-party reimbursement for clinical use of its diagnostic tests, the ability to successfully launch new products, continued sales growth of the Company's manual test formats and successful market penetration of automated test formats by the Company's corporate partners. There can be no assurance the Company can successfully achieve any of the above items in a timely manner or at all, and failure to do so could have a material adverse effect on the Company's business, financial condition and results of operations. 9 DISCLOSURE PURSUANT TO THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 EXCEPT FOR HISTORICAL INFORMATION CONTAINED HEREIN, THE MANAGEMENT'S DISCUSSION AND ANALYSIS SET FORTH ABOVE ARE FORWARD-LOOKING STATEMENTS THAT ARE SUBJECT TO CERTAIN RISKS AND UNCERTAINTIES. THESE RISKS AND UNCERTAINTIES INCLUDE SUCH FACTORS, AMONG OTHERS, AS THE UNCERTAINTY OF MARKET ACCEPTANCE FOR BIOCHEMICAL MARKERS, METRA'S DEPENDENCE UPON INTERNATIONAL SALES, THE UNCERTAINTY OF INTERNATIONAL REGULATIONS, METRA'S RELIANCE UPON COLLABORATIVE RELATIONSHIPS, THE UNCERTAINTY OF ULTRASOUND TECHNOLOGY DEVELOPMENT, COMPETITION AND REGULATION AND THE OTHER RISK FACTORS LISTED IN THE COMPANY'S PROSPECTUS DATED APRIL 23, 1996 AND ANNUAL REPORT ON FORM 10-K AND FORM 10K/A FOR THE YEAR ENDED JUNE 30, 1996. THE COMPANY UNDERTAKES NO OBLIGATION TO UPDATE THE INFORMATION, INCLUDING THE FORWARD-LOOKING STATEMENTS, IN THIS FORM 10-Q. 10 PART II. - OTHER INFORMATION Item 1. - Legal Proceedings None Item 2. - Changes In Securities With respect to the Company's currently outstanding Preferred Share Purchase Rights, on January 17, 1997, the Board of Directors of the Company approved an amendment of the Company's Preferred Shares Rights Agreement dated as of August 21, 1996 between the Company and The First National Bank of Boston (the "Rights Agreement") to increase the ownership threshold required to trigger the Rights Agreement from 15% to 20%, as more fully set forth in the Rights Agreement, as amended on January 17, 1997. The rights, privileges and preferences of the Company's Preferred Share Purchase Rights are described in the Company's Registration Statement on Form 8-A filed with the Securities and Exchange Commission on August 22, 1996, as amended on January 24, 1997. Item 3. - Defaults Upon Senior Securities None Item 4. - Submission of Matters to a Vote of Securities Holders At the Company's Annual Shareholders' Meeting which was held on December 16, 1996, the shareholders adopted the following management proposals: 1. The election of the following individuals as directors of the Company; Claude D. Arnaud, M.D. For 9,271,291 Against 28,813 Abstain 0 --------- ------ ---- John L. Castello For 9,268,291 Against 31,813 Abstain 0 --------- ------ ---- George W. Dunbar, Jr., For 9,250,704 Against 49,400 Abstain 0 --------- ------ ---- Mary Lake Polan M.D., Ph.D. For 9,283,691 Against 16,413 Abstain 0 --------- ------ ---- Leonard Schaeffer For 7,690,562 Against 1,609,542 Abstain 0 --------- --------- ---- Costa G. Sevastopoulos, Ph.D. For 9,280,791 Against 19,313 Abstain 0 --------- ------ ---- Craig C. Taylor For 9,266,291 Against 33,813 Abstain 0 --------- ------ ---- Samuel Urcis For 9,266,291 Against 33,813 Abstain 0 --------- ------ ---- 2. An amendment to the 1995 Stock Option Plan to increase the number of shares available for grant thereunder by 500,000 shares For 5,283,960 Against 3,778,187 Abstain 21,801 Broker non-vote 216,156 --------- --------- ------ -------
11 3. The ratification of the appointment of KPMG Peat Marwick LLP as independent auditors of the Company for the fiscal year ending June 30, 1997. For 9,284,324 Against 11,690 Abstain 4,090 --------- ------ ----- The following management proposal was not approved by a "majority of the shares entitled to vote," as defined by the California General Corporation Law, and therefore was not adopted by the shareholders or effected by the Company: 4. A change in the Company's state of incorporation from California to Delaware by means of a merger of the Company with and into a wholly owned Delaware subsidiary of the Company. For 4,795,018 Against 3,332,372 Abstain 20,194 Broker non-vote 1,152,520 --------- --------- ------ ---------
Item 5. - Other Information None Item 6. - Exhibits and Reports on Form 8-K a. Exhibits 4.99* Amendment No. 1 to Preferred Shares Rights Agreement, dated as of January 17, 1997, between Metra Biosystems, Inc. and the First National Bank of Boston. b. Forms 8-K No Reports on Form 8-K were filed during the period covered by this report. However, the Company filed a Report on Form 8-K, dated January 23, 1997, reporting the approval of an amendment to the Rights Agreement to increase the ownership threshold required to trigger the Rights Agreement from 15% to 20%. -------------------- * Previously filed with the Company's Registration Statement on Form 8- A/A filed with the Securities and Exchange Commission on January 24, 1997 and incorporated by reference herein. 12 SIGNATURE 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. /s/ Kurt E. Amundson February 13, 1997 - ----------------------------- ----------------- Kurt E. Amundson Vice President and Chief Financial Officer (duly authorized and principal financial and principal accounting officer) 13 EX-27.1 2 EXHIBIT 27.1 (FDS)
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE METRA BIOSYSTEMS, INC. QUARTERLY REPORT ON FORM 10-Q FOR THE PERIOD ENDED DECEMBER 31, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 6-MOS JUN-30-1997 JUL-01-1996 DEC-31-1996 18,518 19,220 1,232 0 682 40,293 4,575 0 51,028 3,624 0 0 0 13 45,502 51,028 2,682 2,895 2,282 13,171 0 0 0 (9,072) 0 (9,072) 0 0 0 (9,072) (.72) (.72)
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