BioForm Medical Inc. BFRM filed Quarterly Report for the period ended 2009-03-31.
BioForm Medical Inc. is a medical aesthetics company headquartered in San Mateo California. BioForm Medical is dedicated to bringing doctors and their patients safe and effective products for use in the dermatology plastic surgery and ENT markets. BioForm Medical's products include Radiesse dermal filler for use in facial aesthetics and vocal fold insufficiency and Coaptite injectable implant for treating female stress urinary incontinence which is marketed through a partnership with Boston Scientific Corporation. BioForm Medical has licensed U.S. marketing rights to Aethoxysklerol sclerotherapy agent which is the leading worldwide sclerotherapy agent and is currently being evaluated in a Phase III clinical trial. BioForm Medical has also licensed BioGlue surgical adhesive product for plastic surgery applications which is being developed in a partnership with CryoLife Inc. BioForm Medical Inc. has a market cap of $57 million; its shares were traded at around $1.23 with and P/S ratio of 1.1.
Net sales were $15.0 million for the third quarter of fiscal 2009 as compared to $17.0 million for the third quarter of fiscal 2008, a decrease of $2.0 million or 11.8%. Domestic sales were $12.2 million for the third quarter of fiscal 2009 as compared to $14.0 million for the third quarter of fiscal 2008, a decrease of $1.8 million or 12.9%. International sales were $2.8 million for the third quarter of fiscal 2009 as compared to $2.9 million for the third quarter of fiscal 2008, a decrease of $0.1 million or 3.4%. The decrease in net sales resulted from significant weakness in consumer confidence and the economy during the third quarter of fiscal 2009 compared to the same period in fiscal 2008.
Our research and development expenses were $2.2 million for the third quarter of fiscal 2009 as compared to $2.3 million for the third quarter of fiscal 2008, a decrease of $0.1 million or 4.3%. As a percentage of net sales, research and development expenses were 14.5% for the third quarter of fiscal 2009 as compared to 13.3% for the third quarter of fiscal 2008. The dollar decrease in research and development was primarily due to a $0.3 million decrease in development expenses as a result of the cost reduction plan. These decreases were partially offset by a $0.2 million increase in regulatory and clinical activities.
Net sales were $47.3 million for the first nine months of fiscal 2009 as compared to $50.8 million for the same period in fiscal 2008, a decrease of $3.5 million or 6.9%. Domestic sales were $38.2 million for the first nine months of fiscal 2009 as compared to $41.2 million for the same period in fiscal 2008, a decrease of $3.0 million or 7.3%. International sales were $9.2 million for the first nine months of fiscal 2009 as compared to $9.6 million for the same period in fiscal 2008, a decrease of $0.4 million or 4.2%. The decrease in net sales resulted from significant weakness in consumer confidence and the economy during the first nine months of fiscal 2009 compared to the same period in fiscal 2008.
Our research and development expenses were $7.4 million for the first nine months of fiscal 2009 as compared to $6.6 million for the same period in fiscal 2008, an increase of $0.8 million or 12.1%. As a percentage of net sales, research and development expenses were 15.6% for the first nine months of fiscal 2009 as compared to 13.0% for the same period of fiscal 2008. The dollar increase in research and development was due to higher regulatory expenses of $0.6 million and development expenses of $1.1 million. These increases were partially offset by savings realized as a result of the reduction of our workforce under the cost reduction plan of $0.9 million.
Our general and administrative expenses were $8.1 million for the first nine months of fiscal 2009 as compared to $6.8 million for the same period in fiscal 2008, an increase of $1.3 million, or 19.1%. As a percentage of net sales, general and administrative expenses were 17.0% in the first nine months of fiscal 2009 as compared to 13.4% in the same period of fiscal 2008. The dollar increase was primarily due to higher employee expenses of $0.3 million, higher outside services of $0.6 million and higher bad debt expense of $0.5 million. These increases were partially offset by savings from our cost reduction plan.
Read the The complete Report
BioForm Medical Inc. is a medical aesthetics company headquartered in San Mateo California. BioForm Medical is dedicated to bringing doctors and their patients safe and effective products for use in the dermatology plastic surgery and ENT markets. BioForm Medical's products include Radiesse dermal filler for use in facial aesthetics and vocal fold insufficiency and Coaptite injectable implant for treating female stress urinary incontinence which is marketed through a partnership with Boston Scientific Corporation. BioForm Medical has licensed U.S. marketing rights to Aethoxysklerol sclerotherapy agent which is the leading worldwide sclerotherapy agent and is currently being evaluated in a Phase III clinical trial. BioForm Medical has also licensed BioGlue surgical adhesive product for plastic surgery applications which is being developed in a partnership with CryoLife Inc. BioForm Medical Inc. has a market cap of $57 million; its shares were traded at around $1.23 with and P/S ratio of 1.1.
Highlight of Business Operations:
Contingent payments totaling $3.2 million under the agreement with Kreussler and $0.5 million under the agreement with CryoLife will become due upon success in reaching specified clinical and regulatory milestones. Under the agreement with ACI for the purchase of the RELAXED EXPRESSIONS product and technology, we are required to pay contingent consideration based on a percentage of future sales plus a one-time payment of $7.5 million in the event sales exceed $60 million in any calendar year from 2011 to 2014. Due to the uncertainties inherent in medical clinical trials and regulatory review by the FDA, as well as future sales, we are unable to predict if or when the contingent payments under these agreements will become payable except for a $0.7 million payment to Kreussler that we believe will likely become payable during the fourth quarter of fiscal 2009. We expect that our future revenue may grow materially as a result of these product candidates and any other future products or indications, if and when we introduce them.Net sales were $15.0 million for the third quarter of fiscal 2009 as compared to $17.0 million for the third quarter of fiscal 2008, a decrease of $2.0 million or 11.8%. Domestic sales were $12.2 million for the third quarter of fiscal 2009 as compared to $14.0 million for the third quarter of fiscal 2008, a decrease of $1.8 million or 12.9%. International sales were $2.8 million for the third quarter of fiscal 2009 as compared to $2.9 million for the third quarter of fiscal 2008, a decrease of $0.1 million or 3.4%. The decrease in net sales resulted from significant weakness in consumer confidence and the economy during the third quarter of fiscal 2009 compared to the same period in fiscal 2008.
Our research and development expenses were $2.2 million for the third quarter of fiscal 2009 as compared to $2.3 million for the third quarter of fiscal 2008, a decrease of $0.1 million or 4.3%. As a percentage of net sales, research and development expenses were 14.5% for the third quarter of fiscal 2009 as compared to 13.3% for the third quarter of fiscal 2008. The dollar decrease in research and development was primarily due to a $0.3 million decrease in development expenses as a result of the cost reduction plan. These decreases were partially offset by a $0.2 million increase in regulatory and clinical activities.
Net sales were $47.3 million for the first nine months of fiscal 2009 as compared to $50.8 million for the same period in fiscal 2008, a decrease of $3.5 million or 6.9%. Domestic sales were $38.2 million for the first nine months of fiscal 2009 as compared to $41.2 million for the same period in fiscal 2008, a decrease of $3.0 million or 7.3%. International sales were $9.2 million for the first nine months of fiscal 2009 as compared to $9.6 million for the same period in fiscal 2008, a decrease of $0.4 million or 4.2%. The decrease in net sales resulted from significant weakness in consumer confidence and the economy during the first nine months of fiscal 2009 compared to the same period in fiscal 2008.
Our research and development expenses were $7.4 million for the first nine months of fiscal 2009 as compared to $6.6 million for the same period in fiscal 2008, an increase of $0.8 million or 12.1%. As a percentage of net sales, research and development expenses were 15.6% for the first nine months of fiscal 2009 as compared to 13.0% for the same period of fiscal 2008. The dollar increase in research and development was due to higher regulatory expenses of $0.6 million and development expenses of $1.1 million. These increases were partially offset by savings realized as a result of the reduction of our workforce under the cost reduction plan of $0.9 million.
Our general and administrative expenses were $8.1 million for the first nine months of fiscal 2009 as compared to $6.8 million for the same period in fiscal 2008, an increase of $1.3 million, or 19.1%. As a percentage of net sales, general and administrative expenses were 17.0% in the first nine months of fiscal 2009 as compared to 13.4% in the same period of fiscal 2008. The dollar increase was primarily due to higher employee expenses of $0.3 million, higher outside services of $0.6 million and higher bad debt expense of $0.5 million. These increases were partially offset by savings from our cost reduction plan.
Read the The complete Report
