ONTARIO, Calif., Feb. 11, 2004 (PRIMEZONE) -- LifePoint, Inc. (AMEX:LFP), a leader in non-invasive drug diagnostic technologies and solutions, today announced results of operations for the third quarter ended December 31, 2003. Net loss for the third quarter ended December 31, 2003 was $1.8 million, or $0.05 per share, compared to a net loss of $2.9 million, or $0.8 per share, for the quarter ended December 31, 2002.
"We are pleased to announce that LifePoint has completed the internal and field-testing of our enhanced IMPACT(r) Test System product at multiple sites", stated Linda H. Masterson, President and CEO of LifePoint Inc. "We have also continued validation of manufacturing processes, and have started to ship the product to current customers and distributors. After we have completed shipping to current customers, we plan to start to ship to new customers with our initial focus on US industrial and International law enforcement customers.'
During the quarter ended December 31, 2003, LifePoint did not make any sales or record cost of sales. LifePoint spent $1.0 million on research and development (which includes manufacturing costs), $0.2 million on selling expenses and $0.6 million on general and administrative expenses. For the same three-month period in 2002 LifePoint spent $0.2 million on cost of sales, $1.4 million on research and development, $0.5 million on selling expenses and $0.6 million on general and administrative expenses.
For the nine months ended December 31, 2003, LifePoint did not make any sales or record cost of sales. During this nine months LifePoint spent $2.5 million on research and development which includes manufacturing costs), $0.4 million on selling expenses and $1.6 million on general and administrative expenses. For the same nine month period in 2002 LifePoint spent $1.3 million on cost of sales, $5.5 million on research and development, $1.7 million on selling expenses and $1.8 million on general and administrative expenses.
LifePoint will host a conference call today, February 11, 2004 at 4:30 PM EDT, (1:30 PM PDT) to discuss the financial results for the third quarter of fiscal 2004 and to provide an update on the IMPACT Test System. To participate, please dial 1-800-299-7635 and 1-617-786-2901 (international) Pass code #36893261.
If you are unable to participate, an audio digital replay of the call will be available from February 11, 2004 at 6:30 p.m. EST until 6:30 p.m. EST, March 11, 2004, by dialing 1-888-286-8010 (domestic) or 617-801-6888 (international) using confirmation code #54967588. A web archive will be available for 30 days at http://www.streetevents.com, http://www.companyboardroom.com, or http://www.LifePointInc.com. The company will issue its quarterly letter to shareholders following the conference call.
For the For the
Three Months Ended Nine Months Ended
December 31 December 31
2003 2002 2003 2002
----------- ----------- ------------ ------------
Revenues $ -- $ (1,240) $ (18,500) $ 163,095
Costs and expenses:
Cost of goods
sold -- 238,433 -- 1,270,428
Research and
Development 1,032,061 1,431,415 2,556,230 5,456,899
Selling Expenses 173,489 533,022 419,967 1,654,674
General and
Administrative
Expenses 587,387 644,066 1,628,735 1,798,477
----------- ----------- ------------ ------------
Total costs and
expenses from
operations 1,792,937 2,846,936 4,604,932 10,180,478
----------- ----------- ------------ ------------
Loss from
operations (1,792,937) (2,848,176) (4,623,432) (10,017,383)
Interest income 590 (4,031) 16,656 (21,355)
Interest expense -- (51,750) (323,140) (51,750)
Discount on
settlement of
trade payables 3,558 -- 727,171 --
----------- ----------- ------------ ------------
Total other
income
(expense) 4,148 (55,781) 420,687 (73,105)
----------- ----------- ------------ ------------
Net loss $(1,788,789) $(2,903,957) $ (4,202,745) $(10,090,488)
Less registration
effectiveness fee -- -- -- 413,615
Less preferred
dividends 524,531 343,867 7,745,427 1,033,468
----------- ----------- ------------ ------------
Loss applicable
to common
shareholders $(2,313,320) $(3,247,824) $(11,948,172) $(11,537,571)
=========== =========== ============ ============
Loss applicable
to common
stockholders per
common share:
Weighted average
common shares
outstanding -
basic and
assuming
dilution 42,122,394 35,827,164 39,135,182 35,604,319
=========== =========== ============ ============
Net loss per share
applicable to
common
stockholders $ (0.05) $ (0.08) $ (0.31) $ (0.32)
=========== =========== ============ ============
Cash at
December 31 $ 3,871,902 $ 1,227,280
=========== ===========
About LifePoint, Inc
LifePoint, Inc., a leader in non-invasive drug diagnostic technologies and solutions, has developed, manufactures and markets the IMPACT Test System - a rapid diagnostic testing, screening and drug monitoring device for use in law enforcement and the workplace, and in the future, ambulances, pharmacies, and home healthcare markets. LifePoint's patented and proprietary technologies for the use of saliva as a non-invasive, blood-comparable test specimen, used in conjunction with the flow immunosensor technology licensed from the United States Navy, have allowed LifePoint to develop a broadly applicable, rapid, on-site diagnostic test system. The first product simultaneously detects drugs of abuse and alcohol. The initial three target markets - law enforcement, industrial workplace and medical emergency room - are estimated to be over $1.6 billion in total opportunity.
This press release contains forward-looking statements regarding future events and the future performance of LifePoint, Inc. that involve risks and uncertainties that could cause actual results to differ materially. Although the Company believes that the expectations reflected in any forward-looking statements made herein are reasonable, the Company cannot guarantee future results, levels of activity, performance or achievements. The Company undertakes no obligation to update any forward-looking statements made to conform to actual results or to changes to expectations. These risks include, but are not limited to the potential need for additional financing, FDA 510(k) clearance in medical markets, dependence on third parties for certain marketing efforts, and market acceptance. These risks and others are described in further detail in the Company's reports filed with the Securities and Exchange Commission.
LifePoint(r) and IMPACT(r) are trademarks of LifePoint, Inc.