UPPSALA, Sweden, Oct. 23, 2002 (PRIMEZONE) --Biacore (NasdaqNM:BCOR):
Biacore's sales in the third quarter of 2002 increased by 25% toSEK 142.4 million (113.8). Sales were particularly strong in Europe.Through the first nine months of the year sales have increased by 19% toSEK 438.3 million (368.7).
Operating income in the third quarter increased by 229% to SEK 30.3million (9.2). For the first nine months of 2002, operating incomeincreased by 140% to SEK 92.1 million (38.4). The operating margin was21%.
Earnings per share in the third quarter increased by 8% to SEK 1.16 (1.07). Excluding items of a one-off nature in 2001 and 2002 related tothe Company's equity portfolio in the emerging biotechnology sector,earnings per share increased by 236% to SEK 2.45 (0.73). Earnings pershare through the first three quarters of 2002 increased by 20% to SEK4.06 (3.37).
The Company continues to generate strong cash flow as evidenced bySEK 111.9 million in cash flow from operating activities in the periodJanuary-September 2002.
The new cell based assay system Procel(R), which is designed tocomplement Biacore(R)S51 in the field of lead optimization, is on scheduleto be launched at the end of 2002. As previously reported, Biacore willinvest in the region of SEK 35 million in 2002 on commercializing itsSPR array chip technology.
Biacore maintains the sales forecast it made in the half-year report and continues to expect that its sales will increase by approximately 15% in 2002. Earnings per share for the full-year 2002 are expected to increase by more than 60% over earnings per share in 2001, which were SEK 5.04. This is an addition to the previous forecast, which stated that combined marketing and administration costs were expected to increase by no more than 10% but which did not include any forecast of earnings per share.
For further information, please contact: Dr. Ulf Jonsson, President and CEO Phone +41 (0)79 668 8336 Lars-Olov Forslund, CFO Phone +41 (0)79 347 9900 Jan Isoz, Investor Relations Phone +46 (0)708 10 31 17
More information on Biacore is available at the Company's website: www.biacore.com (SSE: BCOR) (Nasdaq: BCOR).
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