UPPSALA, Sweden, Feb. 21, 2003 (PRIMEZONE) -- Biacore (Nasdaq:BCOR):
Biacore's sales in 2002 increased by 13% to SEK 614.2 million (543.7). Excluding the impact of exchange rates, sales rose by 14%. Sales in the fourth quarter amounted to SEK 175.9 million (175.0).
Biacore's earnings per share in 2002 increased by 63% to SEK 8.20 (5.04) due to careful cost controls and the one-off benefits from the successful defence of the Company's IP position in the U.S. This very positive earnings performance was achieved even after investing heavily in the new SPR array chip technology, as well as making provisions to reflect the lower value of some of the Company's earlier investments in biotech companies. Earnings per share in the fourth quarter were SEK 4.15 (1.68), an increase by 147%.
Reflecting Biacore's continued strong cash flow, the Board will recommend to the Annual General Meeting that the Company begins to pay dividends to its shareholders. For the financial year 2002 the Board will recommend a dividend payment of SEK 3.00 per share.
Taking into consideration the general market conditions and currency developments, Biacore's sales for the full-year 2003 are expected to increase by approximately 10%. Earnings per share are forecast to increase by approximately 70% in 2003. Earnings per share will be positively affected by a considerable reduction of the tax rate compared with full-year 2002 and the capitalization of R&D expenses of approximately SEK 40 million in accordance with Swedish accounting rules. As always, sales and earnings are expected to vary substantially between the quarters.
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; Reuters:BCOR.N)
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The following files are available for download:
www.waymaker.net/bitonline/2003/02/21/20030221BIT00080/wkr0001.doc The full year-end report www.waymaker.net/bitonline/2003/02/21/20030221BIT00080/wkr0002.pdf The full year-end report