ZEVEX International Inc. (NASDAQ: ZVXI) reported record unaudited
financial results for the three and 12 months ended Dec. 31, 2005.
Revenue for the fourth quarter of 2005 increased 60% to $9.4
million, compared with $5.9 million for the fourth quarter of 2004.
For the year ended Dec. 31, 2005, revenue increased 28% to $30.3
million, compared with $23.6 million for the prior year. Net income
for the fourth quarter of 2005 was $906,274, or $0.23 per fully
diluted share, compared with a net loss of $285,929, or ($0.08) per
share, for the fourth quarter of 2004. For 2005, net income was
$1,905,378, or $0.52 per fully diluted share, compared with a net
loss of $178,977, or ($0.05) per share, for the prior year. Gross
profit for the fourth quarter of 2005 increased to approximately
39% of sales, compared with 32% of sales for the fourth quarter of
2004. Gross profit for 2005 was approximately 37% of sales,
compared with 36% of sales for the prior year. The increase in
gross profit for 2005 was due to a more favorable product sales
mix. Therapeutics Division revenue for the fourth quarter of 2005
increased 80% to $5.7 million, compared with $3.1 million for the
fourth quarter of 2004. For 2005, Therapeutics Division revenue
increased 35% to $16.9 million, compared with $12.5 million for the
prior year. Sales of the company's domestic EnteraLite(R) and
EnteraLite(R) Infinity(R) enteral feeding pumps and disposable sets
grew 19% in 2005 over 2004. International sales of Therapeutics
products increased 165% over the prior year, primarily due to
increased sales of the company's Infinity enteral feeding pump
through its strategic distribution agreement with the Nutricia
Clinical division of Royal Numico. This growth more than offset the
decline in sales of the company's stationary pumps and disposable
sets, which decreased by 14% in 2005 compared with sales in 2004.
Applied Technology Division revenue for the fourth quarter of 2005
increased 36% to $3.7 million, compared with $2.7 million for the
fourth quarter of 2004. For 2005, Applied Technology Division
revenue increased approximately 20% to $13.4 million, compared with
$11.1 million for the prior year. Specifically, revenue from
surgical handpieces and sensors grew by 30%, and revenue from
engineering services grew by 21%. These increases more than offset
lower revenue from systems, which declined by approximately 8%. For
2005, operating expenses were $9.3 million, or 31% of sales,
compared with $8.6 million, or 36% of sales, for 2004. Selling,
general and administrative expenses for 2005 were $8.1 million, or
27% of sales, compared with $7.1 million, or 30% of sales, for the
prior year. Research and development expenses for 2005 were $1.2
million, or 4% of sales, compared to $1.4 million, or 6% of sales,
in the prior year. Chief Executive Officer David J. McNally said,
"We are pleased to report record profit and substantial revenue
growth in 2005. Sales of pumps and disposable sets from our
Therapeutics Division increased significantly this past year due to
the introduction of our EnteraLite Infinity in the U.S. in January
2005, and due to sales of Flocare(R) Infinity pumps and accessories
to Nutricia Clinical, our distribution partner in 32 countries. In
addition, sales from our Applied Technology Division continued to
be strong through the fourth quarter of 2005. "We are also pleased
to report that we continued to strengthen our balance sheet during
2005. Our cash and cash equivalents at the end of 2005 increased to
$1.3 million from $213,000 at the end of 2004. Our operations team
held inventories steady during the year, even with increased
production of our Infinity pumps and disposables. Our accounts
receivable at the end of 2005 increased to $5.6 million from $3.6
million in 2004, due to our revenue growth. In addition, our funded
debt at the end of 2005 was reduced by approximately $150,000 to
$2.0 million, compared with the end of 2004, which is the lowest
level in over eight years," McNally continued. "The outlook for
2006 is encouraging. Our domestic Therapeutics Division sales force
has successfully launched the EnteraLite Infinity, achieving record
pump unit sales in 2005. Disposable set sales are increasing based
upon the growth of our installed base of Infinity pumps. Nutricia
Clinical has now launched the Flocare Infinity product line in
major European markets, and is continuing to launch this product in
other countries. Our expectations regarding revenue growth in 2006
from sales to Nutricia Clinical remain consistent with the levels
we projected in our press release of Dec. 21, 2005. Furthermore, we
expect that our Applied Technology sales will remain strong during
2006, based upon current customer forecasts. Based upon these early
positive indications, we believe that our revenue growth could
again exceed 20 percent in 2006. During 2006, we expect to increase
our investment in research and development to approximately 5% of
sales. We will also increase our investment in sales and marketing
in order to develop revenue growth opportunities for 2006 and
beyond," McNally concluded. Conference Call ZEVEX International
Inc. invites all those interested to join the ZEVEX management team
for its earnings conference call for the fourth quarter and year
ended Dec. 31, 2005. The call will be held Thursday, Feb. 16, 2006,
at 2:30 p.m. Mountain Time (4:30 p.m. Eastern, 3:30 p.m. Central
and 1:30 p.m. Pacific). The telephone numbers for the call are as
follows: Domestic: 866-250-3615 International: 303-262-2175 A live
webcast and a rebroadcast of the conference call will be available
on the company's Web site at www.zevex.com and
www.streetevents.com. To listen to the live broadcast, please enter
either site 10-15 minutes prior to the call in order to download
any necessary software, and then click on the "Live Webcast" link
on the ZEVEX home page to access the call. The webcast will be
archived on both sites. There is no other replay access to the
call. About ZEVEX ZEVEX International Inc., founded in 1986, is a
diversified medical device company committed to creating products
that transform life with patented and proprietary medical device
technologies -- from sensors and surgical tools, to medical
electronic systems. For more information concerning ZEVEX and its
products, please visit the ZEVEX Web site at www.zevex.com.
Forward-Looking Statements Statements made in this press release,
including those relating to anticipated revenue growth and other
statements regarding future performance, are forward looking and
are made pursuant to the safe harbor provisions of the Securities
Litigation Reform Act of 1995. Such statements involve risks and
uncertainties that may cause actual results to differ materially
from those set forth in these statements. Among other things, the
company's efforts to improve its sales and margins in its core
businesses may not be effective, or such efforts could be more
difficult or expensive than the company currently anticipates.
Moreover, the company could experience further delays in orders for
its contract manufacturing products, or in the launch of planned
new products that could delay the receipt of anticipated revenue.
In addition to the foregoing, the economic, competitive,
governmental, technological and other factors identified in the
company's filings with the Securities and Exchange Commission,
including the Form 10-K for the year ended Dec. 31, 2004, may cause
actual results or events to differ materially from those described
in the forward-looking statements in this press release. -0- *T
ZEVEX INTERNATIONAL INC. CONSOLIDATED STATEMENT OF OPERATIONS Three
Months Ended Twelve Months Ended Dec. 31, Dec. 31, 2005 2004 2005
2004 (Unaudited) (Unaudited) Revenue: Product sales $9,209,165
$5,787,653 $29,721,595 $22,968,163 Engineering services 145,717
74,595 552,327 666,192 ----------- ----------- ------------
------------ Total revenue $9,354,882 $5,862,248 30,273,922
$23,634,355 Cost of sales 5,740,682 3,983,910 18,924,370 15,177,377
----------- ----------- ------------ ------------ Gross profit
3,614,200 1,878,338 11,349,552 8,456,978 Operating expenses:
Selling, general and administrative 2,345,127 1,733,768 8,091,996
7,142,513 Research and development 312,596 437,338 1,208,466
1,430,692 ----------- ----------- ------------ ------------ Total
operating expenses 2,657,723 2,171,106 9,300,462 8,573,205
Operating income (loss) 956,477 (292,768) 2,049,090 (116,227) Other
income (expense): Interest and other income 10,867 7,233 39,759
22,209 Interest and other expense (59,596) (27,235) (179,362)
(142,042) Gain (Loss) on sale of assets (514) 25,861 (514) 25,861
----------- ----------- ------------ ------------ Income (loss)
before income taxes 907,234 (286,909) 1,908,973 (210,199)
(Provision) benefit for income taxes (960) 980 (3,595) 31,222
----------- ----------- ------------ ------------ Net income (loss)
$906,274 ($285,929) $1,905,378 ($178,977) =========== ===========
============ ============ Basic net income (loss) per share $0.26
($0.08) $0.56 ($0.05) =========== =========== ============
============ Weighted average shares outstanding 3,453,266
3,400,964 3,416,828 3,400,964 =========== =========== ============
============ Diluted net income (loss) per share: $0.23 ($0.08)
$0.52 ($0.05) =========== =========== ============ ============
Diluted weighted average shares outstanding 3,963,569 3,400,964
3,675,204 3,400,964 =========== =========== ============
============ *T -0- *T ZEVEX INTERNATIONAL INC. CONSOLIDATED
BALANCE SHEET Dec. 31, Dec. 31, 2005 2004 (Unaudited) ------------
------------ ASSETS Current Assets Cash and cash equivalents
$1,284,218 $212,859 Designated cash for sinking fund payment on
industrial development bond 89,037 96,042 Accounts receivable, net
of allowances for doubtful accounts of $130,000 and $192,000
5,641,229 3,563,436 Other receivable -- 35,500 Inventories
4,586,418 4,584,755 Marketable securities 20,250 29,250 Prepaid
expenses and other current assets 193,362 149,690 ------------
------------ Total current assets 11,814,514 8,671,532 Property and
equipment, net 4,639,136 4,345,942 Patents, trademarks and other
intangibles, net 348,467 335,244 Goodwill, net 4,048,264 4,048,264
------------ ------------ Total assets $20,850,381 $17,400,982
============ ============ LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities Accounts payable $2,462,071 $1,949,618 Other
accrued liabilities 1,290,911 606,734 Deferred revenue 52,081 --
Income taxes payable 2,965 2,005 Current portion of industrial
development bond 100,000 100,000 Current portion of other long-term
debt 56,219 53,246 ------------ ------------ Total current
liabilities 3,964,247 2,711,603 Industrial development bond
1,100,000 1,200,000 Other long-term debt 710,143 766,362
Stockholders' Equity Common stock; $.001 par value, 10,000,000
authorized shares, 3,566,593 issued and 3,527,360 outstanding at
Dec. 31, 2005 and 3,440,197 issued and 3,400,964 outstanding at
Dec. 31, 2004 3,567 3,440 Additional paid-in capital 16,719,396
16,290,452 Unrealized gain (loss) on marketable securities --
(18,525) Treasury stock, 39,233 shares (at cost) at Dec. 31, 2005
and Dec. 31, 2004 (89,422) (89,422) Accumulated deficit (1,557,550)
(3,462,928) ------------ ------------ Total stockholders' equity
15,075,991 12,723,017 ------------ ------------ Total liabilities
and stockholders' equity $20,850,381 $17,400,982 ============
============ *T
Zevex (NASDAQ:ZVXI)
éŽåŽ» æ ªä¾¡ãƒãƒ£ãƒ¼ãƒˆ
ã‹ã‚‰ 5 2024 ã¾ã§ 6 2024
Zevex (NASDAQ:ZVXI)
éŽåŽ» æ ªä¾¡ãƒãƒ£ãƒ¼ãƒˆ
ã‹ã‚‰ 6 2023 ã¾ã§ 6 2024