ONTARIO, Calif., July 15, 2003 (PRIMEZONE) -- LifePoint, Inc. (AMEX:LFP), a leader in non-invasive drug diagnostic technologies and solutions, today announced audited financial results for the fiscal year ended March 31, 2003. LifePoint recognized revenues of $48,713 from the launch of the LifePoint(r) IMPACT(r) Test System. Net loss for the fiscal year ended March 31, 2003 was $16.1 million, or $0.51 per share, compared to a net loss of $12.6 million, or $0.40 per share, for the same period last year.
"We are pleased to be able to report the completion of the year-end audited financial results for fiscal 2003," stated Linda H. Masterson, President and CEO of LifePoint. "The delay was due to a lack of funding and resources to close the books and prepare the financial statements which also delayed the commencement of the annual audit. With the recently announced financing we were able to complete the filing of our Form 10-K. We can now focus on the continued introduction, manufacturing, marketing and sales of the LifePoint(r) IMPACT(r) Test System."
LifePoint will host a conference call today at 4:30 PM EDT, (1:30 PM PDT) to discuss the financial results for fiscal year ended March 31, 2003 and to update participants on LifePoint, Inc. To participate, please dial 1-800.299.0148 or listen via web cast at www.LifePointInc.com.
For fiscal years
Ended March 31,
2003 2002
---------- ----------
(in Millions)
Revenues $ 0.0 $ 0.1
Costs and expenses:
Cost of Sales $ 1.3 $ 0.6
Selling, general
and administrative
expense $ 4.5 $ 4.4
Research and development $ 9.3 $ 7.4
Depreciation and
amortization $ 0.6 $ 0.5
---------- ----------
Total costs and
expenses $ 15.7 $ 12.9
---------- ----------
Loss from operations $ (15.7) $ (12.8)
Interest income
(expense) net $ (0.4) $ 0.2
---------- ----------
Net Loss $ (16.1) $ (12.6)
For fiscal years
Ended March 31,
2003 2002
---------- ----------
(in millions except per share)
Less registration
effectiveness fee $ (1.0) --
Less preferred dividends $ (1.3) $ (1.0)
---------- ----------
Loss applicable to
common stockholders $ (18.4) $ (13.6)
---------- ----------
Weighted average common
shares outstanding 35.8 31.7
Net loss per common share $ (0.51) $ (0.40)
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 the workplace, ambulances, pharmacies, law enforcement 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, has allowed LifePoint to develop a broadly applicable, rapid, on-site diagnostic test system. The first product simultaneously detects drugs of abuse and alcohol, and the initial three target markets - law enforcement, industrial workplace and medical emergency room - are estimated to be over $1.6 billion.
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. These risks include, but are not limited to, fund any potential repurchase of the Series D Preferred Stock; 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 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.