UPPSALA, Sweden, Feb. 18, 2002 (PRIMEZONE) -- Pyrosequencing AB (Stockholm: PYRO A) today reported fourth quarter and year-end results for the period ended December 31, 2001. Erik Wallden, President and CEO of Pyrosequencing, commenting on the fourth quarter and 2001 performance said,
"The fourth quarter began with a considerable amount of market uncertainty, magnified by the events of September 11th. By the end of the quarter, however, we saw our customers and the scientific community in genera, returning to normal activity levels, with a renewed and strong interest in applied genetic analysis. Fourth quarter results and year 2001 performance show increasing demand for our products as we report an impressive number of systems sold and high gross margins on both instruments and reagents. We believe this bodes well for 2002 and the long-term future of Pyrosequencing."
Accomplishments for 2001 include:
-- Increased revenues by 134 percent to $10.2 million compared to
year 2000 revenues
-- Expanded installed base to more than 150 systems and 18 customers
now have two or more systems
-- Sold four 384-well systems under the Company's Preferred
Technology Program (PTP(tm))
-- Formed a Molecular Diagnostic business and established ten
collaborations to develop diagnostic tests and related
intellectual property
-- Launched DNA Sequence Analysis software and reagent kits for the
PSQ(tm)96 System and introduced Primer Design software
-- Completed a worldwide sales network with new distributors in Asia
Pacific
-- Received three U.S. patents, which cover aspects of Pyrosequencing
technology and diagnostic and therapeutic responses in
cardiovascular disease
Summary financial group data (in millions except share data)
Twelve months ended Three months ended
Dec. 31 Dec. 31
2001 2001 2000 2001 2001 2000
USD** SEK SEK USD** SEK SEK
Net sales 10.2 108.2 46.2 3.6 37.5 25.8
Gross profit 7.3 77.6 35.6 2.6 27.5 19.1
Gross margin, % 71.8 71.8 77.0 73.5 73.5 74.3
Operating result (16.5) (174.5) (103.0) (5.4) (56.7) (29.0)
Results after (13.0) (137.1) (78.1) (4.4) (46.5) (18.5)
financial items
Net results (13.0) (137.5) (78.0) (5.1) (53.8) (18.5)
2001 2000
Weighted average shares 34,769,875 29,997,400
outstanding
Weighted average shares
outstanding after 36,253,375 31,879,928
full dilution
Common shares outstanding,
as of Dec 31 34,770,100 34,767,400
As of Dec. 31, As of Dec. 31, 2000
2001
USD** SEK USD** SEK
Cash and short-term 21.0 222.0 36.9 389.6
investments*
Securities held as long-term
financial assets* 42.0 443.2 43.3 457.1
Other assets 17.2 181.6 12.0 126.9
Total assets 80.2 846.8 92.2 973.6
Shareholders equity 74.3 785.0 87.4 922.5
Operating liabilities 5.9 61.8 4.8 51.1
Total liabilities and 80.2 846.8 92.2 973.6
shareholders' equity
* Total cash and marketable securities = $63.0
** Convenience translation rate: SEK 10.56 = 1 USD
About Pyrosequencing AB
Pyrosequencing AB develops, manufactures and sells complete solutions for rapid applied genetic analysis based on its proprietary Pyrosequencing(tm) technology, a simple-to-use DNA sequencing technique. Pyrosequencing leads the global market in Applied Genomics with over 150 systems sold to major pharmaceutical and biotech companies and prestigious research institutions worldwide.
Pyrosequencing(tm) is broadly applicable for the analysis of single nucleotide polymorphisms (SNPs) and for the identification and quantification of short DNA sequences used in bacterial and viral typing. The Company's Molecular Diagnostics Business is establishing collaborations with industry leaders to identify new product opportunities in disease diagnosis, clinical prognosis and pharmacogenomics.
The Company's products include the bench-top PSQ(tm)96 System and a high- throughput PTP(tm) system which utilize proprietary software and reagent kits. Among Pyrosequencing's customers are AstraZeneca, GlaxoSmithKline, Merck, the NIH, the Harvard Center for Cancer Prevention, the Karolinska Institute, Biogen, Oxagen, Ltd., and DuPont Agriculture. The Company's Web address is www.pyrosequencing.com.
Certain statements in this press release are forward-looking. These may be identified by the use of forward-looking words or phrases such as "believe," "expect," and "anticipate," among others. These forward- looking statements are based on Pyrosequencing's current expectations. The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for such forward-looking statements. In order to comply with the terms of the safe harbor, Pyrosequencing notes that a variety of factors could cause actual results and experience to differ materially from the anticipated results or other expectations expressed in such forward- looking statements. Such uncertainties and risks include, but are not limited to, risks associated with management of growth and international operations (including the effects of currency fluctuations), variability of operating results, the commercial development of the DNA sequencing and genomics market, nucleic acid-based molecular diagnostics market, and genetic vaccination and gene therapy markets, competition, rapid or unexpected changes in technologies, fluctuations in demand for Pyrosequencing's products (including seasonal fluctuations), difficulties in successfully adapting the Company's products to integrated solutions and producing such products, and the Company's ability to identify and develop new products and to differentiate its products from competitors.
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www.waymaker.net/bitonline/2002/02/18/20020218BIT00920/bit0002.doc The full Year-End Report www.waymaker.net/bitonline/2002/02/18/20020218BIT00920/bit0002.pdf The full Year-End Report