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Adeza reports record product sales for the quarter of $13.5 million
By Lisa Kerner
Charlotte, N.C., Nov. 1 - Adeza reported record product sales for the quarter ended Sept. 30 of $13.5 million, an increase of 18% from product sales of $11.4 million for the third quarter of 2005. The company attributed the increase to higher sales volume of FullTerm, The Fetal Fibronectin Test.
Net income for the quarter was $751,000 and included charges of $825,000 for stock-based compensation expense related to SFAS 123R and a tax rate of 59.5%, while net income for the prior-year period was $2.2 million and included no stock-based compensation expense related to SFAS 123R and a 5.9% tax rate.
Gross profit for the third-quarter 2006 was $11.5 million, or 85.4%, compared to gross profit of $9.7 million, or 85.1%, for the third-quarter 2005.
Research and development expenses were $2.5 million for the period, up from the $1.6 million reported for the same quarter in 2005.
As of Sept. 30, Adeza had cash and cash equivalents of $94.2 million, an increase of $4.5 million since Dec. 31, 2005.
"We see significant market opportunity for FullTerm, the Fetal Fibronectin Test and have initiatives underway to drive growth in both the 'high risk' and 'signs-and-symptoms' market," president and chief executive officer Emory V. Anderson said in a company news release.
"With respect to Gestiva, following the receipt of our approvable letter, we have requested a meeting with the U.S. Food and Drug Administration to review the requirements outlined in the letter."
The Sunnyvale, Calif., women's health products company updated its guidance for 2006, expecting revenue to be in the range of $51 million to $53 million, from previous guidance in the range of $54 million to $57 million. Adeza reaffirmed its gross margin guidance for 2006 of more than 80%.
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