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Home > Press > BioForce Nanosciences Reports Record First Quarter Results

Abstract:


Five Nano eNabler™ System Sales in Q1 2008

New Product Introductions Create Growth Opportunities

BioForce Nanosciences Reports Record First Quarter Results

AMES, IA | Posted on May 15th, 2008

BioForce Nanosciences Holdings, Inc. (OTC BB: BFNH), a producer of integrated biological and mechanical systems for life science researchers at the micro and nano scales, today announced record revenue and gross profit for the three months ended March 31, 2008.

First Quarter Highlights

* Net revenues were $403,567 for the first quarter of 2008, the highest first quarter revenues in the Company's history, and a 13% increase from net revenues of $358,755 for the first quarter of 2008.
* Five Nano eNabler™ systems were sold during the first quarter of 2008, equaling the highest number of Nano eNabler™ systems sold in any quarter in BioForce's history.
* Gross profit was $189,342 for the first quarter of 2008, the highest first quarter gross profit in the Company's history, and a 7% increase from gross profit of $176,149 for the first quarter of 2007.
* Net loss on common stock was $756,162 ($0.03 per fully diluted share) for the first quarter of 2008, as compared to a net loss on common stock of $923,317 ($0.04 per fully diluted share) for the first quarter of 2007.

Operations Review

Kerry Frey, President and Chief Executive Officer of BioForce, said, "We are pleased with what was another excellent quarter for BioForce. We sold five Nano eNabler™ systems during the three months ended March 31, 2008, matching the number sold during the fourth quarter of 2007. Two of the sales during the first quarter were to overseas customers, continuing the good results that we have experienced from our international network of distributors. The other three sales were to U.S.-based research institutions that took part in our 2006 Pilot Placement Program. It is encouraging that these long-time Nano eNabler™ users have seen fit to purchase their instruments as vital parts of their research direction.

"We have now sold sixteen Nano eNabler™ systems since the initial sale of the product in 2006, with ten of those sales occurring in the past two quarters. The momentum that we are seeing in the market is certainly encouraging. We believe that the unique capability of the Nano eNabler™ to deposit biological materials, such as proteins and antibodies, in one to twenty micron spot sizes in a precise, consistent, flexible and affordable manner will provide expanding demand for this product. The industrial consulting firm of Frost and Sullivan concurred with our views of the advantages of the Nano eNabler™ in their February 2008 report describing the key advantages of the Nano eNabler™ over other technologies for the deposition of biological materials at the ultramicro and nano scales."

Frey concluded, "During the first quarter we announced two new products, our Cyto eNabler™ molecular printer, which is specifically configured for the needs of cellular biology researchers, and our custom patterned surfaces, which are produced to the specifications of the customer by our personnel using the Nano eNabler™. We believe that the introduction of these new products, plus the Nano eNabler™ system and the continued development of the market for that product, will provide the basis for our future growth."

Greg Brown, BioForce's Chief Financial Officer, commented, "The growth in our revenues, and reduction in our operating expenses, has allowed us to significantly narrow our operating losses over the past two quarters, and we remain focused upon achieving profitability. While we are pleased with these results and the resulting reduction in our cash loss from operations, we do require additional financing and are in discussions with potential sources of capital."

####

About BioForce Nanosciences Holdings, Inc.
BioForce Nanosciences creates products and solutions for the life sciences by integrating biological and mechanical systems at the micro and nano scales. BioForce’s flagship product, the Nano eNabler™ molecular printer, gives the Company and its customers a platform for development and discovery by printing tiny domains of biological materials on surfaces with nanometer spatial precision. BioForce technology is being used in areas such as biosensor functionalization; pattering and cell adhesion; and the printing of proteins to guide neural cell growth. For more information, visit www.bioforcenano.com or call 515-233-8333.

This news release contains forward-looking information that may be affected by certain risks and uncertainties, including those risks and uncertainties described in BioForce Nanosciences' most recent filings with the Securities and Exchange Commission. BioForce Nanosciences' actual results could differ materially from such forward-looking statements. BioForce assumes no duty to update these statements at any future date.

BIOFORCE NANOSCIENCES HOLDINGS, INC.

CONSOLIDATED BALANCE SHEETS

   
ASSETS
03/31/08   12/31/07
(unaudited)
CURRENT ASSETS
Cash and cash equivalents $ 57,773 $ 268,930
Accounts receivable - trade, net 172,732 313,756
Account receivable - invoice factoring 34,071 -
Inventory 900,616 1,046,683
Prepaid expenses and other assets   90,908     146,007
 
Total current assets   1,256,100     1,775,376
 
PROPERTY AND EQUIPMENT
 
Computer equipment 113,963 113,963
 
Scientific and laboratory equipment 906,382 889,368
 
Leasehold improvements 380,000 380,000
 
Office furniture and fixtures   89,760     89,760
 
Total 1,490,105 1,473,091
 
Less accumulated depreciation   944,470     889,469
 
Net property and equipment   545,635     583,622
 
INTANGIBLE ASSETS
Patent costs, net of accumulated amortization of $86,201 and $78,502, respectively 678,997 641,017
Trademark costs, net of accumulated amortization of $17,588 and $15,471, respectively   97,823     90,908
Total intangible assets   776,821     731,925
 
TOTAL ASSETS $ 2,578,556   $ 3,090,923

BIOFORCE NANOSCIENCES HOLDINGS, INC.

CONSOLIDATED BALANCE SHEETS

   
LIABILITIES AND STOCKHOLDERS' EQUITY
03/31/08   12/31/07
(unaudited)
CURRENT LIABILITIES
Accounts payable $ 418,431 $ 305,314
Accrued expenses 228,143 241,650
Recourse obligation - invoice factoring 7,962 -
Accrued dividends on preferred stock 10,000 13,333
Deferred revenue 35,861 53,754
Current portion of long-term debt   73,247     89,180
 
Total current liabilities 773,644 703,231
 
LONG-TERM DEBT, NET   143,607     154,860
 
Total liabilities   917,251     858,091
COMMITMENTS and CONTINGENCIES
 
STOCKHOLDERS' EQUITY
Preferred stock - 2008 and 2007: $0.001 par value, 10,000,000 shares authorized
to be issued in various classes
Series A Convertible Preferred Stock - $0.001 par value, 2007: 1,100,000
shares authorized, 1,000,000 shares issued and outstanding, 2008: liquidation
 
value $510,000; 2007: liquidation value $513,333 1,000 1,000
 
Common stock - 2008 and 2007: $0.001 par value, 100,000,000 shares authorized,
2008: 25,116,401 shares issued and outstanding; 2007: 25,099,950 shares
 
issued and outstanding 25,116 25,100
 
Additional paid-in capital 16,531,333 16,341,714
Deferred stock offering costs (5,000) -
 
Accumulated deficit   (14,891,144)     (14,134,982)
 
Total stockholders' equity   1,661,305     2,232,832
 
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 2,578,556   $ 3,090,923

- more -

BIOFORCE NANOSCIENCES HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

   
For the Three Months Ended
March 31,
2008   2007
REVENUES $ 403,567 $ 358,755
 
COST OF GOODS SOLD   214,225     182,606
 
Gross profit 189,342 176,149
 
OPERATING EXPENSES
Research and development 298,490 278,800
Sales and marketing 289,695 306,008
General and administrative 442,975 658,708
Reimbursement of grant expenses   (99,895)     (124,923)
Total operating expenses   931,265     1,118,593
 
Loss from operations before other income (expense) (741,923) (942,444)
 
OTHER INCOME (EXPENSE)
Interest and other income 1,540 22,136
Interest expense   (5,779)     (3,009)
Total other income (expense)   (4,239)     19,127
 
Loss before income tax (746,162) (923,317)
 
INCOME TAX EXPENSE   -     -
 
Net loss $ (746,162) $ (923,317)
 
DIVIDENDS ON PREFERRED STOCK   10,000     -
 
Net loss on common stock $ (756,162)   $ (923,317)
 
BASIC AND DILUTED LOSS PER SHARE $ (0.03)   $ (0.04)
 
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING   25,114,051     24,040,950

For more information, please click here

Contacts:
BioForce Nanosciences Holdings, Inc.
Gregory D. Brown, 515-233-8333 ext# 118
Chief Financial Officer

or
Investors:
Porter, LeVay & Rose, Inc.
212-564-4700
Marlon Nurse
VP – Investor Relations

or
Jeffrey Myhre, VP – Editorial

Copyright © Business Wire 2008

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