EXHIBIT 99
IMMEDIATE RELEASE MAY 8, 2003
CONTACTS:
BRENT LARSON, JONATHAN FASSBERG,
VP-FINANCE & CFO THE TROUT GROUP
614 793 7500 212 477 9007
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NEOPROBE ANNOUNCES FIRST QUARTER RESULTS
Revenues Increase by 45% and Net Loss Declines by 43%
DUBLIN, OHIO - May 8, 2003 -- Neoprobe Corporation (OTCBB: NEOP), a diversified
developer of innovative oncology and cardiovascular surgical and diagnostic
products, today announced consolidated operating results for the first quarter
of 2003. First quarter results included revenues of $1.5 million compared to
$1.1 million for the first quarter of 2002. In addition, Neoprobe reported a net
loss of $479,000 or $0.01 per share compared to a loss of $845,000 or $0.02 per
share for the comparable period in 2002. Total operating expenses were $1.2
million for the first quarter of 2003 compared to $1.4 million for the first
quarter of 2002.
David Bupp, Neoprobe's President & CEO said, "The operating results for the
first quarter reflect a continuation of positive trends in our gamma surgery
business and the impact of expense control initiatives implemented in 2002.
Revenues for the quarter were principally generated from the sales of gamma
surgery products, as we are in the initial stages of launching the Quantix(TM)
blood flow products. Quantix product revenues from demonstration unit shipments
were under $100,000 for the quarter; however, we anticipate that the revenue
contribution from Quantix products will build steadily over the coming quarters,
both from demonstrator and end-customer shipments. Marketing and sales
activities for the quarter were devoted to clinical and tradeshow activities
associated with the commercial launch of the first two Quantix products."
Year-to-date milestones:
- Issued the first patent covering the Quantix ADBF(TM) technology
(January);
- Received notification of the allowance of claims on a second ADBF
patent (February);
- Received clearance to market the Quantix/OR(TM) in Europe (March);
- Obtained $500,000 in bridge financing as a first step in our financing
plans (April); and,
- Commenced shipment of the Quantix/OR to distributors in Europe and the
Pacific Rim (April).
"Our most important goals for the year are still ahead of us," Bupp continued,
"and we remain confident that our business plan is on track toward the
achievement of these milestones."
ABOUT NEOPROBE
Neoprobe develops and provides innovative surgical and diagnostic products that
enhance patient care by meeting the critical decision making needs of healthcare
professionals. Neoprobe's current line of gamma detection systems is widely used
for intraoperative lymphatic mapping, an emerging standard of care technology
for breast cancer and melanoma. Neoprobe also holds significant interests in the
development of related biomedical systems and agents. The Company's strategy is
to deliver superior growth and shareholder return by maximizing its strong
position in gamma detection technologies and diversifying into new, synergistic
biomedical markets through continued investment and selective acquisitions. With
the December 31, 2001 acquisition of Cardiosonix Ltd., Neoprobe has expanded its
product portfolio to include blood flow measurement products. Cardiosonix is a
development stage company that is in the process of obtaining regulatory
clearance to begin the clinical evaluation and commercial sale of products.
Cardiosonix' products are designed to be used by neurosurgeons, cardiovascular
surgeons and critical care physicians. For more information about Neoprobe,
please visit www.neoprobe.com.
Statements in this news release, which relate to other than strictly historical
facts, such as statements about the Company's plans and strategies, expectations
for future financial performance, new and existing products and technologies,
and markets for the Company's products, are forward-looking statements. The
words "believe," "expect," "anticipate," "estimate," "project," and similar
expressions identify forward-looking statements that speak only as of the date
hereof. Investors are cautioned that such statements involve risks and
uncertainties that could cause actual results to differ materially from
historical or anticipated results due to many factors including, but not limited
to, the Company's continuing operating losses, uncertainty of market acceptance,
reliance on third party manufacturers, accumulated deficit, future capital
needs, uncertainty of capital funding, dependence on limited product line and
exclusive distributor, competition, limited marketing
NEOPROBE CORPORATION
Add-2
and manufacturing experience, and other risks detailed in the Company's most
recent Annual Report on Form 10-KSB and other Securities and Exchange Commission
filings. The Company undertakes no obligation to publicly update or revise any
forward-looking statements.
NEOPROBE CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
March 31,
2003 December 31,
(unaudited) 2002
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Assets
Cash and cash equivalents $ 352,673 $ 700,525
Other current assets 2,261,278 2,389,562
Intangible assets, net 3,240,328 3,366,328
Other non-current assets 584,713 623,426
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Total assets $6,438,992 $7,079,841
========== ==========
Liabilities and stockholders' equity
Current liabilities, excluding deferred revenue $ 983,310 $1,016,365
Deferred revenue 1,457,153 1,637,485
Other liabilities 189,514 465,855
Stockholders' equity 3,809,015 3,960,136
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Total liabilities and stockholders' equity $6,438,992 $7,079,841
========== ==========
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended
March 31, March 31,
2003 2002
(unaudited) (unaudited)
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Revenues:
Net sales $ 1,303,646 $ 735,304
License and other revenue 235,390 325,000
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Total revenues 1,539,036 1,060,304
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Cost of goods sold 839,062 517,693
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Gross profit 699,974 542,611
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Operating expenses:
Research and development 418,769 539,756
Selling, general and administrative 754,083 850,624
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Total operating expenses 1,172,852 1,390,380
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Loss from operations (472,878) (847,769)
Other income, net 323 2,644
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Net loss before cumulative effect of change in accounting principle (472,555) (845,125)
Cumulative effect of change in accounting principle (6,013) --
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Net loss $ (478,568) $ (845,125)
============ ============
Loss per common share:
Basic $ (0.01) $ (0.02)
Diluted $ (0.01) $ (0.02)
Average shares outstanding:
Basic 37,818,231 36,009,067
Diluted 37,818,231 36,009,067