EXHIBIT 99.1
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IMMEDIATE RELEASE
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March 19, 2008 |
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CONTACTS: |
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Brent Larson,
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Tim Ryan, |
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Vice President / CFO
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The Trout Group |
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614 793 7500 x133
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646.378.3924 |
NEOPROBE ANNOUNCES 2007 ANNUAL RESULTS
Annual Revenues Up 18%
Conference Call Scheduled for 11:00 a.m. tomorrow, Thursday, March 20, 2008
DUBLIN, OHIO – March 19, 2008 —Neoprobe Corporation (OTCBB: NEOP) today announced its consolidated
financial results for the fourth quarter of 2007 and for the full year that ended December 31,
2007. For the fourth quarter of 2007, Neoprobe had a net loss of $1.9 million (including total
non-cash expenses of $1.6 million) or $0.03 per share compared to a net loss of $1.3 million
(including total non-cash expenses of $398,000) or $0.02 per share for the fourth quarter of 2006.
For fiscal year 2007, Neoprobe incurred a net loss of $5.1 million (including total non-cash
expenses of $3.1 million) or $0.08 per share compared to a net loss of $4.7 million (including
total non-cash expenses of $1.5 million) or $0.08 per share for fiscal 2006.
For the year 2007, Neoprobe reported total revenues of $7.1 million, compared to $6.1 million in
2006. Revenue from our medical device product lines increased $1.1 million (18%) in 2007 compared
to the prior year. The improvement in annual revenue from our medical device lines in 2007
reflects a $1.4 million (24%) increase in revenue from our gamma device product line to $6.8
million in 2007, compared to $5.4 million in 2006. The growth of the gamma device business offset a
$253,000 decline in revenue from our blood flow device business from the prior year. For the
fourth quarter of 2007, our overall device revenues remained steady at $1.9 million compared to the
fourth quarter of 2006, with improvement from our gamma device lines offsetting declines from our
blood flow lines.
Gross profit for 2007 increased $521,000 (15%) as compared to 2006. The increase was primarily the
result of margin from placements of our Bluetooth® technology based wireless probes
which were introduced at the end of 2006, offsetting an approximate 1% price decline related to our
other gamma detection products and other obsolescence-related costs.
Neoprobe’s research and development expenses decreased $938,000 (25%) to $2.9 million for 2007
compared to $3.8 million in 2006. Expenses incurred related to our Lymphoseek®
development initiative decreased $292,000 compared to the prior year, as the costs related to the
conduct of our Phase 2 human clinical trials conducted in 2007 were lower than the costs of
manufacturing and clinical support activities that occurred during 2006. Device development costs
for the year declined $645,000, due to our wireless probe development efforts having been
substantially completed in 2006, and to a reduction from 2006 levels in our out-of-pocket
development costs for our blood flow product line.
General and administrative expenses decreased to $2.8 million for 2007 compared to $3.1 million for
2006, due to our efforts to continue to control our costs in a variety of areas.
“2007 proved to be an exciting year for our business,” said David Bupp, Neoprobe’s President and
CEO. “From a financial perspective, our wireless probe exceeded our initial expectations, quickly
becoming a staple in our gamma device portfolio and nicely augmenting our developmental
achievements capped by the successful completion of our Phase 2 clinical trial for Lymphoseek.”
Bupp continued, “The milestones we achieved during 2007 have set the stage for 2008 to be an even
more important development year for our Company.”
Neoprobe’s President and CEO, David Bupp, and Vice President, Finance and CFO, Brent Larson, will
provide a business update and discuss the company’s results for the fourth quarter
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NEOPROBE CORPORATION
ADD — 2
and full year of 2007 during a conference call scheduled for 11:00 AM EST, Thursday, March 20,
2008. The conference call can be accessed as follows:
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| Conference Call Information |
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TO LISTEN TO A REPLAY: |
Date:
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March 20, 2008
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Available until:
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March 27, 2008 |
Time:
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11:00AM EST
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Toll-free (U.S.) Dial in # :
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877-660-6853 |
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International Dial in # :
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201-612-7415 |
Toll-free (U.S.) Dial in # :
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877-407-9210
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Replay passcodes (both |
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International Dial in # :
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201-689-8049
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required for playback): |
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Account # :
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286 |
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Conference ID # :
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277786 |
About Neoprobe
Neoprobe is a biomedical company focused on enhancing patient care and improving patient outcome by
meeting the critical intraoperative diagnostic information needs of physicians and therapeutic
treatment needs of patients. Neoprobe currently markets the neo2000® line of gamma
detection systems that are widely used by cancer surgeons and is commercializing the
Quantix® line of blood flow measurement products developed by its subsidiary,
Cardiosonix Ltd. In addition, Neoprobe holds significant interests in the development of related
biomedical systems and radiopharmaceutical agents including Lymphoseek® and
RIGScan® CR. Neoprobe’s subsidiary, Cira Biosciences, Inc., is also advancing a
patient-specific cellular therapy technology platform called ACT. Neoprobe’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. 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, anticipated clinical and regulatory pathways, 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 of its products, reliance on third party
manufacturers, accumulated deficit, future capital needs, uncertainty of capital funding,
dependence on limited product line and distribution channels, competition, limited marketing and
manufacturing experience, risks of development of new products, regulatory risks 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.
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