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Bioject Medical Technologies Inc. (BJCT) Reports Second Quarter 2011 Financial Results


8/11/2011 10:58:52 AM

PORTLAND, Ore.--(BUSINESS WIRE)--Bioject Medical Technologies Inc. (OTCBB:BJCT), a leading developer of needle-free drug delivery systems, today reported financial results for the second quarter ended June 30, 2011. Bioject reported revenues of $2.4 million for the quarter ended June 30, 2011, compared to revenues of $1.2 million in the comparable 2010 period. Product sales were $2.2 million in the 2011 period compared to $1.0 million in the comparable 2010 period. License and technology fees were $209,000 for the quarter ended June 30, 2011, compared to $117,000 in the comparable 2010 period. The Company reported operating income of $276,000 in the second quarter of 2011 compared to an operating loss of $593,000 in the second quarter of 2010. Included in the current quarter operating income is $155,000 of non-cash charges comprised of non-cash compensation expense related to the fair value of stock-based awards and stock funding of $49,000, compared to $197,000 in the comparable year ago period, and depreciation and amortization of $106,000 in the current quarter, compared to $138,000 in the prior year-ago period. Net income allocable to common shareholders for the second quarter of 2011 was $248,000 compared to a net loss allocable to common shareholders of $580,000 in the comparable 2010 period. Cash at June 30, 2011 totaled $0.9 million.

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