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Shares of BioForm Medical, Inc. (BFRM) are higher today after the Company announced its financial results for the fourth quarter and full fiscal year ended June 30, 2009.
Net sales were $19.2 million for the quarter ended June 30, 2009 as compared to $16.7 million for the quarter ended June 30, 2008, an increase of $2.5 million or 15.0%. The net loss was $1.9 million, or a loss of $0.04 per share, for the quarter ended June 30, 2009 as compared to a net loss of $20.0 million, or a loss of $0.43 per share, for the quarter ended June 30, 2008. Analysts had expects a loss of $0.10 per share for the fourth quarter.
Net sales were $66.5 million for fiscal year 2009 as compared to $67.5 million for fiscal year 2008, a decrease of $1.0 million or 1.5%. The net loss was $21.1 million, or a loss of $0.46 per share, for fiscal year 2009 as compared to $29.5 million, or a loss of $0.94 per share, for fiscal year 2008.
Steve Basta, CEO of BioForm Medical, commented in a conference call, "Revenues for the dermal filler market have generally been down over the last 12 months. By contrast, Our FY09 revenues were relatively flat compared to FY08. We believe this reflects market share gains."
He continued, "Our Q4 revenues were the highest quarter ever. The growth was primarily driven by market share gains in the U.S. The increase in revenue during the quarter likely reflects a moderate stabilization of the dermal filler market. We also saw a possible return in Q4 to more normal levels of inventories by physicians' offices."
Mr. Basta explained, "We have effectively implemented our cost recution plan that is saving approximately $5 million per quarter without sacrificing our full field organization. We have redcued our breakeven level to $80 million of annual revenues."
He added, "We are managing our business closely during this economic period and executing our growth strategies with a target of reaching profitability in the next 24 months. We have evolved our business to the point where we can reach sustained profitability during this time without the assumtption or expectation for any macro-economic recovery. Obviously, any recovery would provide an upside versus the current state."
BioForm Medical expects FY10 revenues of $64-70 million. Gross profit is expected to be approximately 80-83% of sales, and operating expenses are expected to be approximately $64-68 million. The Company expects a net loss for the year to be less than $14 million.
Piper Jaffray upgraded BFRM today to Neutral from Underweight, and the firm increased its price target to $4 from $3.
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