ACLARA Announces First Quarter 2001 Financial Results

Apr 26, 2001, 01:00 ET from ACLARA Biosciences, Inc.

    MOUNTAIN VIEW, Calif., April 26 /PRNewswire/ --
 ACLARA BioSciences, Inc. (Nasdaq:   ACLA) today reported financial results for
 the first quarter of 2001.  Pro forma net loss for the first quarter of
 2001 was $4.3 million or $0.13 per share, compared with a pro forma net loss
 of $4.2 million or $0.17 per share for the first quarter of 2000.  Pro forma
 net loss assumes conversion of preferred stock at the time of their original
 issuance.  In addition, pro forma net loss excludes non-cash stock-based
 deferred compensation expense and other non-cash expense.  Including these
 non-cash charges and in accordance with generally accepted accounting
 principals, net loss for the first quarter of 2001 was $9.8 million or
 $0.28 per share, compared with a net loss of $5.9 million or $0.94 per share
 for the first quarter of 2000.
     Revenues for the first quarter of 2001 were $934,000 compared to
 $840,000 for the first quarter of 2000 reflecting an increase in product
 revenue for Arteas(TM) microfluidic devices and increases in grant revenue
 being partially offset by decreases in collaboration revenue.
     Arteas microfluidic devices were commercially introduced at the end of
 2000, and commercial activity to achieve product acceptance and revenues was
 initiated in the quarter.  We are encouraged by the market acceptance of the
 benefits of Arteas technology and are optimistic that the already building
 customer acceptance will lead to growing product revenue in 2001 and beyond.
     The growth in operating expenses for the first quarter of 2001 compared
 with the first quarter of 2000 is primarily due to expanded research,
 development and commercialization activities, and other non-cash expense.  The
 increase in operating expenses during the quarter was partially offset by
 increased net interest income of $2.7 million due to higher cash, cash
 equivalents and restricted cash balances.
     Other non-cash expense was for the quarterly revaluation of a stock
 transaction related to the settlement of litigation, that has the
 characteristics of a put option.  As part of that settlement, ACLARA issued
 900,000 shares of ACLARA common stock, and agreed to pay the difference
 between $36.11/share and the actual proceeds from the sale of shares which are
 to be held for at least 18 months.
     Cash, cash equivalents, short-term marketable investments and restricted
 cash totaled $187.7 million on March 31, 2001 compared with $194.4 million on
 December 31, 2000.
     Joseph M. Limber, President and CEO, commented:  "ACLARA made solid
 progress this quarter enhancing the visibility of our commercial Arteas
 microfluidic devices, advancing the development of future products, and
 strengthening our senior management team.  We look forward to continue
 building on this momentum throughout the remainder of the year."
     NOTE:  ACLARA will conduct a conference call with the investment community
 at 10:00 a.m. EDT (7:00 a.m. PDT) on April 26, 2001 to discuss the first
 quarter 2001 financial results, review the company's progress, and provide
 guidance for future periods.  Interested parties can access this call at:
 http://www.vcall.com/NASApp/VCall/EventPage?ID=73563 .
     If you are not able to listen to the live call, a replay will be available
 for 7 days following the conference call by dialing 800-642-1687, access code
 793574.
     ACLARA BioSciences is a leading developer of lab-on-a-chip and enabling
 assay technologies for life science research.  The company is developing
 advanced tools for drug discovery, genomics and proteomics using its
 proprietary microfluidics array technology and eTag assay chemistries.  By
 performing integrated sample processing and analysis on plastic microfluidic
 array LabCard(TM) chips, these tools enable the rapid, parallel processing of
 large numbers of samples while requiring only minute volumes of expensive or
 rare reagents.
     Note:  Except for historical information contained herein, this news
 release contains forward-looking statements that involve risks and
 uncertainties.  Actual results may differ materially from those discussed
 herein.  These and other risks related to ACLARA are under the heading "Risk
 Factors" contained in ACLARA's SEC filings, including the Prospectus dated
 August 31, 2000 relating to the Registration Statement on Form S-8 and the
 Annual Report on Form 10-K filed April 2, 2001.
 
 
                              ACLARA BIOSCIENCES, INC.
                         CONDENSED STATEMENT OF OPERATIONS
                       (in thousands, except per share data)
 
                                                        Three Months Ended
                                                              March 31,
                                                        2001              2000
 
     Revenue                                             934               840
 
     Operating expenses:
     Research and development                          5,214             2,659
     General and administrative                        2,689             2,271
     Deferred Compensation                               731             1,699
     Revaluation of put option                         4,777                 0
        Total operating expenses                      13,411             6,629
 
     Loss from operations                            (12,477)           (5,789)
 
     Interest income (expense), net                    2,662              (128)
 
     Net loss                                         (9,815)           (5,917)
 
     Pro-forma net loss (A)                           (4,307)           (4,218)
 
     Net loss per share                                (0.28)            (0.94)
 
     Pro-forma net loss per share (A)                  (0.13)            (0.17)
 
     Shares used in net loss per
     share calculation                                34,449             6,282
 
     Shares used in pro forma net loss
     per share calculation (A)                        34,449            24,816
 
     (A) Pro forma calculations exclude non-cash charges for stock-based
     deferred compensation and a non-cash revaluation of a put option, and
     assumed conversion of preferred  stock at the time of original issuance.
 
                                                   BALANCE SHEET HIGHLIGHTS
                                                        (in thousands)
 
                                                  March 31,        December 31,
                                                    2001               2000
                                                (unaudited)
 
     Cash, cash equivalents and
     short-term investments                       $151,777           $192,612
     Restricted cash                               $35,875             $1,750
     Total assets                                 $197,253           $203,008
     Stockholders' equity                         $167,235           $164,555
 
 
                      MAKE YOUR OPINION COUNT - Click Here
                http://tbutton.prnewswire.com/prn/11690X38889321
 
 

SOURCE ACLARA Biosciences, Inc.
    MOUNTAIN VIEW, Calif., April 26 /PRNewswire/ --
 ACLARA BioSciences, Inc. (Nasdaq:   ACLA) today reported financial results for
 the first quarter of 2001.  Pro forma net loss for the first quarter of
 2001 was $4.3 million or $0.13 per share, compared with a pro forma net loss
 of $4.2 million or $0.17 per share for the first quarter of 2000.  Pro forma
 net loss assumes conversion of preferred stock at the time of their original
 issuance.  In addition, pro forma net loss excludes non-cash stock-based
 deferred compensation expense and other non-cash expense.  Including these
 non-cash charges and in accordance with generally accepted accounting
 principals, net loss for the first quarter of 2001 was $9.8 million or
 $0.28 per share, compared with a net loss of $5.9 million or $0.94 per share
 for the first quarter of 2000.
     Revenues for the first quarter of 2001 were $934,000 compared to
 $840,000 for the first quarter of 2000 reflecting an increase in product
 revenue for Arteas(TM) microfluidic devices and increases in grant revenue
 being partially offset by decreases in collaboration revenue.
     Arteas microfluidic devices were commercially introduced at the end of
 2000, and commercial activity to achieve product acceptance and revenues was
 initiated in the quarter.  We are encouraged by the market acceptance of the
 benefits of Arteas technology and are optimistic that the already building
 customer acceptance will lead to growing product revenue in 2001 and beyond.
     The growth in operating expenses for the first quarter of 2001 compared
 with the first quarter of 2000 is primarily due to expanded research,
 development and commercialization activities, and other non-cash expense.  The
 increase in operating expenses during the quarter was partially offset by
 increased net interest income of $2.7 million due to higher cash, cash
 equivalents and restricted cash balances.
     Other non-cash expense was for the quarterly revaluation of a stock
 transaction related to the settlement of litigation, that has the
 characteristics of a put option.  As part of that settlement, ACLARA issued
 900,000 shares of ACLARA common stock, and agreed to pay the difference
 between $36.11/share and the actual proceeds from the sale of shares which are
 to be held for at least 18 months.
     Cash, cash equivalents, short-term marketable investments and restricted
 cash totaled $187.7 million on March 31, 2001 compared with $194.4 million on
 December 31, 2000.
     Joseph M. Limber, President and CEO, commented:  "ACLARA made solid
 progress this quarter enhancing the visibility of our commercial Arteas
 microfluidic devices, advancing the development of future products, and
 strengthening our senior management team.  We look forward to continue
 building on this momentum throughout the remainder of the year."
     NOTE:  ACLARA will conduct a conference call with the investment community
 at 10:00 a.m. EDT (7:00 a.m. PDT) on April 26, 2001 to discuss the first
 quarter 2001 financial results, review the company's progress, and provide
 guidance for future periods.  Interested parties can access this call at:
 http://www.vcall.com/NASApp/VCall/EventPage?ID=73563 .
     If you are not able to listen to the live call, a replay will be available
 for 7 days following the conference call by dialing 800-642-1687, access code
 793574.
     ACLARA BioSciences is a leading developer of lab-on-a-chip and enabling
 assay technologies for life science research.  The company is developing
 advanced tools for drug discovery, genomics and proteomics using its
 proprietary microfluidics array technology and eTag assay chemistries.  By
 performing integrated sample processing and analysis on plastic microfluidic
 array LabCard(TM) chips, these tools enable the rapid, parallel processing of
 large numbers of samples while requiring only minute volumes of expensive or
 rare reagents.
     Note:  Except for historical information contained herein, this news
 release contains forward-looking statements that involve risks and
 uncertainties.  Actual results may differ materially from those discussed
 herein.  These and other risks related to ACLARA are under the heading "Risk
 Factors" contained in ACLARA's SEC filings, including the Prospectus dated
 August 31, 2000 relating to the Registration Statement on Form S-8 and the
 Annual Report on Form 10-K filed April 2, 2001.
 
 
                              ACLARA BIOSCIENCES, INC.
                         CONDENSED STATEMENT OF OPERATIONS
                       (in thousands, except per share data)
 
                                                        Three Months Ended
                                                              March 31,
                                                        2001              2000
 
     Revenue                                             934               840
 
     Operating expenses:
     Research and development                          5,214             2,659
     General and administrative                        2,689             2,271
     Deferred Compensation                               731             1,699
     Revaluation of put option                         4,777                 0
        Total operating expenses                      13,411             6,629
 
     Loss from operations                            (12,477)           (5,789)
 
     Interest income (expense), net                    2,662              (128)
 
     Net loss                                         (9,815)           (5,917)
 
     Pro-forma net loss (A)                           (4,307)           (4,218)
 
     Net loss per share                                (0.28)            (0.94)
 
     Pro-forma net loss per share (A)                  (0.13)            (0.17)
 
     Shares used in net loss per
     share calculation                                34,449             6,282
 
     Shares used in pro forma net loss
     per share calculation (A)                        34,449            24,816
 
     (A) Pro forma calculations exclude non-cash charges for stock-based
     deferred compensation and a non-cash revaluation of a put option, and
     assumed conversion of preferred  stock at the time of original issuance.
 
                                                   BALANCE SHEET HIGHLIGHTS
                                                        (in thousands)
 
                                                  March 31,        December 31,
                                                    2001               2000
                                                (unaudited)
 
     Cash, cash equivalents and
     short-term investments                       $151,777           $192,612
     Restricted cash                               $35,875             $1,750
     Total assets                                 $197,253           $203,008
     Stockholders' equity                         $167,235           $164,555
 
 
                      MAKE YOUR OPINION COUNT - Click Here
                http://tbutton.prnewswire.com/prn/11690X38889321
 
 SOURCE  ACLARA Biosciences, Inc.