InforMax Expects to Exceed Consensus First Quarter Revenue Estimates, But Will Also Report a Higher Than Anticipated Loss Per Share

Apr 04, 2001, 01:00 ET from InforMax, Inc.

    BETHESDA, Md., April 4 /PRNewswire/ -- InforMax, Inc. (Nasdaq: INMX) today
 announced that, for the first quarter ended March 31, 2001, it expects to
 report revenues of approximately $6.5 million, representing an increase of
 105% over the $3.2 million achieved for the same quarter in 2000, and total
 bookings of approximately $7.0 million, representing an increase of
 approximately 71% over the same period last year.  Both figures exceed Wall
 Street consensus estimates.  The company said that it expects to report a net
 loss per share for the first quarter, excluding certain estimated non-cash
 charges, of between ($0.20) and ($0.22) per share, compared to a net loss of
 ($0.31) for the first quarter of 2000.  Including these estimated non-cash
 charges, the company expects a first quarter net loss per share of between
 ($0.21) and ($0.23), compared to a net loss of ($0.61) per share for the first
 quarter of 2000.  InforMax will report its results for the first quarter after
 the market closes on May 2, 2001.
     (Photo:  http://www.newscom.com/cgi-bin/prnh/20001115/INFORMAXLOGO /
     The anticipated loss per share, which exceeds Wall Street estimates,
 reflects higher than anticipated first quarter expenses associated with the
 recent relocation of the company's headquarters, severance and other expenses
 associated with certain changes in management, and balance sheet write-offs
 related to fixed assets and receivables, as well as higher expense trends
 related to sales, marketing and research and development activities.  The
 company's earnings per share will also be affected in the first quarter and
 balance of 2001 by higher estimated weighted average primary shares
 outstanding, without the dilutive impact of outstanding options and warrants,
 due to option exercises.
     InforMax also stated that it believes that it will meet current Wall
 Street consensus revenue estimates for the fiscal year 2001.  Due to higher
 cost trends, however, the company said that it now estimates a loss per share
 for the year in the range of ($0.63) to ($0.69).  This loss would exceed
 current Wall Street expectations.
     Alex Titomirov, Ph.D., Chairman and Chief Executive Officer, emphasized
 that the company continues to be comfortable with Wall Street expectations
 that InforMax will become profitable by the fourth quarter of 2002.  "Our
 preliminary revenue and total bookings results for the first quarter reflect
 continuing strength for both GenoMax(TM)(TM), our enterprise bioinformatics
 platform, and Vector NTI(R)(R) Suite for the desktop," he said.  "During the
 first quarter, we added six new customers for GenoMax, with GenoMax sales
 during the quarter averaging $545,000, compared with $377,000 in the fourth
 quarter of 2000.  In addition, a top-five pharmaceutical company purchased a
 global license for the Vector NTI(R)(R) Suite.  Three of the top five
 pharmaceutical companies have now standardized on our desktop solution.  We
 expect to continue to build on our leadership position in both the enterprise
 and the desktop markets for bioinformatics software solutions. In addition, we
 will be working diligently to leverage our investment in sales and R&D talent
 and infrastructure."
 
     About InforMax, Inc.
     InforMax is a leading global developer of bioinformatics software for
 High-Throughput Research(TM). InforMax products are used by more than 1650
 research organizations and more than 22,000 individual scientists worldwide
 (as of December 31, 2000) to understand and extract value from the massive
 amounts of data being generated by the Genomic Revolution. Among the Company's
 customers are 22 of the top 25 pharmaceutical companies. InforMax was founded
 in 1990 by Alex Titomirov, Ph.D.  Its mission is to speed the pace of medical
 progress by enabling High-Throughput Research(TM), a process for compressing
 the time it takes to discover and validate the biological targets most likely
 to result in breakthrough therapeutics, diagnostics or biomolecular
 interventions to cure or prevent disease. InforMax bioinformatics software
 solutions enable a full range of gene-to-genome analysis, interpretation and
 data mining. Its market-leading products include Vector NTI(R) Suite, the most
 widely used software suite for enhancing laboratory productivity, and
 GenoMax(TM) for integrated analysis of genomic and proteomic data. Additional
 information about InforMax can be found at the company's Web site at
 http://www.informaxinc.com .
     Statements in this press release that are not strictly historical are
 "forward-looking" statements, which involve a high degree of risk and
 uncertainty. These statements specifically include the statements made as to
 anticipated revenues, bookings and earnings. Such statements are only
 predictions, and the actual events or results may differ materially from those
 projected in such forward-looking statements. Factors that could cause or
 contribute to differences include, but are not limited to, risks associated
 with InforMax's technologies and the need to keep pace with rapid
 technological change, the Company's dependence for future revenues on its
 ability to increase sales of its enterprise platform and successfully
 establish the GenoMax brand, the Company's dependence on developing and
 maintaining strategic alliances, development and availability of competitive
 products or technologies, the possibility that the Company may not achieve or
 maintain profitability in the future, the possibility that revenue growth may
 not keep pace with expenses, the likelihood that the Company's results may
 fluctuate from quarter to quarter, dependence on patents and the ability to
 defend the Company's intellectual property rights. These factors and others
 are more fully described in the Company's filings with the Securities and
 Exchange Commission. The Company specifically disclaims any intention or duty
 to update any forward-looking statements, and these statements represent the
 Company's current outlook only as of the date given.
 
     Notice of Conference Call and Webcast:  InforMax will host a conference
 call and webcast to discuss the first quarter update and outlook for 2001 on
 Thursday, April 5, 2001 at 8:45 AM Eastern time. The dial-in number to access
 this call is (800) 406-5345; the dial-in number for international callers is
 (913) 981-5571; the access code for the live call is 503132. Please call five
 to ten minutes prior to the scheduled start time.  The live webcast can be
 accessed at http://www.videonewswire.com/INFORMAX/040501 and will be available
 through May 5, 2001 following the webcast.  A replay of the conference call
 will be made available for the convenience of those who are unable to call in
 at the scheduled time, beginning shortly after the call and remaining
 available through May 5, 2001.  The conference call replay can be accessed by
 dialing (888) 203-1112; the dial-in number for international callers is (719)
 457-0820.  The access code for the replay is 503132.
 
     InforMax, the InforMax logo, and Vector NTI are registered trademarks and
 GenoMax and High-Throughput Research are trademarks of InforMax, Inc.  All
 other products or company names are used for identification purposes only, and
 may be the trademarks of their respective owners.
 
 

SOURCE InforMax, Inc.
    BETHESDA, Md., April 4 /PRNewswire/ -- InforMax, Inc. (Nasdaq: INMX) today
 announced that, for the first quarter ended March 31, 2001, it expects to
 report revenues of approximately $6.5 million, representing an increase of
 105% over the $3.2 million achieved for the same quarter in 2000, and total
 bookings of approximately $7.0 million, representing an increase of
 approximately 71% over the same period last year.  Both figures exceed Wall
 Street consensus estimates.  The company said that it expects to report a net
 loss per share for the first quarter, excluding certain estimated non-cash
 charges, of between ($0.20) and ($0.22) per share, compared to a net loss of
 ($0.31) for the first quarter of 2000.  Including these estimated non-cash
 charges, the company expects a first quarter net loss per share of between
 ($0.21) and ($0.23), compared to a net loss of ($0.61) per share for the first
 quarter of 2000.  InforMax will report its results for the first quarter after
 the market closes on May 2, 2001.
     (Photo:  http://www.newscom.com/cgi-bin/prnh/20001115/INFORMAXLOGO /
     The anticipated loss per share, which exceeds Wall Street estimates,
 reflects higher than anticipated first quarter expenses associated with the
 recent relocation of the company's headquarters, severance and other expenses
 associated with certain changes in management, and balance sheet write-offs
 related to fixed assets and receivables, as well as higher expense trends
 related to sales, marketing and research and development activities.  The
 company's earnings per share will also be affected in the first quarter and
 balance of 2001 by higher estimated weighted average primary shares
 outstanding, without the dilutive impact of outstanding options and warrants,
 due to option exercises.
     InforMax also stated that it believes that it will meet current Wall
 Street consensus revenue estimates for the fiscal year 2001.  Due to higher
 cost trends, however, the company said that it now estimates a loss per share
 for the year in the range of ($0.63) to ($0.69).  This loss would exceed
 current Wall Street expectations.
     Alex Titomirov, Ph.D., Chairman and Chief Executive Officer, emphasized
 that the company continues to be comfortable with Wall Street expectations
 that InforMax will become profitable by the fourth quarter of 2002.  "Our
 preliminary revenue and total bookings results for the first quarter reflect
 continuing strength for both GenoMax(TM)(TM), our enterprise bioinformatics
 platform, and Vector NTI(R)(R) Suite for the desktop," he said.  "During the
 first quarter, we added six new customers for GenoMax, with GenoMax sales
 during the quarter averaging $545,000, compared with $377,000 in the fourth
 quarter of 2000.  In addition, a top-five pharmaceutical company purchased a
 global license for the Vector NTI(R)(R) Suite.  Three of the top five
 pharmaceutical companies have now standardized on our desktop solution.  We
 expect to continue to build on our leadership position in both the enterprise
 and the desktop markets for bioinformatics software solutions. In addition, we
 will be working diligently to leverage our investment in sales and R&D talent
 and infrastructure."
 
     About InforMax, Inc.
     InforMax is a leading global developer of bioinformatics software for
 High-Throughput Research(TM). InforMax products are used by more than 1650
 research organizations and more than 22,000 individual scientists worldwide
 (as of December 31, 2000) to understand and extract value from the massive
 amounts of data being generated by the Genomic Revolution. Among the Company's
 customers are 22 of the top 25 pharmaceutical companies. InforMax was founded
 in 1990 by Alex Titomirov, Ph.D.  Its mission is to speed the pace of medical
 progress by enabling High-Throughput Research(TM), a process for compressing
 the time it takes to discover and validate the biological targets most likely
 to result in breakthrough therapeutics, diagnostics or biomolecular
 interventions to cure or prevent disease. InforMax bioinformatics software
 solutions enable a full range of gene-to-genome analysis, interpretation and
 data mining. Its market-leading products include Vector NTI(R) Suite, the most
 widely used software suite for enhancing laboratory productivity, and
 GenoMax(TM) for integrated analysis of genomic and proteomic data. Additional
 information about InforMax can be found at the company's Web site at
 http://www.informaxinc.com .
     Statements in this press release that are not strictly historical are
 "forward-looking" statements, which involve a high degree of risk and
 uncertainty. These statements specifically include the statements made as to
 anticipated revenues, bookings and earnings. Such statements are only
 predictions, and the actual events or results may differ materially from those
 projected in such forward-looking statements. Factors that could cause or
 contribute to differences include, but are not limited to, risks associated
 with InforMax's technologies and the need to keep pace with rapid
 technological change, the Company's dependence for future revenues on its
 ability to increase sales of its enterprise platform and successfully
 establish the GenoMax brand, the Company's dependence on developing and
 maintaining strategic alliances, development and availability of competitive
 products or technologies, the possibility that the Company may not achieve or
 maintain profitability in the future, the possibility that revenue growth may
 not keep pace with expenses, the likelihood that the Company's results may
 fluctuate from quarter to quarter, dependence on patents and the ability to
 defend the Company's intellectual property rights. These factors and others
 are more fully described in the Company's filings with the Securities and
 Exchange Commission. The Company specifically disclaims any intention or duty
 to update any forward-looking statements, and these statements represent the
 Company's current outlook only as of the date given.
 
     Notice of Conference Call and Webcast:  InforMax will host a conference
 call and webcast to discuss the first quarter update and outlook for 2001 on
 Thursday, April 5, 2001 at 8:45 AM Eastern time. The dial-in number to access
 this call is (800) 406-5345; the dial-in number for international callers is
 (913) 981-5571; the access code for the live call is 503132. Please call five
 to ten minutes prior to the scheduled start time.  The live webcast can be
 accessed at http://www.videonewswire.com/INFORMAX/040501 and will be available
 through May 5, 2001 following the webcast.  A replay of the conference call
 will be made available for the convenience of those who are unable to call in
 at the scheduled time, beginning shortly after the call and remaining
 available through May 5, 2001.  The conference call replay can be accessed by
 dialing (888) 203-1112; the dial-in number for international callers is (719)
 457-0820.  The access code for the replay is 503132.
 
     InforMax, the InforMax logo, and Vector NTI are registered trademarks and
 GenoMax and High-Throughput Research are trademarks of InforMax, Inc.  All
 other products or company names are used for identification purposes only, and
 may be the trademarks of their respective owners.
 
 SOURCE  InforMax, Inc.