Symphonix Devices, Inc. Reports First Quarter Financial Results

Apr 23, 2001, 01:00 ET from Symphonix Devices, Inc.

    SAN JOSE, Calif., April 23 /PRNewswire Interactive News Release/ --
 Symphonix(R) Devices, Inc. (Nasdaq: SMPX) today reported a net loss of
 $4.9 million, or $0.23 per share, for the first quarter ended March 31, 2001,
 compared to $4.7 million, or $0.26 per share for the fourth quarter of 2000
 and $4.3 million or $0.32 per share in the first quarter of 2000.  Revenue for
 the quarter was $0.6 million compared to $0.5 million in the fourth quarter of
 2000 and $0.2 million in the first quarter of 2000.
     "In the United States we have now established a nationwide network of
 Vibrant Soundbridge Centers of Excellence, where otologists can perform
 surgery to implant the device into appropriate patients," said Kirk Davis,
 president and chief executive officer of the hearing healthcare technology
 company.  "We are now shifting our focus to the audiology community as the
 next phase of our strategic market launch.  Last week we commenced formal
 outreach to audiologists at the annual meeting of the American Academy of
 Audiology.  This kick-off starts a multi-faceted campaign to educate this key
 patient referral source about how the Vibrant Soundbridge can enhance their
 practice and benefit their patients."
     Abroad, Symphonix' European marketing partner Siemens Audiologische
 Technik GmbH assumed responsibility for Symphonix' European marketing and
 distribution operations, in accordance with the accelerated marketing alliance
 finalized in December.  "The efficiencies resulting from the completion of
 this transition should allow Siemens to make the most of its deep
 understanding of the European hearing healthcare system, and increase market
 penetration for the Vibrant Soundbridge worldwide," Davis noted.
 
     About Symphonix
     Founded in 1994, Symphonix Devices, Inc. is a hearing technology company
 dedicated to developing a family of products to improve communication ability
 and quality of life for the millions of hearing-impaired people limited by
 current hearing solutions.
     Symphonix' Vibrant Soundbridge is a surgical implant designed to work with
 the natural structures of the middle ear to enhance hearing and communication
 ability for people with hearing impairment.  The device can be implanted
 during a short, outpatient surgical procedure.  More information about
 Symphonix can be found at http://www.symphonix.com or by calling
 (800) 833-7733.
 
     Except for historical information, statements made in the press release
 are "forward looking statements" and are subject to a number of uncertainties
 that could cause actual results to differ materially from the statements made.
 Such risks and uncertainties include, but are not limited to, the Company's
 products failing to achieve widespread market acceptance.  Further information
 on potential factors that could affect the Company's financial results is
 included in the Company's Form 10-K for the 2000 fiscal year filed with the
 Securities and Exchange Commission.
 
     Symphonix and Vibrant are registered trademarks of Symphonix Devices, Inc.
 Soundbridge is a trademark of Symphonix Devices, Inc.
 
                              FINANCIALS ATTACHED
 
 
                   Summary Consolidated Financial Information
                      (Thousands except per share amounts)
 
                          Statement of Operations Data
                                  (Unaudited)
 
                                               Quarter ended March 31,
                                               2001                2000
 
     Revenue                                   $576                $218
 
     Expenses:
       Cost of goods sold                     1,188               1,023
       Research and development               1,651               1,937
       Selling, general & administrative      2,843               1,635
     Total costs and expenses                 5,682               4,595
     Operating loss                          (5,106)             (4,377)
     Interest income, net                       253                  80
     Net loss                               $(4,853)            $(4,297)
 
     Basic and diluted net
      loss per common share                 $(0.23)             $(0.32)
 
     Number of shares used in
      calculation of basic and
      diluted net loss per
      common share                           20,974              13,357
 
 
                               Balance Sheet Data
 
                                            March 31,        December 31,
                                              2001               2000
                                           (Unaudited)
 
     Cash, Cash Equivalents and
      Short-Term Investments                $23,497             $29,535
     Total Assets                            28,561              34,030
     Stockholders' Equity                    20,947              25,519
 
 
     For further information please contact:  media, Jeanne Berkowitz,
 ext. 164, jberkowitz@fischerhealth.com, or Krista Lambly, ext. 125,
 klambly@fischerhealth.com, of Fischer & Partners, Inc., 310-577-7870, for
 Symphonix Devices, Inc.; or Investors, 877-FOR-SMPX.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X71423477
 
 

SOURCE Symphonix Devices, Inc.
    SAN JOSE, Calif., April 23 /PRNewswire Interactive News Release/ --
 Symphonix(R) Devices, Inc. (Nasdaq: SMPX) today reported a net loss of
 $4.9 million, or $0.23 per share, for the first quarter ended March 31, 2001,
 compared to $4.7 million, or $0.26 per share for the fourth quarter of 2000
 and $4.3 million or $0.32 per share in the first quarter of 2000.  Revenue for
 the quarter was $0.6 million compared to $0.5 million in the fourth quarter of
 2000 and $0.2 million in the first quarter of 2000.
     "In the United States we have now established a nationwide network of
 Vibrant Soundbridge Centers of Excellence, where otologists can perform
 surgery to implant the device into appropriate patients," said Kirk Davis,
 president and chief executive officer of the hearing healthcare technology
 company.  "We are now shifting our focus to the audiology community as the
 next phase of our strategic market launch.  Last week we commenced formal
 outreach to audiologists at the annual meeting of the American Academy of
 Audiology.  This kick-off starts a multi-faceted campaign to educate this key
 patient referral source about how the Vibrant Soundbridge can enhance their
 practice and benefit their patients."
     Abroad, Symphonix' European marketing partner Siemens Audiologische
 Technik GmbH assumed responsibility for Symphonix' European marketing and
 distribution operations, in accordance with the accelerated marketing alliance
 finalized in December.  "The efficiencies resulting from the completion of
 this transition should allow Siemens to make the most of its deep
 understanding of the European hearing healthcare system, and increase market
 penetration for the Vibrant Soundbridge worldwide," Davis noted.
 
     About Symphonix
     Founded in 1994, Symphonix Devices, Inc. is a hearing technology company
 dedicated to developing a family of products to improve communication ability
 and quality of life for the millions of hearing-impaired people limited by
 current hearing solutions.
     Symphonix' Vibrant Soundbridge is a surgical implant designed to work with
 the natural structures of the middle ear to enhance hearing and communication
 ability for people with hearing impairment.  The device can be implanted
 during a short, outpatient surgical procedure.  More information about
 Symphonix can be found at http://www.symphonix.com or by calling
 (800) 833-7733.
 
     Except for historical information, statements made in the press release
 are "forward looking statements" and are subject to a number of uncertainties
 that could cause actual results to differ materially from the statements made.
 Such risks and uncertainties include, but are not limited to, the Company's
 products failing to achieve widespread market acceptance.  Further information
 on potential factors that could affect the Company's financial results is
 included in the Company's Form 10-K for the 2000 fiscal year filed with the
 Securities and Exchange Commission.
 
     Symphonix and Vibrant are registered trademarks of Symphonix Devices, Inc.
 Soundbridge is a trademark of Symphonix Devices, Inc.
 
                              FINANCIALS ATTACHED
 
 
                   Summary Consolidated Financial Information
                      (Thousands except per share amounts)
 
                          Statement of Operations Data
                                  (Unaudited)
 
                                               Quarter ended March 31,
                                               2001                2000
 
     Revenue                                   $576                $218
 
     Expenses:
       Cost of goods sold                     1,188               1,023
       Research and development               1,651               1,937
       Selling, general & administrative      2,843               1,635
     Total costs and expenses                 5,682               4,595
     Operating loss                          (5,106)             (4,377)
     Interest income, net                       253                  80
     Net loss                               $(4,853)            $(4,297)
 
     Basic and diluted net
      loss per common share                 $(0.23)             $(0.32)
 
     Number of shares used in
      calculation of basic and
      diluted net loss per
      common share                           20,974              13,357
 
 
                               Balance Sheet Data
 
                                            March 31,        December 31,
                                              2001               2000
                                           (Unaudited)
 
     Cash, Cash Equivalents and
      Short-Term Investments                $23,497             $29,535
     Total Assets                            28,561              34,030
     Stockholders' Equity                    20,947              25,519
 
 
     For further information please contact:  media, Jeanne Berkowitz,
 ext. 164, jberkowitz@fischerhealth.com, or Krista Lambly, ext. 125,
 klambly@fischerhealth.com, of Fischer & Partners, Inc., 310-577-7870, for
 Symphonix Devices, Inc.; or Investors, 877-FOR-SMPX.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X71423477
 
 SOURCE  Symphonix Devices, Inc.