BioForm Medical, Inc. (BFRM), a medical aesthetics firm, reported Monday a narrower loss for the first quarter, helped both by sales growth of about 17% and lower costs. The company also revised its prior outlook for the full year, expecting a much smaller loss than projected earlier on a higher revenue range.
For the first quarter ended September 30, net loss narrowed to $559 thousand or $0.01 per share from $7.79 million or $0.17 per share reported in the corresponding quarter last year. On average, three analysts polled by Thomson Reuters expected the company to report loss of $0.07 per share for the first quarter. Analysts' estimates typically exclude special items.
Net sales for the period advanced 16.6% to $18.27 million from $15.67 million in the first quarter of the prior fiscal year. Three analysts were expecting revenue of $15.59 million in the first quarter.
Domestic sales were $14.2 million, up 10.9% from $12.8 million in the year-ago quarter. International sales jumped 41.4% to $4.1 million from $2.9 million.
Gross profit improved 20.9% to $15.6 million from $12.9 million, and gross margin was 85.3% compared to 82.6% for the three-month period ended September 30, 2008.
Total operating expenses reduced year-over-year to $15.99 million from $20.67 million, helped by the cost saving measures implemented as part of BioForm's cost reduction plan taken during fiscal year 2009.
Sales and marketing costs for the quarter came down to $11.19 million from $15.23 million, and general and administrative expenses reduced to $1.95 million from $3.08 million in fiscal 2009.
Commenting on the results, Steve Basta, BioForm's chief executive, said, "Our success in the past quarter reflected several things working well in our business. In the U.S. market, we believe we are continuing to win the attention of physicians and growing our sales as a result of our new 1.5cc / 0.8cc dual syringe size strategy and the recent FDA approval to mix RADIESSE dermal filler with lidocaine prior to treatment."
Basta added that internationally, BioForm was experiencing the effects of its growth worldwide with the opening of a new office in South Korea last year to support its Asian distribution partners.
Looking forward, for fiscal 2010, BioForm now expects net loss be less than $6 million. Earlier the company has projected net loss to be less than $14 million. The company now sees revenues to range between $70 million and $74 million, compared to $64 million - $70 million provided earlier. Analysts expect loss of $0.21 per share, on revenues of $67.06 million.
BFRM is currently trading at $3.84, up $0.22 or 6.08%, on the NYSE.
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