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August 20, 2009
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BioForm Medical, Inc. (BFRM) reported strong results for the fourth quarter of fiscal 2009. For the quarter, the loss per share was 4 cents, considerably better than the Zacks Consensus Estimate of 11 cents and the year-ago loss per share of 43 cents.
Quarterly results
Sales
Net sales in the quarter increased 15% year over year to $19.2 million. Growth was primarily due to higher revenues from the company’s main product, RADIESSE dermal filler. The product contributed $15.5 million of revenues in the U.S., increasing 17% year over year.
On a geographic basis, the U.S. contributed roughly 81% of total revenues and increased 17% year over year. The company’s international operations increased roughly 6% year over year.
Margins
Gross margin declined 1,010 basis points year over year to 76.2% in the quarter. The decline was due to a $1.4 million inventory write-off in connection with the company’s ACI acquisition. Excluding this, gross margin was roughly 83.3% in the quarter.
BioForm lowered operating expenses roughly 53% year over year due to its various cost-reduction activities. The company’s operating loss margin was lowered by roughly 11,160 basis points year over year to 9.8%.
Fiscal year results
Sales
Net sales in the year declined 1% year over year to $66.5 million. On a geographic basis, the U.S. contributed roughly 81% of total revenues and declined approximately 1% year over year. BioForm’s international operations declined roughly 2% year over year.
Margins
Gross margin for the year was 80.4%, a decline of 270 basis points year over year. Excluding the $1.4 million inventory write-off as mentioned above, gross margin was roughly 82.6%. Operating loss margin improved 1,490 basis points year over year to 31.4% due to the various cost reduction activities.
Outlook
BioForm Medical has provided guidance for the next fiscal year. It expects revenues to range between $64.0 million and $70.0 million. Gross margin should be in the range of 80% to 83%. Operating expenses are expected between $64 million and $68 million. Net loss should be less than $14 million.
BioForm Medical is a medical aesthetics company that enhances aesthetic procedures performed in dermatology and plastic surgeries.
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