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Biotech / Medical : biocircuits BIOC
BIOC 4.550-1.3%10:12 AM EDT

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To: Steve Robinett who wrote (51)7/23/1997 11:01:00 AM
From: Craig Rodkin   of 65
Steve ,

Below is the statement that was released for the Q. NOTE THE TOTAL AMOUNT OF SHARES USED TO DETERMINE LOSS/SHARE. This is fishy since they just stated (previously released statements) they had 15+M as of July 16 and a potential 6+m exercizable.



Wednesday July 23 10:26 AM EDT

Company Press Release

Source: Biocircuits Corporation

Biocircuits Corporation Announces Second Quarter 1997
Financial Results

SUNNYVALE, Calif., July 23 /PRNewswire/ -- Biocircuits Corporation (Nasdaq:BIOC) announced
today its financial results for the second quarter ended June 30, 1997. The company reported a net
loss of approximately $2.3 million, or $0.23 per share compared to a net loss of $3.7 million, or
$0.80 per share recorded in the second quarter of 1996. The second quarter results also compare
favorably to the first quarter 1997 when a loss of $3.5 million or $0.41 per share was reported.

``The $1.4 million reduction in losses is a direct result of the actions taken in April to reduce the burn
rate,'' stated John Kaiser, President and CEO. Mr. Kaiser further stated that, ``While placements of
IOS(R) units in end user sites during the second quarter did not meet the criteria for the second
tranche of the April financing, placements were approximately three times the first quarter
placements and the installed base of IOS systems has more than doubled since the first of the year.
Placement of units in end users substantially exceeded purchases by distributors, reducing distributor
inventory to a level well below first quarter levels.''

Mr. Kaiser also stated that, ``The improvement in end user placements and the previously announced
signing of the non-binding letter of intent with Becton Dickinson allowed the Company to
successfully close a $5.1 million financing to replace the funds that the Company would have
received in the second tranche of the April financing.''

(a development stage company)

(in thousands except per share data)

Three Months Ended Six Months Ended
June 30 June 30
1997 1996 1997 1996
Product sales $205 $111 $438 $156
Operating costs and expenses
Cost of sales 583 742 1,617 1,049
Research and development 1,027 1,662 2,507 4,015
Sales, general and
administrative 921 1,430 2,237 2,680
2,531 3,834 6,361 7,744
Loss from operations (2,326) (3,723) (5,923) (7,588)
Other income and expense 14 22 62 25
Net loss $(2,312) $(3,701) $(5,861) $(7,563)
Net loss per share $(0.23) $(0.80) $(0.63) $(1.77)
Shares used in computing net
loss per share 10,048 4,626 9,320 4,264
Pro forma net loss per share $(0.18) $(0.45) $(0.47) $(0.97)
Shares used in computing
pro forma net loss per
share (A) 12,985 8,249 12,345 7,758

(A) Including outstanding convertible preferred stock on an if converted basis

(a development stage company)

(in thousands)

June 30, December 31,
1997 1996

Current assets:
Cash, cash equivalents and

short-term investments $ 87 $4,944
Other current assets 2,312 1,987
Total current assets 2,399 6,931
Property and equipment, net 1,349 1,375
Restricted cash 255 376
Other assets 52 44
$4,055 $8,726
Liabilities and stockholders' equity
Current liabilities $1,258 $1,576
Long-term obligations -- 72
Total liabilities 1,258 1,648
Stockholders' equity 2,797 7,078
$4,055 $8,726

SOURCE: Biocircuits Corporation
Contact: John Kaiser, President & CEO of Biocircuits Corporation, 408-752-8706
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