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ViroLogic Announces Fourth Quarter and Full Year 2001 Financial Results

SOUTH SAN FRANCISCO, Calif., Feb 12, 2002 /PRNewswire-FirstCall via COMTEX/ --
Company Reports 145 Percent Annual Revenue Growth and Improved Gross Margin

ViroLogic, Inc. (Nasdaq: VLGC) today reported financial results for the fourth quarter and year ended December 31, 2001.
The Company reported record revenue of $6.0 million for the fourth quarter, an increase of 118 percent over revenue of $2.8 million for the same period in 2000. Revenue for the full year 2001 was $18.3 million compared to $7.5 million for the same period in 2000, an increase of 145 percent.

"2001 was a year of unprecedented achievement that moved our business forward to a point of critical mass and established ViroLogic as the world leader in viral drug resistance," said Bill Young, ViroLogic`s Chairman and CEO. "There is strong market demand for both our flagship product, PhenoSense(TM), and our recently launched combination product, PhenoSense GT(TM), sales of which are already exceeding our expectations. We will also launch major new products throughout the year, including a patient testing assay for viral fitness and drug development assays for HIV vaccines and hepatitis B virus."

"We are aggressively pursuing the growing biopharmaceutical business opportunity, particularly since we believe the competitive landscape in this market increasingly favors ViroLogic. We are beginning to leverage our expertise to replicate the business model we have developed in HIV by entering deals with companies developing drugs in other therapeutic areas that face similar drug resistance issues, such as hepatitis and oncology."

Gross margin improved to 38 percent in the fourth quarter of 2001 compared to 36 percent during the third quarter of 2001 and 24 percent reported during the same quarter last year. Operating costs and expenses for the fourth quarter were $12.9 million, compared to $10.0 million for the same period in 2000. The increase primarily reflects additional expansion of the Company`s clinical laboratory operations in response to increased market demand, expanded sales and marketing activities to support new product launches and corporate infrastructure. Net loss for the quarter was $6.7 million, or $0.33 per share, compared to a net loss of $6.8 million, or $0.34 per share for the same period in 2000. During the fourth quarter of 2001, the Company recorded stock dividends to preferred stockholders of $0.2 million, resulting in net loss applicable to common stockholders of $0.34 per share.

2001 Financial Results

Revenue for 2001 was $18.3 million, a 145 percent increase over revenue of $7.5 million for 2000. Gross margin for 2001 improved to 34 percent compared to 27 percent in 2000. Operating expenses for 2001 were $45.3 million, compared to $32.3 million for 2000. Net loss for the year was $26.2 million, or a net loss of $1.30 per share compared to a net loss of $23.2 million, or $1.56 per share for 2000.

During 2001, the Company recorded a deemed dividend to preferred stockholders of $2.3 million from the sale of $16.25 million of convertible preferred stock and recorded stock dividends to preferred stockholders of $0.3 million, resulting in net loss applicable to common stockholders of $1.43 per common share. In 2000, the Company recorded a deemed dividend to preferred stockholders of $15.7 million, which resulted from the sale of Series C preferred stock in January and February of 2000 at a price per share below the deemed fair value of the Company`s stock at the time of sale of the preferred stock. Including this charge, net loss applicable to common stockholders for the year 2000 was $38.9 million, or $2.62 per common share.

The Company had $10.0 million of cash, restricted cash and short-term investments as of December 31, 2001.


Recent Achievements


Launched PhenoSense GT, first and only HIV drug resistance test providing patient resistance profiles using phenotypic results supplemented by genotypic information on a single report;
Announced new study revealing 78 percent of HIV patients with measurable levels of virus in their blood are infected with a strain that is resistant to one or more AIDS drugs, further supporting the need for HIV resistance testing when making a treatment decision;
Granted in-network status with Promina Healthcare System in Atlanta; more than 70 percent of patients eligible for HIV resistance testing in the United States now have access to some sort of insurance coverage;
Signed agreement with Achillion Pharmaceuticals, which offers both hepatitis B and HIV drug development services;
Entered into evaluation agreement with Maxygen to assess use of ViroLogic`s assays and technology to screen Maxygen`s novel HIV vaccine targets for potential clinical candidates;
Signed expanded agreement with Hoffmann-La Roche, Inc. and Trimeris, Inc. to use ViroLogic`s proprietary technology in the development of T-20 and T-1249, the first and most advanced members of a new class of antiviral agents known as fusion inhibitors.
2002 Business Outlook

The Company believes strong demand for existing products and new product launches will be the primary drivers of more than 100 percent revenue growth in 2002. Revenue in 2002 is targeted at $38-42 million. ViroLogic also expects gross margin to improve to over 45 percent by the fourth quarter of 2002. Operating expenses in 2002 are expected to increase, but at a lower rate than revenue. The Company expects to yield additional savings from technological advances in its clinical reference lab and completed expansion of its facilities in 2001. Based on continued revenue growth, improved gross margin and greater operating efficiencies, the Company expects to achieve break even by the end of 2002 and report net income for the first time in the first quarter of 2003.

Conference Call Details

ViroLogic`s fourth quarter 2001 financial results conference call is scheduled for today at 5:00 PM ET. The conference call will be open to all interested parties through a real-time audio web broadcast at the ViroLogic corporate web site, www.virologic.com. Interested parties may also participate in the teleconference by calling 800/360-9865 fifteen minutes before the conference begins and ask to be connected to the ViroLogic teleconference. International callers please dial 973/694-6836.

About ViroLogic

ViroLogic is a biotechnology company advancing the fields of individualized medicine and pharmacogenomics, helping to make them realities in healthcare around the world today. The Company discovers, develops and markets innovative products to guide and improve treatment of serious viral diseases such as AIDS and hepatitis. Its leading expertise in virology, molecular biology, clinical research, engineering, information systems, and quality assurance has resulted in technology to assess drug resistance and susceptibility in viruses that cause these diseases, which affect millions of people worldwide.

The Company`s current products are designed to optimize HIV/AIDS treatment regimens, providing physicians with important information to help select appropriate drugs for their patients and leading to better outcomes and reduced costs. These products are also being used by nearly every major pharmaceutical company working to develop new and improved antiviral therapeutics that can be more effective in an increasingly drug-resistant environment.

Certain statements in this press release are forward-looking, including statements relating to the Company`s anticipated sales and product development efforts, as well as expected financial results. These forward-looking statements are subject to risks and uncertainties and other factors, which may cause actual results to differ materially from the anticipated results or other expectations expressed in such forward-looking statements. These risks and uncertainties include, but are not limited to, whether ViroLogic`s products will achieve market acceptance, whether payers will authorize reimbursement for our products, whether we will be able to expand our sales and marketing capabilities, whether the FDA or any other agency will decide to regulate our products or services, whether we will encounter problems or delays in automating our process, whether we will successfully introduce new products using our PhenoSense technology, whether intellectual property underlying our technology is adequate, whether licenses will be available to expand our technology, whether we are able to build brand loyalty, whether we will be able to raise sufficient capital and other risks and uncertainties detailed from time to time in our reports to the Securities and Exchange Commission, including our report on Form 10-K for the year ended December 31, 2000.





VIROLOGIC, INC.
SELECTED FINANCIAL DATA
(In thousands, except per share amounts)

Three months ended Twelve months ended
December 31, December 31,
2001 2000 2001 2000
(Unaudited) (Unaudited) (B)
Statement of
Operations Data:
Revenue (A) $6,013 $2,757 $18,273 $7,466
------- ------- -------- -------
Operating costs
and expenses:
Cost of product
revenue 3,673 2,088 11,845 5,457
Research and
development 2,943 2,522 11,693 10,080
General and
administrative:
Non-cash stock-based
compensation expense 488 641 1,706 3,891
Other general and
administrative
expenses 2,465 2,291 9,670 6,950
Sales and marketing 3,310 2,504 10,336 5,890
------- ------- -------- -------
Total operating
costs and expenses 12,879 10,046 45,250 32,268
------- ------- -------- -------
Loss from operations (6,866) (7,289) (26,977) (24,802)
Interest income 163 577 1,143 1,868
Interest expense (143) (69) (466) (262)
Other income 106 -- 106
------- -------- -------- --------
Net loss (6,740) (6,781) (26,194) (23,196)
Deemed dividend to
preferred stockholders -- -- (2,269) (15,700)
Dividend to preferred
stockholders (231) -- (334) --
------- ------- -------- -------
Net loss applicable
to common
stockholders $(6,971) $(6,781) $(28,797) $(38,896)
==== ==== ===== ====
Basic and diluted amounts
per common share:
Net loss $(0.33) $(0.34) $(1.30) $(1.56)
Dividends to
preferred
stockholders (0.01) -- (0.13) (1.06)
------- ------- -------- -------
Net loss applicable
to common
stockholders $(0.34) $(0.34) $(1.43) $(2.62)
==== ==== ===== ====
Weighted average
shares used in
computing basic and
diluted net loss
per common share 20,421 19,807 20,072 14,852


December 31, December 31,
2001 2000 (B)
(Unaudited)
Balance Sheet Data
Cash, cash equivalents
and short-term investments $8,962 $23,794
Accounts receivable, net 4,562 2,404
Working capital 7,508 21,097
Restricted cash 1,000 2,029
Total assets 37,851 43,647
Long term obligations, less current portion 2,490 1,964
Redeemable convertible preferred stock 11,228 --
Total stockholders` equity $13,471 $33,643

(A) Revenue for the three and twelve month periods ended
December 31, 2001 includes $120,000 and $458,000 respectively from
NIH grants.The costs associated with these NIH grants are included
in research and development expenses.
(B) The balance sheet and statement of operations data is derived from
audited financial statements for the year ended December 31, 2000,
included in the Company`s Annual Report on Form 10-K filed with the
Securities and Exchange Commission.

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SOURCE ViroLogic, Inc.

[htappert]

Yep, vor allem die Amerikaner. Die haben doch glatt verkauft, nach diesen hervorragenden Zahlen (6 Mio Umsatz ist schon geil!)

Die ganze Welt übersieht das einfach! Das muss sich ändern!

KAUFEN! ALLE! ALLES!

[t.1]

@htappert such dir mal eine andere aktie....DANKE.

[htappert]

hey t

nö, der hubi ist einfach zu geil

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