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Conference Call Transcript |
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2003 |
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$35 |
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#1339246 |
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IMMUCOR, INC.
CONFERENCE CALL TRANSCRIPT
DECEMBER 16, 2003 11:00 A.M. (EST)
| Operator: | Good day, ladies and gentlemen. Thank you for standing by, and welcome to the Immucor Incorporated conference call. At this time, all participants are in a listen-only mode. Later, we will conduct a question and answer session, and instructions will follow at that time. As a reminder, this conference call is being recorded. |
| Certain statements on this conference call constitute forward-looking statements, and actual results and events could differ materially. Specifically, the statements regarding the full year earnings estimate and increasing Galileo placement are forward-looking statements, and were developed based on current estimates and numerous assumptions. These estimates and assumptions reflect subjective judgments concerning future events and circumstances, and may be incomplete or incorrect, and unanticipated events and circumstances may occur, causing these assessments and assumptions to be wrong. |
| The company does not intend to update or revise this projection unless required to do so by the federal securities laws. For a detailed discussion of factors that could cause actual results to vary from these forward-looking statements, please refer to the companys most recent filings with the SEC, including our annual report on Form 10-K for the fiscal year ended May 31, 2003, and our quarterly report on Form 10-Q for the quarter ended August 31, 2003. |
| I would now like to introduce your host for todays conference, Mr. Edward L. Gallup, Chairman and Chief Executive Officer. Mr. Gallup, you may begin. |
| Edward Gallup: | Good morning, and thanks for joining us for this preliminary 2nd quarter conference call. I am joined on the call by Steve Ramsey, our Vice President and CFO. We are obviously disappointed with the gross margin and net income numbers. The quarters performance is adversely affected by a miss of $.06 on the EPS side. $.03 of this is a result of a non-cash charge of $924,000 related to the replacement of our senior lender with a lender which offered more favorable terms to the company. |
| The remaining $.03 is related to a drop-off in US sales versus the previous quarter both in instruments and reagents, and additional expenses associated with the CE marking of approximately 110 products. The instrument sales do tend to bounce around, and we believe the reagent sale decrease is due to ordering patterns of certain distributors who purchase direct from the United States. |
| We have increased our revenue guidance for the fiscal year to a range of $109-112 million, and reduced earnings per share for the same period to a range of $.71-.75. Our Galileo sales in Europe remain robust. There is actually a misprint in the press release. For the quarter, we had 23 Galileo placements, and a total amount of 93. In the United States, were compiling the data for FDA submission, and expect this to occur in February. |
| The data is outstanding, and the slippage in time is related to additional software validation that we have chosen to undertake. On a very positive note, we spent the last couple of days meeting with our Japanese distributor, and we have now learned that the approval in Japan will be much faster for the Galileo than originally anticipated, and that could possibly occur by the end of May of 04 rather than our original estimate of one year. |
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