| Biosite Diagnostics Incorporated | |||
| Ticker: | BSTE | 11030 Roselle Street | |
| Exchange: | NASDAQ-National Market | San Diego, CA 92121 | |
| Industry: | Manufacturing (SIC Code 3826) | (619) 455-4808 | |
| Type of Shares: | Common Shares | Filing Date: | 12/11/96 | |
| U.S. Shares: | 2,400,000 | Offer Date: | 2/12/97 | |
| Non-U.S. Shares: | 0 | Filing Range: | $11.00 - $13.00 | |
| Primary Shares: | 2,400,000 | Offer Price: | $12.00 | |
| Secondary Shares: | 0 | Gross Spread: | $0.84 | |
| Offering Amount: | $28,800,000 | Selling: | $0.47 | |
| Expenses: | $700,000 | Reallowance: | $0.10 | |
| Shares Out After: | 11,885,168 |
| Manager | Tier | Phone |
| Cowen & Company | Lead Manager | (212) 495-6000 |
| Alex. Brown & Sons Incorporated | Co-manager | (410) 895-2700 |
| Issuer's Law Firm: | Pillsbury Madison & Sutro |
| Bank's Law Firm: | Cooley Godward Castro Huddleson & Tatum |
Dollar amounts in U.S. millions except for per share data | |||||
| 9 Month Ending Financials | |||||
| Full Year Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 12/31/95 | 9/30/96 | 9/30/95 | 9/30/96 | ||
| Revenue: | $25.15 | $20.23 | $18.24 | Assets: | $28.97 |
| Net Income: | $7.91 | $2.61 | $5.03 | Curr Assets: | |
| EPS: | $0.74 | $0.24 | $0.47 | Liabilities: | $7.79 |
| Prior EPS: | $0.22 | Curr Liabilities: | |||
| Cash Flow/Oper: | Equity: | $21.18 | |||
| Cash Flow/Fin: | Cash: | ||||
| Cash Flow/Inv: | |||||
| Business Description |
| The company develops, manufactures and markets rapid, accurate and cost effective diagnostic products that improve the quality of patient care and simplify the practice of laboratory medicine. The company believes that its Immediate Response Diagnostics can have an important impact on medical decisions, patient care and the cost of medical treatment. The company's first product, Triage Panel for Drugs of Abuse, a small self-contained test capable of detecting a broad spectrum of commonly overdosed prescription and illicit drugs in approximately 10 minutes, is used by over 2,600 hospitals and emergency departments. The company's Immediate Response Diagnostics technology is based on proprietary advances in several core scientific and engineering disciplines, including antibody development and engineering, analyte cloning and synthesis, signaling chemistry and micro capillary fluidics, which make possible the development and manufacture of rapid, accurate and cost-effective point-of-care diagnostics. |
| Competition |
| The market in which the company competes is intensely competitive. Biosite's competitors include health care companies that manufacture laboratory-based tests and analyzers, as well as clinical and hospital-based laboratories. Currently, the majority of diagnostic tests used by physicians and other health care providers are performed by independent clinical and hospital based laboratories. The company expects that these laboratories will compete vigorously to maintain their dominance of the testing market. |
| Business Plan |
| The company markets its Triage DOA to hospital laboratories and emergency departments in the United States through CMS, a laboratory products distributor, and in certain countries in Europe, Latin America, the Middle East, Asia and Africa through Merck. The company anticipates it may directly market in the United States its cardiac, microbiology and therapeutic drug monitoring products under development. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used for expansion of sales and marketing activities, research and development, expansion and development of manufacturing capabilities, working capital and general corporate purposes. |