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| Implant Sciences Corporation |
| 107 Audubon Road, #5, Wakefield, MA 01880 * (781) 246-0700 |
| Business Description | The company has developed proprietary equipment and processes to produce radiation therapy implants engineered surfaces for interventional cardiology devices, and orthopedic implants. |
| Offering Information Company has | |||
| Trading As | IMPL (AMEX) | Industry | Manufacturing (SIC 3559) |
| Type of Stock Offered | Common Shares | Filing Date | 09/29/1998 |
| Domestic Shares Offered | 1,000,000 | Offer Date | 06/25/1999 |
| Foreign Shares Offered | 0 | Filing Range | $7.00 - $8.50 |
| Company Shares | 1,000,000 | Offer Price | $7.50 |
| Selling Shrhldrs Shares | 0 | Gross Spread | - - |
| Gross Proceeds | $7,500,000 | Selling | - - |
| Expenses | - - | Reallowance | - - |
| Post-IPO Shares | 5,372,291 | Employees | 33 |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| ISG Capital Markets, LLC | Lead Manager | (212) 896-5600 |
| Schneider Securities, Inc. | Co-manager | (303) 837-9200 |
| Income Statement and Cash Flow Summary | |||||||
| Prior Audited Income |
Latest Unaudited Income | ||||||
| Full Year Audited Figures | 6 Months Ending | ||||||
| Figures in U.S. millions except per share data | 06/30/1997 | 06/30/1998 | 12/31/1997 | 12/31/1998 | |||
| Revenues | - | - | - | 3.030 | 2.904 | 1.446 | 1.350 |
| Income from Oper. | - | - | - | 0.401 | -0.110 | 0.008 | -0.068 |
| Net Income | - | - | - | 0.218 | -0.058 | 0.009 | -0.055 |
| E.P.S | - | - | - | 0.060 | -0.010 | 0.000 | -0.010 |
| Revenue Growth (%) | - | - | - | -4.134 | -6.66 | ||
| Net Income Growth (%) | - | - | - | - | - | ||
| Oper. Profit Margin (%) | - | - | - | 13.23 | - | - | 0.57 |
| Net Profit Margin (%) | - | - | - | 7.21 | - | - | 0.65 |
| Cash Flow - Oper. | -0.08 | -0.02 | -0.50 | ||||
| Cash Flow - Inv. | -0.39 | -0.23 | -0.31 | ||||
| Cash Flow - Fin. | 0.10 | -0.08 | 0.58 | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 12/31/1998 | Financial Ratios | ||||
| Total Assets | 2.69 | Current Assets | 0.75 | Current Ratio | 0.85 |
| Total Liab. | 1.55 | Current Liab. | 0.88 | Debt Ratio | 57.77% |
| Total Equity | 1.13 | Working Cap. | -0.13 | Debt to Equity Ratio | 1.37 |
| Cash | 0.07 | Return on Assets | - | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used for research and development, expansion of facilities and acquisition of additional equipment, marketing, sales and working capital and general corporate purposes. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Foley Hoag & Eliot |
| Bank's Law Firm | Prifti, William M. |
| Registrar/Transfer Agent | American Stock Transfer & Trust Co |
| Auditor | Ernst & Young |
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| Industry Competition |
The medical device industry is characterized by rapidly evolving technology and intense competition. Other companies in the medical device industry are currently marketing products that compete with the Company's products and may be developing, or could in the future develop, additional products that are competitive with the Company's products. Among the most closely competing products in intracoronary radiation therapy are radioactive tipped guidewires and radioactive fluid-filled balloons. Many of the Company's competitors have substantially greater capital resources, greater research and development, manufacturing and marketing resources and experience and greater name recognition than the Company does. There can be no assurance that the Company's competitors will not succeed in developing or marketing technologies and products that are more effective than the Company's products or that would render the Company's products obsolete or noncompetitive. Moreover, there can be no assurance that the Company will be able to price its products at or below the prices of competing products and technologies in order to facilitate market acceptance. In addition, new procedures and medications could be developed that replace or reduce the importance of procedures that use the Company's products. Accordingly, the Company's success will depend in part on the Company's ability to respond quickly to medical and technological changes through the development and introduction of new products and enhancements. Product development involves a high degree of risk and there can be no assurance that the Company's new product development efforts will result in any commercially successful products. The Company's failure to compete or respond to technological change in an effective manner would have a material adverse effect on the Company. |
| Additional Underwriter Compensation |
| Warrant to purchase 100,000 shares/units at a nominal price. |
| $72,000.00 consulting agreement for 2 year(s). |
| Warrant Information | |||||||||||||||||||||||||||||||||||||||||
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