BIOJECT MEDICAL TECHNOLOGIES INC

CIK:0000810084|SEC Filings

Consolidated Statements Of Operations (USD $)	3 Months Ended		9 Months Ended
Consolidated Statements Of Operations (USD $)	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011	Sep. 30, 2010
Revenue:
Net sales of products	$ 2,898,401	$ 1,428,335	$ 6,704,771	$ 3,559,925
License and technology fees	245,374	91,332	576,192	304,661
Total revenue	3,143,775	1,519,667	7,280,963	3,864,586
Operating expenses:
Manufacturing	1,852,736	1,049,145	4,176,593	2,666,262
Research and development	418,063	264,886	1,128,124	1,010,186
Selling, general and administrative	453,405	536,567	1,433,653	1,619,862
Total operating expenses	2,724,204	1,850,598	6,738,370	5,296,310
Operating income (loss)	419,571	(330,931)	542,593	(1,431,724)
Interest income	37	428	611	3,690
Interest expense	(21,499)	(2,909)	(27,138)	(35,800)
Change in fair value of derivative liabilities		766		32,451
Total non-operating income (expenses)	(21,462)	(1,715)	(26,527)	341
Net income (loss)	398,109	(332,646)	516,066	(1,431,383)
Preferred stock dividend	(26,035)	(24,106)	(78,104)	(73,437)
Net income (loss) allocable to common shareholders	$ 372,074	$ (356,752)	$ 437,962	$ (1,504,820)
Basic net income (loss) per common share allocable to common shareholders	$ 0.01	$ (0.02)	$ 0.01	$ (0.08)
Shares used in basic per share calculations	18,851,312	17,863,473	18,674,439	17,790,112
Diluted net income (loss) per common share allocable to common shareholders	$ 0.01	$ (0.02)	$ 0.01	$ (0.08)
Shares used in diluted per share calculations	38,196,145	17,863,473	37,650,529	17,790,112

Consolidated Statements Of Cash Flows (USD $)	9 Months Ended
Consolidated Statements Of Cash Flows (USD $)	Sep. 30, 2011	Sep. 30, 2010
Cash flows from operating activities:
Net income (loss)	$ 516,066	$ (1,431,383)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Compensation expense related to fair value of stock-based awards	101,110	291,756
Stock contributed to 401(k) Plan	36,509	30,022
Depreciation and amortization	317,193	405,048
Other non-cash interest expense	13,215	25,242
Change in fair value of derivative instruments		(32,451)
Change in deferred revenue	(132,155)	(84,528)
Change in deferred rent	(42,893)	7,620
Gain on sale of property and equipment	(100,000)
Changes in operating assets and liabilities:
Accounts receivable, net	(5,833)	308,946
Inventories	(266,553)	(115,493)
Other current assets	5,966	(20,135)
Accounts payable	(35,852)	48,035
Accrued payroll	(3,169)	9,119
Other accrued liabilities	266,677	(28,987)
Net cash provided by (used in) operating activities	670,281	(587,189)
Cash flows from investing activities:
Payments for purchase of property and equipment	(13,955)	(3,737)
Cash received from disposal of property and equipment	100,000
Other assets	(133,689)	(116,240)
Net cash used in investing activities	(47,644)	(119,977)
Cash flows from financing activities:
Proceeds from short-term debt	225,000
Debt issuance costs	(7,500)
Principal payments made on short and long-term debt		(150,000)
Payments made on capital lease obligations	(6,450)	(4,633)
Net cash provided by (used in) financing activities	211,050	(154,633)
Increase (decrease) in cash	833,687	(861,799)
Cash:
Beginning of period	180,154	1,146,318
End of period	1,013,841	284,519
Supplemental disclosure of cash flow information:
Cash paid for interest	5,581	2,937
Supplemental non-cash information:
Preferred stock dividend to be settled in Series F or Series G preferred stock	78,104	73,437
Issuance of warrants in connection with convertible debt financing	18,930
Equipment purchased with capital lease	$ 10,043

Consolidated Balance Sheets (USD $)	Sep. 30, 2011	Dec. 31, 2010
ASSETS
Cash	$ 1,013,841	$ 180,154
Accounts receivable, net of allowance for doubtful accounts of $5,149 and $5,149	843,723	837,890
Inventories	893,011	626,458
Other current assets	77,652	70,403
Total current assets	2,828,227	1,714,905
Property and equipment, net of accumulated depreciation of $7,748,096 and $7,768,893	435,851	645,346
Other assets, net	1,359,467	1,309,478
Total assets	4,623,545	3,669,729
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable	939,528	945,816
Accrued payroll	221,975	225,144
Other accrued liabilities	747,842	481,165
Short-term note payable	225,000
Deferred revenue	176,207	176,207
Total current liabilities	2,310,552	1,828,332
Long-term liabilities:
Deferred revenue	1,003,861	1,136,016
Other long-term liabilities	255,687	324,551
Commitments
Shareholders' equity:
Common stock, no par value, 100,000,000 shares authorized; 18,908,594 shares issued and outstanding at September 30, 2011 and 18,455,094 at December 31, 2010	114,919,203	114,762,654
Accumulated deficit	(123,323,691)	(123,761,653)
Total shareholders' equity	1,053,445	380,830
Total liabilities and shareholders' equity	4,623,545	3,669,729
Series D Preferred Stock [Member]
Shareholders' equity:
Preferred stock	1,878,768	1,878,768
Series E Preferred Stock [Member]
Shareholders' equity:
Preferred stock	5,478,466	5,478,466
Series F Preferred Stock [Member]
Shareholders' equity:
Preferred stock	723,025	723,025
Series G Preferred Stock [Member]
Shareholders' equity:
Preferred stock	$ 1,377,674	$ 1,299,570