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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF THE SECURITIES EXCHANGE ACT OF 1934
FILING NO. 1 FOR THE MONTH OF MAY, 2000
Visible Genetics Inc.
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(Exact name of Registrant)
700 Bay Street, Suite 1000, Toronto ON, Canada M5G 1Z6
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(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports
under cover Form 20-F or Form 40-F
Form 20-F X Form 40-F
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Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes No X
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VISIBLE GENETICS INC.
On May 11, 2000, we announced our financial results for the first
quarter ended March 31, 2000.
We reported sales of $3.6 million for the first quarter ended March
31, 2000, compared to $3.3 million for the same period in 1999. The net loss
for the quarter was $5.7 million compared to $4.3 million for the same period
in 1999. The increase in the net loss for the quarter was due to increased
expenses related to our TRUGENE HIV-1 Genotyping Kit clinical trials and
related expenses required for our planned Food and Drug Administration
application, for expansion of our international sales and marketing
activities and construction of our new kit manufacturing facility in Atlanta.
The net loss per share attributable to common shareholders was $0.55 for the
three months ended March 31, 2000 versus $0.46 for the comparable period in
1999. Subsequent to the end of the quarter, we completed a follow on public
offering of 2,090,000 common shares at $38 per share for gross proceeds of
$79,420,000.
Our financial results for the quarter ended March 31, 2000 are filed as
an exhibit to this report.
This Form 6-K contains forward-looking statements within the meaning of
the "safe harbor" provisions of the Private Securities Litigation Reform Act of
1995. These forward-looking statements are subject to risks, uncertainties and
other factors which may cause our results to differ materially from
expectations. These include risks relating to the ability to obtain regulatory
approval, market acceptance of genotyping and our products and other risks
detailed from time to time in our SEC filings, including our most recent Annual
Report on Form 20-F. These forward-looking statements speak only as of the date
hereof. We disclaim any intent or obligation to update these forward-looking
statements.
We hereby incorporate by reference this Form 6-K into our Registration
Statements on Form F-3, and into the prospectuses contained therein, (File Nos.
333-67607, 333-68939, 333-91155 and 333-94649) and our outstanding
Registration Statements on Form S-8 and into the reoffer prospectuses contained
therein.
Exhibit 1. First Quarter Financial Results
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
VISIBLE GENETICS INC.
Date: May 11, 2000 By: /s/ Thomas J. Clarke
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Name: Thomas J. Clarke
Title: Chief Financial Officer
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VISIBLE GENETICS INC.
CONSOLIDATED BALANCE SHEETS
(UNITED STATES DOLLARS)
<TABLE>
<CAPTION>
MARCH 31 DECEMBER 31
2000 1999
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<S> <C> <C>
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 3,926,292 $ 2,792,985
Short-term investments 32,260,495 39,894,978
Trade receivables, net of allowance for doubtful accounts 4,580,541 5,657,822
Other receivables 850,647 668,748
Prepaid and deposits 1,068,626 729,307
Inventory 3,093,797 2,600,007
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TOTAL CURRENT ASSETS 45,780,398 52,343,847
FIXED ASSETS 4,849,801 4,173,335
PATENTS AND LICENSES 4,203,916 2,122,367
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$ 54,834,115 $ 58,639,549
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LIABILITIES
CURRENT LIABILITIES
Notes payable $ -- $ --
Accounts payable 3,819,605 3,110,442
Accrued liabilities 2,914,207 3,622,110
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TOTAL CURRENT LIABILITIES 6,733,812 6,732,552
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MANDATORILY REDEEMABLE CONVERTIBLE PREFERRED SHARES 28,523,419 27,555,652
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SHAREHOLDERS' EQUITY
Share capital 84,026,198 75,422,070
Other equity 1,593,143 8,987,328
Cumulative translation adjustment (888,737) (619,911)
Deficit (65,153,720) (59,438,142)
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19,576,884 24,351,345
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$ 54,834,115 $ 58,639,549
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</TABLE>
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VISIBLE GENETICS INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNITED STATES DOLLARS)
<TABLE>
<CAPTION>
THREE MONTHS ENDED MARCH 31
2000 1999
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SALES
<S> <C> <C>
Products $ 3,441,467 $ 3,079,096
Services 202,588 181,517
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3,644,055 3,260,613
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COST OF SALES
Products 2,137,896 2,043,912
Services 146,485 106,560
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2,284,381 2,150,472
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GROSS MARGIN 1,359,674 1,110,141
EXPENSES
Sales, general and administrative 5,418,203 3,163,728
Research and development 2,082,558 1,853,821
7,500,761 5,017,549
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LOSS FROM OPERATIONS BEFORE INTEREST (6,141,087) (3,907,408)
Interest income 430,348 113,650
Interest and financing expense (4,839) (540,286)
NET LOSS FOR THE PERIOD (5,715,578) (4,334,044)
Cumulative preferred dividends and accretion
of discount attributable to preferred stock (967,767) --
NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS $ (6,683,345) $(4,334,044)
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Weighted average number of common
shares outstanding 12,248,002 9,410,845
BASIC AND FULLY DILUTED LOSS PER SHARE $ (0.55) $ (0.46)
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</TABLE>
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VISIBLE GENETICS INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNITED STATES DOLLARS)
<TABLE>
<CAPTION>
THREE MONTHS ENDED MARCH 31
2000 1999
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<S> <C> <C>
CASH PROVIDED BY (USED IN)
OPERATING ACTIVITIES
Net Loss for the period $ (5,715,578) $(4,334,044)
Add: Items not involving cash -
Depreciation 502,943 372,202
Amortization 76,771 66,831
Patents and licenses written off -- --
Deferred compensation cost related to options granted -- --
Non cash financing expense related to warrants granted -- 331,893
Amortization of discount on accounts receivable -- --
Foreign exchange (15,079) 29,779
In-process research and development acquired -- --
Increase ( decrease ) from changes in -
Trade receivables 667,763 (187,027)
Other receivables (200,983) 105,168
Prepaid and deposits (343,761) (70,032)
Inventory (570,824) 399,111
Net investment in sales-types lease - (217,369)
Other long term assets - (694,617)
Accounts payable 738,608 (741,659)
Accured liabilities (612,116) 427,132
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(5,472,256) (4,512,632)
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INVESTING ACTIVITIES
Purchase of fixed assets (1,187,671) (628,042)
Licenses and patents acquired (2,158,320) (218,971)
Purchase of short-term investments (2,608,625) (48,998)
Redemption of short-term investments 10,243,108 2,063,270
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4,288,492 1,167,259
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FINANCING ACTIVITIES
Common shares issued, net of expenses 2,192,485 1,338,389
Other equity -- 11,438
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2,192,485 1,349,827
EFFECT OF EXCHANGE RATE FLUCTUATIONS ON CASH BALANCES 124,586 112,175
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INCREASE (DECREASE) IN CASH DURING THE YEAR 1,133,307 (1,883,371)
CASH, BEGINNING OF PERIOD 2,792,985 6,165,924
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CASH, END OF PERIOD $ 3,926,292 $ 4,282,553
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</TABLE>
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VISIBLE GENETICS INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(UNITED STATES DOLLARS)
<TABLE>
<CAPTION>
THREE MONTHS ENDED MARCH 31
2000 1999
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<S> <C> <C>
Net loss for the period $(5,715,578) $(4,334,044)
Other comprehensive income:
Foreign currency translation adjustments (283,601) (195,528)
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Comprehensive loss for the period $(5,999,179) $(4,529,572)
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</TABLE>
VISIBLE GENETICS INC.
CONSOLIDATED STATEMENTS OF DEFICIT
(UNITED STATES DOLLARS)
<TABLE>
<CAPTION>
THREE MONTHS ENDED MARCH 31
2000 1999
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<S> <C> <C>
Deficit, beginning of year $(59,438,142) $(34,151,257)
Net loss for the period (5,715,578) (4,334,044)
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Deficit, end of the period $(65,153,720) $(38,485,301)
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</TABLE>
