<PAGE>
Exhibit 99.22
FOR IMMEDIATE RELEASE
CONTACTS:
---------
LJL BIOSYSTEMS, INC.: MEDIA RELATIONS:
--------------------- ----------------
LARRY TANNENBAUM FRIESTEDT INTERNATIONAL
CFO AND SENIOR VICE PRESIDENT SUSANNE FRIESTEDT
408-548-0542 858-581-1199
[email protected] [email protected]
---------------------- ------------------
LJL BIOSYSTEMS' SECOND QUARTER REVENUES UP 85% OVER YEAR AGO
SUNNYVALE, CA - JULY 20, 2000 - LJL BioSystems, Inc. (Nasdaq: LJLB), a leading
provider of infrastructure tools for accelerating drug discovery, today
announced financial results for the second quarter and six months ended June 30,
2000. Record second quarter revenue of $3.7 million grew 85% from $2.0 million
for the second quarter of 1999.
"We are pleased with the growth rate of our installed base at new and
existing drug discovery and genomics customers. During the quarter, nine of
our customers purchased additional systems, with five of these customers
purchasing multiple instruments. We were particularly encouraged to have
companies, like DuPont Pharmaceuticals, place large follow-on instrument
orders for use throughout their enterprise's drug discovery process,"
commented Lev J. Leytes, Chairman and CEO of LJL.
The net loss for the second quarter was $(2.3) million or $(0.15) per share on
14.8 million weighted average shares outstanding. These results compare to a net
loss of $(2.6) million or $(0.20) per share on 12.6 million weighted average
shares outstanding in the second quarter of 1999. The Company ended the quarter
with cash, cash equivalents and investments of $23.6 million.
For the first six months of 2000, LJL reported revenues of $6.8 million,
representing a 103% increase compared to revenues of $3.4 million for the first
half of 1999. Net loss for the first half of 2000 was $(4.6) million, or $(0.32)
cents per share, compared to a net loss of $(4.9) million, or $(0.40) cents per
share, for the first half of 1999.
For the second quarter, gross margins were 66% compared to 56% for the second
quarter of 1999. Gross margins for the first six months of 2000 were 65% as
compared to 53% for the first half of 1999. Higher sales volumes and a favorable
product mix, including sales of the Company's ultra-high throughput systems and
consumable products, contributed to the year-
-5-
<PAGE>
over-year improvement. Financial results, including revenues and gross margins,
may fluctuate in the future due to changes in product mix and sales volumes,
seasonality and other factors.
On June 7, 2000, LJL and Molecular Devices Corporation (Nasdaq: MDCC)
announced the signing of a definitive merger agreement. Last week we
announced that special stockholders' meetings will be held on August 30,
2000, to consider and vote upon matters related to that merger agreement.
LJL BioSystems will be hosting a conference call at 2:00 p.m. PDT, today,
Thursday July 20, 2000 to discuss second quarter results and review the
Company's progress. Interested parties can access this call by going to the
LJL investor relations page at www.ljlbio.com.
ABOUT LJL BIOSYSTEMS, INC.
LJL BioSystems designs, produces and sells infrastructure tools that accelerate
and enhance the process of discovering new drugs in the genomics and
post-genomics era. Our products, including instruments and consumables, are
designed to provide flexible, cost-efficient, high throughput solutions that can
be used across all stages of the drug discovery process, including screening and
genotyping. Our worldwide customers include pharmaceutical, biotechnology and
genomics companies, as well as research institutions. LJL's customers include,
among others, AstraZeneca, Aventis, Bristol Myers Squibb, SmithKline Beecham,
Eli Lilly, Pfizer, Merck, Johnson and Johnson, Tularik, Millennium
Pharmaceuticals, Amgen, and Incyte. LJL is headquartered in Sunnyvale,
California and has a subsidiary in the United Kingdom. Additional information
can be found at www.ljlbio.com.
--------------
FORWARD-LOOKING STATEMENTS
Statements made in this news release, other than statements of historical
fact, are forward-looking statements within the meaning of Section 21E of the
Securities Exchange Act, including statements regarding LJL's "expectations,"
"goals," "beliefs," "hopes," "designs," "intentions," "strategies" or the
like. Such statements are subject to risks and uncertainties that could cause
actual results to differ materially, including such factors, among others, as
the impact of competitive products and pricing, the timely development and
market acceptance of new products, the ability to raise capital,
concentration of HTS and Ultra-HTS markets, market conditions, the mix
between domestic and international sales, manufacturing and cost of LJL's
products, dependence on collaborative partners, the enforcement of
intellectual property rights, and uncertainties relating to sole source
suppliers, technological approaches, FDA and other regulatory approvals.
These and other risk factors are discussed in LJL's Annual Report on Form
10-K, filed February 16, 2000, its Registration Statement on Form S-3 filed
on March 14, 2000, Form 10-Q filed on May 12, 2000 and the Company's proxy
statement filed July 17, 2000 (see, in particular, Risk Factors and
Management's Discussion and Analysis of Financial Condition and Results of
Operations). LJL disclaims any intent or obligation to update these
forward-looking statements. As a result of these and other factors, LJL
expects to experience significant fluctuations in operating results, and
there can be no assurance that LJL will become or remain consistently
profitable in the future.
-6-
<PAGE>
For information on LJL BioSystems, Inc., contact Larry Tannenbaum, Chief
Financial Officer, at 408-548-0542 or at [email protected].
----------------------
-FINANCIAL HIGHLIGHTS TO FOLLOW-
-7-
<PAGE>
LJL BIOSYSTEMS REPORTS 2000 SECOND QUARTER RESULTS
PAGE 4
LJL BIOSYSTEMS, INC.
CONSOLIDATED CONDENSED STATEMENT OF OPERATIONS
(UNAUDITED)
<TABLE>
<CAPTION>
Three months ended June 30, Six months ended June 30,
2000 1999 2000 1999
---------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
Net sales $ 3,731,000 $ 2,018,000 $ 6,842,000 $ 3,377,000
Cost of sales 1,282,000 882,000 2,393,000 1,580,000
---------------- -------------- -------------- --------------
Gross profit 2,449,000 1,136,000 4,449,000 1,797,000
---------------- -------------- -------------- --------------
Operating expenses:
Research and development 2,273,000 1,775,000 4,372,000 3,258,000
Selling, general and administrative 2,714,000 2,093,000 5,109,000 3,782,000
---------------- -------------- -------------- --------------
Total operating expenses 4,987,000 3,868,000 9,481,000 7,040,000
---------------- -------------- -------------- --------------
Loss from operations (2,538,000) (2,732,000) (5,032,000) (5,243,000)
Interest and other income, net 273,000 178,000 513,000 358,000
Interest expense (23,000) (22,000) (48,000) (42,000)
---------------- -------------- -------------- --------------
Loss before provision for income taxes (2,288,000) (2,576,000) (4,567,000) (4,927,000)
Provision for income taxes 1,000 - 5,000 -
---------------- -------------- -------------- --------------
Net loss $ (2,289,000) $ (2,576,000) $ (4,572,000) $ (4,927,000)
================ ============== ============== ==============
Basic and diluted net loss per share $ (0.15) $ (0.20) $ (0.32) $ (0.40)
================ ============== ============== ==============
Shares used in computation of basic and diluted
net loss per share 14,830,386 12,627,249 14,415,160 12,309,107
================ ============== ============== ==============
</TABLE>
- MORE -
-8-
<PAGE>
LJL BIOSYSTEMS REPORTS 2000 SECOND QUARTER RESULTS
PAGE 5
LJL BIOSYSTEMS, INC.
CONSOLIDATED CONDENSED BALANCE SHEET
(UNAUDITED)
<TABLE>
<CAPTION>
June 30, December 31,
ASSETS 2000 1999
------------------ --------------------
<S> <C> <C>
Current assets:
Cash, cash equivalents and investments $ 23,630,000 $ 8,458,000
Accounts receivable, net 2,163,000 2,047,000
Inventories 2,048,000 2,591,000
Other current assets 1,359,000 159,000
Property and equipment, net 976,000 880,000
Loans receivable from employees 223,000 223,000
------------------ --------------------
$ 30,399,000 $ 14,358,000
================== ====================
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Accounts payable $ 972,000 $ 1,245,000
Accrued expenses 2,380,000 2,026,000
Customer deposits 193,000 293,000
Deferred revenue 641,000 146,000
Debt 731,000 868,000
------------------ --------------------
Total liabilities 4,917,000 4,578,000
Stockholders' equity 25,482,000 9,780,000
------------------ --------------------
$ 30,399,000 $ 14,358,000
================== ====================
</TABLE>
###
-9-
