<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): January 26, 2000
LJL BIOSYSTEMS, INC.
(Exact name of registrant as specified in its charter)
000-23647
(Commission File Number)
DELAWARE 77-0360183
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation)
405 TASMAN DRIVE
SUNNYVALE, CA 94089
(Address of principal executive offices, with zip code)
(408) 541-8787
(Registrant's telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
<PAGE>
ITEM 5. OTHER EVENTS.
On January 26, 2000, LJL BioSystems, Inc. announced fourth quarter and
fiscal 1999 financial results. Further details regarding this announcement are
contained in the company's news release dated January 26, 2000 attached as an
exhibit hereto and incorporated herein by reference.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(a) Exhibits:
99.9 LJL BioSystems, Inc. News Release dated January 26, 2000
-2-
<PAGE>
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 hereunto duly authorized.
LJL BIOSYSTEMS, INC.
Date: January 26, 2000 By: /s/ Lev J. Leytes
------------------------
Lev J. Leytes
President and CEO
-3-
<PAGE>
Exhibit 99.9
CONTACTS:
- ---------
LJL BIOSYSTEMS, INC.: MEDIA RELATIONS:
- --------------------- ----------------
LARRY TANNENBAUM FRIESTEDT INTERNATIONAL
CFO AND SENIOR VICE PRESIDENT SUSANNE FRIESTEDT
408-548-0542 619-223-8844
[email protected] [email protected]
LJL BIOSYSTEMS, INC. REPORTS RECORD FOURTH QUARTER AND YEAR END 1999 REVENUES
- - Growing base of premier customers
- - Genomics leaders are using LJL Platform for SNPs genotyping
SUNNYVALE, CA - JANUARY 26, 2000 - LJL BioSystems, Inc. (NASDAQ: LJLB) today
announced record financial results for the fourth quarter and fiscal year ended
December 31, 1999.
During the fourth quarter, LJL continued expanding its installed base and
adding new customers, including three major pharmaceutical companies. Since
commencing HTS shipments, the Company has successfully begun to penetrate its
target drug discovery customer base with initial sales of systems to 21 of
the top 25 pharmaceutical companies in the world. Further, approximately
two-thirds of these customers have purchased additional systems. In addition,
the Company extended its technology into the SNP (single nucleotide
polymorphism) genotyping market. Several leading genomics centers and
research labs are now utilizing LJL's proprietary High Throughput Screening
(HTS) platform.
Fourth quarter 1999 revenues increased 143% to $4.0 million, compared to $1.6
million for the fourth quarter of 1998, and grew 53% from the third quarter of
1999. Fiscal 1999 revenues were $9.9 million, representing a 124% increase over
fiscal 1998 revenues of $4.4 million.
The net loss for the fourth quarter was $1.2 million or $0.10 per share on 12.7
million shares outstanding. For fiscal 1999, the net loss was $8.1 million or
$0.65 per share on 12.5 million shares outstanding. These results compare to a
fourth quarter 1998 net loss of $2.0 million or $0.19 per share on 10.5 million
shares outstanding and a fiscal 1998 net loss available to common stockholders
of $8.5 million or $0.91 per share on 9.3 million shares outstanding.
-4-
<PAGE>
Gross margins improved to 71% for the fourth quarter as a result of higher
volume and a favorable product mix including strong sales of the company's Ultra
HTS system and reagent products. 1999 gross margins improved to 64% for the full
year compared to 44% in 1998. This improvement was due to favorable product mix
and higher manufacturing volumes, which resulted in better manufacturing
overhead absorption. Revenues and gross margins are expected to fluctuate in the
future due to product mix and volumes, seasonality and other factors.
The Company ended the year with cash, cash equivalents and investments of $8.5
million compared to $9.5 million as of September 30, 1999.
Also during the fourth quarter, LJL announced a new program for comprehensive
access to its proprietary technologies, called a Master Technology
Partnership Agreement (MTPA), and execution of the first such agreement with
AstraZeneca, the UK-based pharmaceutical company. The three-year, Platinum
agreement provides AstraZeneca Charnwood with access on a priority basis, to
LJL's assay development services and emerging advanced technologies, such as
LJL's proprietary FLARe technology.
"We believe that the significant progress LJL has made in 1999 will serve as a
solid foundation for our next phase of growth. We succeeded in gaining large
pharmaceutical and biotechnology companies as customers for our mission-critical
infrastructure solutions for drug discovery. In addition, we also created a new,
exciting Genomics Science Group and extended our technology into the rapidly
expanding field of SNP discovery and scoring. We believe that the growing
acceptance of our technologies by industry-leading customers demonstrates the
exciting potential that exists for LJL in the rapidly expanding markets of
genomics and drug discovery," commented Lev J. Leytes, Chairman and CEO of LJL.
ABOUT LJL BIOSYSTEMS, INC.
LJL BioSystems supplies infrastructure tools to pharmaceutical and biotech
companies engaged in the highly competitive search for new medicines in the
genomics era. LJL's family of proprietary products, marketed as CRITERION-TM-,
consists of instruments, consumables, and services. The Company intends to
establish CRITERION as the gold standard for addressing many of the key
bottlenecks in drug discovery. LJL's worldwide customers include, among others,
AstraZeneca, Bristol Myers Squibb, Eli Lilly and Company, Johnson and Johnson,
Merck and Co., Tularik, Inc., Millennium Pharmaceuticals, Inc., DuPont
Pharmaceuticals Company, Amgen, Inc., Monsanto Company, Pharmacia & Upjohn and
SmithKline Beecham. LJL is headquartered in Sunnyvale, California and has a
subsidiary in the United Kingdom. Additional information on LJL and CRITERION
technology can be found at www.ljlbio.com.
FORWARD-LOOKING STATEMENTS Except for the historical information contained
herein, the matters discussed in this news release 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 Report on Form
10-K, filed March 30, 1999, Reports on Form 10-Q filed May 14, 1999, August 16,
1999 and November 15, 1999 and Form S-3 dated July 22, 1999 (see, in particular,
Risk Factors and
-5-
<PAGE>
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.
For information on LJL BioSystems, Inc., contact Larry Tannenbaum, Chief
Financial Officer, at 408-548-0542 or [email protected].
-FINANCIAL HIGHLIGHTS TO FOLLOW-
-6-
<PAGE>
LJL BIOSYSTEMS, INC.
CONSOLIDATED CONDENSED STATEMENT OF OPERATIONS
(UNAUDITED)
<TABLE>
<CAPTION>
Three months ended December 31, Twelve months ended September 30,
1999 1998 1999 1998
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Net sales $ 3,957,000 $ 1,627,000 $ 9,917,000 $ 4,436,000
Cost of sales 1,167,000 681,000 3,554,000 2,487,000
------------ ------------ ------------ ------------
Gross profit 2,790,000 946,000 6,363,000 1,949,000
------------ ------------ ------------ ------------
Operating expenses:
Research and development 1,856,000 1,264,000 6,787,000 5,472,000
Selling, general and administrative 2,210,000 1,767,000 8,199,000 5,308,000
------------ ------------ ------------ ------------
Total operating expenses 4,066,000 3,031,000 14,986,000 10,780,000
------------ ------------ ------------ ------------
Loss from operations (1,276,000) (2,085,000) (8,623,000) (8,831,000)
Interest and other income, net 101,000 124,000 590,000 629,000
Interest expense (25,000) (18,000) (90,000) (35,000)
------------ ------------ ------------ ------------
Loss before income taxes (1,200,000) (1,979,000) (8,123,000) (8,237,000)
Provision for income taxes 15,000 - 15,000 -
------------ ------------ ------------ ------------
Net loss (1,215,000) (1,979,000) (8,138,000) (8,237,000)
Accretion of mandatorily redeemable convertible
preferred stock redemption value - - - (254,000)
------------ ------------ ------------ ------------
Net loss available to common stockholders $ (1,215,000) $ (1,979,000) $ (8,138,000) $ (8,491,000)
------------ ------------ ------------ ------------
------------ ------------ ------------ ------------
Basic and diluted net loss per share available to
common stockholders $ (0.10) $ (0.19) $ (0.65) $ (0.91)
------------ ------------ ------------ ------------
------------ ------------ ------------ ------------
Shares used in computation of basic and
diluted net loss per share available to
common stockholders 12,733,685 10,520,296 12,505,955 9,283,076
------------ ------------ ------------ ------------
------------ ------------ ------------ ------------
</TABLE>
- MORE -
-7-
<PAGE>
LJL BIOSYSTEMS, INC.
CONSOLIDATED CONDENSED BALANCE SHEET
(UNAUDITED)
<TABLE>
<CAPTION>
December 31, December 31,
ASSETS 1999 1998
----------- -----------
<S> <C> <C>
Cash, cash equivalents and investments $ 8,458,000 $10,204,000
Accounts receivable, net 2,047,000 840,000
Inventories 2,591,000 1,173,000
Other current assets 159,000 262,000
Property and equipment, net 880,000 789,000
Loans receivable from employees 223,000 190,000
----------- -----------
$14,358,000 $13,458,000
----------- -----------
----------- -----------
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Accounts payable $ 1,245,000 $ 508,000
Accrued expenses 2,026,000 1,801,000
Customer deposits 293,000 19,000
Deferred Revenue 146,000 --
Debt 868,000 710,000
----------- -----------
Total liabilities 4,578,000 3,038,000
Stockholders' equity 9,780,000 10,420,000
----------- -----------
$14,358,000 $13,458,000
----------- -----------
----------- -----------
</TABLE>
###
-8-
