Source Site (EDGAR):
424B1
Excerpt From:
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KERAVISION INC /CA/
Form: 424B1 Filing Date: 8/13/99
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Summary Consolidated Financial Data
In the table below, we provide you with summary historical financial data of
KeraVision, Inc. We have prepared this information using the consolidated
financial statements of KeraVision, Inc. for the three years ended December 31,
1998 and the six-month periods ended June 30, 1998 and 1999. The financial
statements for the three years ended December 31, 1998 have been audited. The
financial statements for the six-month periods ended June 30, 1998 and 1999
have not been audited.
When you read this summary historical financial data, it is important that
you read it along with the historical financial statements and related notes in
our annual and interim financial statements included and incorporated by
reference in this prospectus, as well as the section titled "Management's
Discussion and Analysis of Financial Condition and Results of Operations."
<TABLE>
<CAPTION>
Six Months Ended
Year Ended December 31, June 30,
---------------------------- ------------------
1996 1997 1998 1998 1999
(in thousands, except per share data)
<S> <C> <C> <C> <C> <C>
Statement of Operations Data
Net sales................... $ 137 $ 355 $ 835 $ 264 $ 4,381
Costs and expenses:
Cost of sales and
manufacturing expenses.... 319 3,701 4,386 1,949 4,615
Research and development... 10,888 10,774 11,356 6,016 4,201
Selling, general and
administrative............ 3,930 6,405 9,693 3,652 8,171
-------- -------- -------- -------- --------
Total costs and expenses.... 15,137 20,880 25,435 11,617 16,987
-------- -------- -------- -------- --------
Loss from operations........ (15,000) (20,525) (24,600) (11,353) (12,606)
Interest income (expense)
and other, net............. 2,121 1,129 563 179 (315)
-------- -------- -------- -------- --------
Net loss.................... $(12,879) $(19,396) $(24,037) $(11,174) $(12,921)
======== ======== ======== ======== ========
Net loss applicable to
common stockholders........ $(12,879) $(19,396) $(27,414) $(13,785) $(13,697)
======== ======== ======== ======== ========
Basic and diluted net loss
per share applicable to
common stockholders........ $ (1.04) $ (1.55) $ (2.16) $ (1.09) $ (1.05)
======== ======== ======== ======== ========
Shares used in calculation
of net loss per share...... 12,342 12,528 12,686 12,655 13,088
</TABLE>
<TABLE>
<CAPTION>
June 30, 1999
December 31, ----------------------
1998 Actual As Adjusted
(in thousands)
<S> <C> <C> <C>
Balance Sheet Data
Cash, cash equivalents and available-for-
sale investments......................... $ 7,728 $ 8,330 $ 51,260
Working capital........................... 4,915 504 47,858
Total assets.............................. 11,184 13,544 56,474
Short-term debt........................... -- 4,424 --
Capital lease obligations, noncurrent..... 821 666 666
Series B redeemable convertible preferred
stock.................................... 17,489 18,265 18,265
Accumulated deficit....................... (90,092) (103,789) (104,665)
Total stockholders' equity (net capital
deficiency).............................. (11,447) (15,984) 31,370
</TABLE>
The as adjusted amounts reflect the issuance by KeraVision of 4,000,000
shares at an offering price of $13.00 per share and the application of the net
proceeds from this offering.
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