BioSource subject to Nasdaq delisting
BioSource International (Camarillo, California) said that it received a notice from the Listing Qualifications Department of the Nasdaq market indicating that the company is not in compliance with Nasdaq requirements for continued listing, due to its failure to timely file its Form 10-Q for the quarter ended March 31.
As previously announced on May 16, the company said it delayed the filing of its Form 10-Q because it was considering and discussing with its external auditors at KPMG possible changes to its long-standing accounting policy of reserving for 100% of the costs of manufactured antibody inventory. Following discussion on these matters, BioSource said it intends to restate its financial statements for the three years ended Dec. 31, 2004, 2003 and 2002.
The company said it does not expect this to have any material impact on its previously reported cash flows and expects a net increase in stockholders' equity as of Dec. 31, 2004.
BioSource is focused on providing integrated solutions in the areas of functional genomics, proteomics and drug discovery through the manufacture of biologically active reagent systems that facilitate drug development and biomedical research.
Siemens ultrasound ranked No. 1
Siemens Medical Solutions Ultrasound Division, part of Siemens (Erlangen, Germany) reported that it has been ranked the No. 1 ultrasound company for revenues in the U.S. for the fifth year in a row, by Klein Biomedical Consultants' (KBC; New York) 2004 annual report, followed by Philips Medical Systems (Andover, Massachusetts) and GE Healthcare (Waukesha, Wisconsin), respectively.
KBC is a marketing firm that tracks the ultrasound market. The KBC 2004 report also ranks Siemens No. 1 in both cardiology and radiology markets for ultrasound units and total revenues including options.
"Even without growth in the U.S. ultrasound market, Siemens Ultrasound was able to increase its cardiology market share in total sales from products and options, taking it to No. 1 in the U.S. cardiology market," said Harvey Klein, PhD, founder and president of KBC. "The company remained strategically focused in its business performance and, as a result, was able to advance its position in cardiology and maintain its leadership in radiology."
Roche opens world's largest PCR facility
Roche (Indianapolis) on Tuesday dedicated its new manufacturing center in Branchburg, New Jersey. The facility is the largest polymerase chain reaction (PCR) manufacturing site in the world and was constructed to manufacture and supply Roche Diagnostics' industry-leading products based on its PCR technology, the company said.
Roche has spent more than $150 million for construction of the new structure and renovations to the existing facility.
The new plant allows Roche Diagnostics to consolidate the production currently operating in various places in New Jersey to one centralized Branchburg location. The new facility will employ up to 800 people, creating about 350 new jobs. Work on the new facility began in April 2003.
"It is of utmost importance to have a facility that can respond to the increasing market demand for our PCR products," said Franz Humer, chairman and CEO of the Roche Group.
LCD monitors gaining ground
Although analog-based cathode-ray tube (CRT) medical display monitors dominated the market until recently due to favorable pricing and economies of scale, liquid crystal display (LCD) monitors are fast gaining ground over them, according to new analysis from Frost & Sullivan (Palo Alto, California).
Compared to CRT displays, high-resolution LCD monitors are far more sophisticated and guarantee radiologists the highest level of differentiation in diagnostic procedures, Frost & Sullivan said.
The report, "U.S. Medical Display Monitor Markets," says that revenue in this industry totaled $281.1 million in 2004 and can reach $602.9 million in 2011.