OccuLogix, Inc.
NASDAQ : OCCX
TSX : OC

OccuLogix, Inc.

November 01, 2006 08:05 ET

OccuLogix Reports Q3-06 Financial Results

TORONTO, ONTARIO--(CCNMatthews - Nov. 1, 2006) - OccuLogix, Inc. (NASDAQ:OCCX)(TSX:OC) today reported its consolidated financial results for the three months ended September 30, 2006. All dollar amounts are expressed in U.S. currency, and results are reported in accordance with United States generally accepted accounting principles (U.S. GAAP).

For the third quarter of 2006, net revenues were $85,444 compared to $632,330 in the third quarter of 2006. The Q3-06 net loss was $3.6 million, or $0.08 per share, compared to a net loss of $2.9 million, or $0.07 share, in the 2005 third quarter.

As of September 30, 2006, the Company had cash and cash equivalents and short term investments of $20.2 million.

Conference Call and Webcast Information

OccuLogix will hold a conference call to discuss these results today, November 1, at 8:30 a.m. Eastern Time at 800-215-1640 (within the United States and Canada), or 416-620-9644 (international callers). The call will also be broadcast live and archived on the company's website at www.occulogix.com under the "webcasts" link in the Investor Relations section. For those wishing to listen to a recording of the call via telephone, a replay will be made available as soon as possible after the conclusion of the live call and will remain posted for a period of seven days. To listen to the recording, simply telephone 416-626-4100 and enter reservation # 21307083 when prompted.

About OccuLogix, Inc.

OccuLogix is a health care company that brings innovative and evidenced-based medical therapies to life. Visit us on the internet at www.occulogix.com (corporate). Additional information on the Company's RHEO® procedure to treat Dry AMD can be found at www.rheo.com. To learn more about the Company's SOLX® Gold Micro-Shunt and SOLX® 790 Laser for the treatment of glaucoma, please visit www.solx.com or www.deeplightsystem.com.

Forward-Looking Statements

This press release may contain forward-looking statements. These statements relate to future events and are subject to risks, uncertainties and assumptions about the Company. These statements are only predictions based on our current expectations and projections about future events. You should not place undue reliance on these statements. Actual events or results may differ materially. Many factors may cause our actual results to differ materially from any forward-looking statement, including the factors detailed in our filings with the Securities and Exchange Commission and Canadian securities regulatory authorities, including but not limited to our Forms 10-K and 10-Q. We do not undertake to update any forward-looking statements.



OccuLogix, Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(expressed in U.S. dollars)
(Unaudited)


Three months ended,
September 30,
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2006 2005
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Revenues
Retina
Sales to unrelated parties $ 53,144 $ 629,001
Sales to related parties - 3,329
Glaucoma 32,300 -
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Total revenues 85,444 632,330
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Cost of goods sold
Retina
Cost of goods sold to unrelated parties 80,358 312,210
Cost of goods sold to related parties - -
Royalty costs 25,000 25,000
Glaucoma 12,047 -
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Total cost of goods sold 117,405 337,210
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(31,961) 295,120
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Operating expenses
General and administrative 2,314,344 2,225,136
Clinical and regulatory 1,071,380 1,140,273
Sales and marketing 505,088 324,696
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3,890,812 3,690,105
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Loss from operations (3,922,773) (3,394,985)
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Other income (expense)
Interest income, net 291,394 411,370
Other 20,704 (25,996)
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312,098 385,374
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Loss before income taxes (3,610,675) (3,009,611)
Recovery of income taxes 26,867 155,697
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Net loss for the period $ (3,583,808) $ (2,853,914)
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Weighted average number of shares outstanding
- basic and diluted 44,911,018 41,982,057
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Basic and diluted net loss per share $ (0.08) $ (0.07)
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OccuLogix, Inc.
CONSOLIDATED BALANCE SHEETS
(expressed in U.S. dollars)
(Unaudited)

September 30, December 31,
2006 2005
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ASSETS
Current
Cash and cash equivalents $ 6,281,444 $ 9,599,950
Short-term investments 13,905,000 31,662,845
Amounts receivable, net 259,667 554,966
Inventory, net 4,484,145 4,701,464
Prepaid expenses 712,100 803,268
Deposit 10,442 4,891
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Total current assets 25,652,798 47,327,384
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Fixed assets, net 925,561 470,561
Patents and trademarks, net 233,698 135,232
Intangible assets, net 52,488,862 23,927,195
Goodwill 14,225,912 65,945,686
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Total assets $ 93,526,831 $ 137,806,058
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current
Accounts payable $ 690,262 $ 522,520
Accrued liabilities 1,858,970 2,226,619
Deferred revenue 38,400 -
Due to related party - 5,065
Due to stockholders 121,238 158,233
Current portion of other liability 3,000,000 -
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Total current liabilities 5,708,870 2,912,437
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Deferred tax liability 20,913,879 8,853,062
Other long-term liability 3,224,606 -
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Total liabilities 29,847,355 11,765,499
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Stockholders' equity
Capital stock
Common stock 50,607 42,086
Par value of $0.001 per share
Authorized: 75,000,000; Issued and
outstanding:
September 30, 2006 -- 50,606,562;
December 31, 2005 -- 42,085,853
Additional paid-in capital 353,919,327 336,977,578
Accumulated deficit (290,290,458) (210,979,105)
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Total stockholders' equity 63,679,476 126,040,559
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Total liabilities and stockholders' equity $ 93,526,831 $ 137,806,058
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