Vista Pharmaceuticals (524711) Q4 01/02 earnings summary

Executive summary

• FY02 revenue was Rs. 105.25 lakh and loss for the year was Rs. 233.49 lakh, compared with Rs. 151.64 lakh revenue and Rs. 205.17 lakh loss in FY01.

• Export-led operations faced falling sales and production, while accumulated losses reached Rs. 1,085.24 lakh and secured IDBI loans rose to Rs. 1,139.98 lakh.

Financial highlights

• Export turnover was Rs. 105.17 lakh in FY02, down from Rs. 151.63 lakh in FY01; other-source income was Rs. 0.08 lakh.

• FY02 expenditure was Rs. 338.74 lakh, including Rs. 189.94 lakh in financial charges and Rs. 28.29 lakh in depreciation.

• Loss for the year widened to Rs. 233.49 lakh from Rs. 205.17 lakh; prior-period adjustments were a credit of Rs. 2.66 lakh.

• Operating cash flow was negative Rs. 189.99 lakh; investing cash flow was negative Rs. 18.70 lakh, while financing cash flow was positive Rs. 207.99 lakh.

Outlook and guidance

• FY03 projected sales were Rs. 150 lakh, with results expected to be greatly influenced by the US economy.

• Potential generic drug products were expected to generate Rs. 20–30 crore in annual sales per product; each requires average investment of Rs. 5 crore and three years for development, bio-study and USFDA approval.

• Negotiations with potential distributors targeted South America, the Middle East and Africa; value-added products for these markets were undergoing stability studies.

• Future R&D plans included prescription products for the US, controlled-release dosage forms, improved quality control and cost reduction.