7.9 Percent Year-Over-Year Increase in Revenue; Gross Margin Increase
Continues; Net Losses Decline
IRVINE, Calif., May 1 /PRNewswire-FirstCall/ -- Endocare, Inc. (Nasdaq: ENDO), an innovative medical device company focused on the development of minimally invasive technologies for tissue and tumor ablation, today reported solid growth in revenues, cryoprobe sales and procedures and continued expense reductions in the three months ended March 31, 2008, resulting in a 48.1 percent reduction in net loss compared to the first quarter of 2007.
For the first quarter of 2008, total revenues were $8.1 million, up 7.9 percent from $7.5 million in the first quarter of 2007 and up sequentially 17.8 percent from the $6.9 million in the fourth quarter of 2007. Cryoprobe sales in the 2008 first quarter totaled 12,203, an 8.8 percent increase from the 11,211 sold in the first quarter of 2007. The estimated number of domestic cryoablation procedures performed was 2,568, up from 2,315 in the prior-year period.
Endocare Chairman, CEO and President Craig T. Davenport said, "We were
pleased with the solid growth we achieved in the first quarter of 2008 over
what was a strong first quarter last year. Our sales force continues to
report steady progress in its sales activities with prospective physician
customers. We believe this is due in part to the continuing publication of
clinical research, media coverage of cryoablation and increased physician
attention on focal cryoablation at numerous focal cryoablation conferences
held around the United States by prestigious medical institutions during
the first quarter." Davenport continued, "The launch of our variable
cryoprobe, or V-Probe, technology has been received enthusiastically by
existing and prospective physicians due in part to the potentially
significant advantages that the V-Probe offers. Providing one probe that
can create five different-sized isotherms offers the ability to
|SOURCE Endocare, Inc.|
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