NxStage Reports Second Quarter 2009 Financi... ( LAWRENCE Mass. Aug. 5 /- ...)

NxStage Reports Second Quarter 2009 Financial Results

Date:8/5/2009

LAWRENCE, Mass., Aug. 5 /PRNewswire-FirstCall/ -- NxStage Medical, Inc. (Nasdaq: NXTM), a leading manufacturer of innovative dialysis products, today announced net revenue for the second quarter of 2009 of $36.4 million, an increase of 15 percent when compared with revenue of $31.6 million for the second quarter of 2008.

The Company's second quarter performance was driven by systematic growth in Home, solid machine sales in Critical Care, and continued progress in In-Center, even within the current economic environment. Home revenue for the second quarter of 2009 was $15.2 million, an increase of 28 percent when compared with revenues of $11.9 million for the second quarter of 2008. Critical Care and In-Center revenues were $5.2 million and $16.0 million, respectively, for the second quarter of 2009, representing an increase of 20 percent and 4 percent, respectively, when compared with revenue for the second quarter of 2008.

"Our second quarter results demonstrate our continued ability to improve key financial metrics including revenue, gross margin, adjusted EBITDA and cash usage," stated Jeffrey H. Burbank, Chief Executive Officer of NxStage Medical. "In addition, we successfully executed against key strategic relationships to further strengthen our financial position and enhance our market position."

Gross margin improved to 24 percent in the second quarter of 2009 as compared to 14 percent in the second quarter of 2008.

Net loss for the second quarter of 2009 was $12.5 million, or ($0.27) per share. Excluding the impact of a $2.0 million pre-tax charge related to terminating the Company's GE credit facility, recorded as interest expense, the net loss for the second quarter of 2009 was better than the Company's second quarter guidance for a net loss of $11.5
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SOURCE NxStage Medical Inc.
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