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Tutogen Medical, Inc. Reports Year-End Fiscal 2007 Financial Results
Date:12/10/2007

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2007 Fourth Fiscal Quarter Financial Results

For the fourth fiscal quarter of 2007, Tutogen reported a 41% increase in revenues to $15.2 million compared to $10.8 million in the fourth quarter of fiscal year 2006. Overall U.S. product sales increased 38% for the fourth fiscal quarter of 2007 compared to the same period in 2006, and international sales increased 47% on the same comparative basis. When comparing the fourth fiscal quarter of 2007 with that of 2006, dental product sales increased 34%; spine products sales increased 23%; and surgical specialties product sales increased 69%. The fourth quarter gross margin was 50% due to unusually high write-offs of inventory ($538,000 or 4% impact on the gross margin), seasonality in dental sales for the fourth quarter, unfavorable product mix/yields and backorders of certain high margin tissue products. The gross margin is expected to be in the 53-55% range for the first quarter of fiscal year 2008 and to approach the 57-59% range in subsequent quarters due to continued growth in high margin dental sales, price increases over various products lines during the first and second quarters of 2008, the filling of backorders of high margin tissue products particularly with the addition of multiple new tissue sourcing deals and additional production efficiencies with higher volumes and improved product yields. The expenses in the fourth quarter included unusual general and administrative charges of $427,000 for Sarbanes Oxley compliance matters and $290,000 in connection with the relocation of Company executives and $334,000 in tax expense related to the aforementioned change in the German corporate tax rate. As a result, the Company reported a net loss of $440,000, or $0.02 loss per fully diluted share, in the fourth fiscal quarter of 2007 compared to net income of $599,000, or $0.04 per fully diluted share, in the comparable quarter last year. Excluding the gross margin items and general and administrative
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