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ATS Medical Announces Fourth Quarter 2008 Results
Date:2/23/2009

  • The Company announced the formation of its Cryoablation Scientific Advisory Board in January this year. This board met for the first time in December 2008 to develop a consensus around the preferred procedural approach to perform a complete Cox Maze III procedure. The objective was to recommend a standard set of lesions that would yield the best possible, reproducible patient outcomes. In January, the board publicly unveiled their recommended procedural steps at the ATS Frontiers in Cryoablation Symposium at the annual meeting of the Society of Thoracic Surgery in San Francisco. The board's procedural recommendations will be the basis for clinical studies, training and marketing programs.

2008 Full Year Results

For the full year 2008 revenue increased 32.7% to $65.8 million compared to $49.6 million in 2007. Heart valve therapy revenue increased 23.4% and CryoMaze revenue increased 74.3%. Gross profit margin was 61.6% for the full year 2008 compared to 56.9% for 2007. The Company reported a GAAP net loss for 2008 of $19.3 million, or $0.31 per share, compared to a GAAP net loss of $23.0 million, or $0.44 per share, in 2007. The net loss for 2008 included a charge of $7.5 million related to the Company's settlement of longstanding litigation. The net loss for 2007 included charges of $3.5 million for acquired in-process research and development related to the acquisition of our surgical cryoablation business and $0.8 million related to discontinuing our PARSUS development program.

2009 Guidance

For the full year 2009 the Company expects:

  • Revenue growth of 17.0% to 21.5% which translates into a revenue range of $77 to $80 million. The Company's revenue guidance includes an unfavorable impact of approximately 2% related to declining foreign exchange rates.
  • Gross margin in the range of 6
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SOURCE ATS Medical, Inc.
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