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Alsius Corporation Reports Record Fourth Quarter and Full Year 2007 Financial Results

- Conference Call/Webcast at 4:30 p.m. Eastern Time Today -

IRVINE, Calif., March 13 /PRNewswire-FirstCall/ -- Alsius Corporation (Nasdaq: ALUS), the worldwide leader in intravascular patient temperature management therapies, today reported on its corporate progress and financial results for the fourth quarter and year ended December 31, 2007.

Revenue for the fourth quarter of 2007 was a record $2.7 million, compared to $2.0 million in the fourth quarter of 2006. Revenue for the full year 2007 was also a record of $9.1 million, compared to $6.0 million in 2006. These results were due to growth in sales of intravascular temperature management systems, as well as increased sales of catheters due to the growing installed base.

"We are proud to report our strongest quarter and year in Alsius history, which is a direct result of our continued investment in developing the leading intravascular temperature management solutions," said Bill Worthen, President and CEO of Alsius. "Our customers are becoming increasingly aware of the importance of precise temperature management in critically ill patients and recognize the value of our technology as the right solution. Our efforts in 2008 will be focused on continuing to develop the market for our products -- increasing awareness of the importance of temperature management and the benefits of our technology versus conventional approaches."

Additional Fourth Quarter and Full Year 2007 Financial Results

In the fourth quarter of 2007, gross profit was $0.8 million, compared to $0.3 million in the fourth quarter of 2006. For the full year 2007, gross profit was $1.8 million, compared to a loss of $0.2 million for the same period the prior year.

Total operating expenses in the fourth quarter of 2007 were $6.4 million compared to $3.8 million in the same period of 2006. Included in the cost of revenue and operating expenses for the fourth quarter of 2007 were non-cash, stock compensation expenses of $1.3 million compared to $0.1 million for the fourth quarter of 2006. Total operating expenses for the full year 2007 were $20.6 million, compared to $13.3 million in 2006. Included in the full year 2007 expenses were non-cash, stock compensation expenses of $3.4 million, compared to $0.6 million in 2006. The increase in total operating expenses for the fourth quarter and full year 2007 was primarily attributable to the growth in Alsius' direct sales force and marketing activities to support worldwide market expansion.

Net loss for the fourth quarter of 2007 was $5.7 million, or $0.31 per share, compared to $4.8 million, or $0.44 per share, for the fourth quarter of 2006. The 2007 year-end net loss was $22.2 million, or a loss per share of $1.49, compared to $17.6 million, or a loss per share of $1.60, in the same period a year ago.

Cash and cash equivalents were $24.4 million at December 31, 2007, compared to $29.5 million at September 30, 2007, and $0.6 million at December 31, 2006. Cash used for operating activities during the fourth quarter of 2007 was $3.7 million. In addition, the company repaid $0.8 million of debt, in the fourth quarter of 2007. Alsius' independent registered public accounting firm's report on the company's financial statements for the fiscal year ended December 31, 2007 will include a going concern qualification. The company anticipates raising capital prior to the second quarter of 2009 to support growth, consistent with its business plan.

Highlights and Accomplishments

"We believe our accomplishments in 2007 have helped us build a strong foundation for future success," added Mr. Worthen. "By the end of last year, approximately 560 Alsius systems had been installed at major acute care hospitals in the U.S. and abroad, with over 15,000 patients treated to date. Not only is the list of hospitals that have expressed interest in our products growing, but many existing customers are recognizing the potential to use our technology in different areas of the hospital. As a result, more hospitals are ordering multiple systems."

Alsius achieved a number of key milestones last year and during the first quarter of this year, including the following:

-- Corporate Achievements

- Closed the merger with Ithaka Acquisition Corp., in June 2007, which

provided Alsius with capital to support increased sales and

marketing and product development efforts.

- Successfully completed an early warrant exercise program in January

2008, which simplified the company's capital structure by reducing

the number of outstanding warrants.

-- Sales and Marketing Momentum

- Enhanced its sales and marketing infrastructure, including hiring a

new director of U.S. sales, a corporate accounts manager, a sales

manager for the Asia/Pacific region, a national service manager and

a marketing manager to oversee the warming market.

- Catheter utilization rates, or the number of catheters used per

machine per month, exceeded expectations for 2007.

- Average sale price of Alsius systems remained on target and stable.

- Received important endorsements from major hospital group purchasing

organizations representing nearly 3,000 acute care hospitals,

including an exclusive three-year sales, marketing and customer

service contract from Amerinet, and a three-year contract from

Mid-Atlantic Group Network of Shared Services (MAGNET).

- Initiated process to obtain regulatory approval in additional

international markets, including Japan.

-- Product Expansion

- Launched two major new products: the Thermogard XP (TM) Temperature

Management system, which is designed to provide an enhanced level of

therapeutic cooling power; and the Quattro (TM) catheter, a

four-balloon heat exchange catheter that provides increased surface

area and power with triple lumen central venous access.

-- Clinical Validation

- Alsius' products were featured in over 85 articles, abstracts and

presentations in peer-reviewed journals or medical meetings around

the world, including the Congress of Neurological Surgeons, the

American College of Surgeons, European Burns Association, the

International Hypothermia Symposium, and the Neurocritical Care


- The peer-reviewed journal, Critical Care, published a study in

August comparing different cooling methods and concluded that Alsius

intravascular cooling demonstrated the fastest cooling rates and was

the most reliable for maintaining stable body temperature. The study

evaluated Alsius intravascular temperature management, conventional

(cold intravenous fluids and/or cold packs), water and air

circulating blankets and water circulating gel-coated pads.

Conference Call Details

Alsius will host a conference call and webcast on March 13, 2008 at 4:30 p.m. Eastern Time. To participate in the teleconference, participants in the U.S. and Canada may call 877-440-5791 while international callers should dial 719-325-4879. No password is required for the live teleconference. To access the webcast, please go to the Investor Relations page on our website

A telephone replay of the conference call will be available 90 minutes after the call concludes on March 13 through March 31, 2008. For replays, dial 888-203-1112 (U.S. and Canada) and 719-457-0820 (international). The replay password is 3423016. An archived copy of the webcast will also be available for a period of time in the Investor Relations tab of

About Alsius

Alsius, headquartered in Irvine, CA, is a commercial-stage medical device company that develops, manufactures and sells proprietary products to precisely control patient temperature in hospital critical care settings. Controlling body temperature, through cooling and warming, is becoming the standard of care for patients in select critical conditions and those undergoing a variety of surgical procedures. Alsius markets a comprehensive suite of catheter-based intravascular temperature management products that address the need for effective, accurate, easy-to-use and cost-effective control of body temperature in critical care patients. For more information, visit

Safe Harbor

This press release may contain statements regarding plans and expectations for the future that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking. Such forward looking statements, based upon the current beliefs and expectations of Alsius' management, are subject to risks and uncertainties, which could cause actual results to differ significantly from those described in the forward-looking statements. The information in this release should be read in light of such risks. Additional information concerning these risks and uncertainties are contained in Alsius' filings with the Securities and Exchange Commission, which can be accessed electronically on the Securities and Exchange Commission website at or through the Investor Relations page on

--Tables to follow--




(In Thousands, Except Share and Per Share Data)

Three Months Year

Ended December 31, Ended December 31,

2007 2006 2007 2006

Revenue $2,709 $1,958 $9,114 $5,979

Cost of revenue* 1,955 1,634 7,341 6,167

Gross margin 754 324 1,773 (188)

Operating expenses:

Research and development* 1,325 868 3,920 2,948

Sales and marketing* 3,456 2,018 11,211 6,045

General and administrative* 1,646 909 5,471 4,352

Total operating expenses 6,427 3,795 20,602 13,345

Loss from operations (5,673) (3,471) (18,829) (13,533)

Other income (expense):

Interest income 270 4 708 76

Interest expense (262) (966) (4,149) (2,064)

Other income (expense) - (394) 35 (2,057)

Net loss $(5,665) $(4,827) $(22,235) $(17,578)

Net loss per share - basic

and diluted $(0.31) $(0.44) $(1.49) $(1.60)

Weighted average shares

outstanding - basic and

diluted 18,253,500 10,974,100 14,873,916 10,974,100

* Stock-based compensation is

included in the above amounts

as follows:

Cost of revenue $98 $6 $238 $23

Research and development 226 12 582 48

Sales and marketing 357 46 985 149

General and administrative 581 71 1,582 354

Total stock-based

compensation expenses $1,262 $135 $3,387 $574




(in thousands, except share data)

December 31, December 31,

2007 2006


Current assets:

Cash and cash equivalents $24,427 $647

Accounts receivable, net of allowances of

$44 and $13 2,162 1,517

Inventories 6,680 2,368

Prepaid expenses 284 189

Total current assets 33,553 4,721

Property and equipment, net 1,034 360

Evaluation equipment, net 673 636

Other assets 342 523

TOTAL $35,602 $6,240


Current liabilities:

Accounts payable $2,732 $2,361

Accrued liabilities 1,916 1,785

Current portion of long-term debt 3,200 9,318

Current portion of capital lease obligations 25 20

Total current liabilities 7,873 13,484

Long-term debt-less current portion 3,569 1,343

Warrant liabilities and embedded derivatives - 5,030

Capital lease obligations, less current portion 82 95

Other liabilities 66 -

Commitments and contingencies

Redeemable convertible preferred stock - 46,643

Shareholders' equity (deficit):

Preferred stock, $0.0001 par value, 1,000,000

shares authorized; no shares issued or

outstanding - -

Common stock, $0.0001 par value, 75,000,000

shares authorized: 18,253,500 shares issued

and outstanding at December 31, 2007 2 -

Common stock, no par value, 20,000,000 shares

authorized: 78,942 shares issued and outstanding

at December 31, 2006 - 16,430

Additional paid-in capital 122,237 -

Deferred stock-based compensation - (793)

Accumulated deficit (98,227) (75,992)

Total shareholders' equity (deficit) 24,012 (60,355)

TOTAL $35,602 $6,240

SOURCE Alsius Corporation
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