http://www.cryocath.com Toronto Stock Exchange Symbol: CYT
MONTREAL, Feb. 14 /PRNewswire-FirstCall/ - CryoCath(R) Technologies
Inc., the global leader in cryotherapy products to treat cardiac
arrhythmias, today announced financial results for the first quarter, ended
December 31, 2007.
Selected First Quarter Financial and Operational Highlights:
- EP Revenue for Q1 2008 was $8.7 million or a strong 32.2% increase
over Q1 2007. All regions around the world showed healthy revenue
- Rapid expansion in the number of active Arctic Front(R) sites in
Europe - from 23 at the end of Q4'07 to 34 sites at the end of Q1. As
well, we see rapid ongoing expansion in the number of installed
consoles worldwide by 33 in Q1 to a total of over 507 consoles world-
- Explosive sales growth of our flagship product Arctic Front with a 97%
revenue increase over Q1 2007.
- Strong progress in enrollment of patients in our Pivotal STOP AF IDE
Trial, with 210 patients consented as of February 13, 2008. The
program remains firmly on track for April completion of enrollment and
late 2009 FDA approval.
- Gross profit of 51.8% keeps us on track towards achieving our long-
term goal of at least 70% gross margins post launch in the US. Margin
improvements will be driven by the impact of volume increases, mix
improvements, as well as by ongoing improvements in process design.
- Net loss of $6.1 million, an increase of $2.6 million over Q1 2007.
This increase reflects the impact of reduced revenues and volume
following the sale of our surgical portfolio in June 2007. Excluding a
large non-recurring foreign exchange gain in Q1 2007, departmental
spending increased by only 1% versus the prior year, this despite t
|SOURCE CryoCath Technologies Inc.|
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