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CryoCath Announces Fiscal 2008 Second Quarter Results
Date:5/12/2008

http://www.cryocath.com Toronto Stock Exchange Symbol: CYT

MONTREAL, May 12 /PRNewswire-FirstCall/ - CryoCath(R) Technologies Inc., the global leader in cryotherapy products to treat cardiac arrhythmias, today announced financial results for the second quarter, ended March 31, 2008.

Selected Second Quarter Financial and Operational Highlights:

- Accelerated revenue growth in Q2 2008 to $10.2 million or a 37.6%

increase over comparable electrophysiology (EP) revenue in Q2 2007.

- Continued expansion of active Arctic Front(R) user sites outside the

USA - from 34 at the end of Q1 2008 to 45 at the end of Q2 2008.

Cumulatively, an estimated 2,600 procedures have been performed with

Arctic Front.

- Grew the number of installed consoles worldwide by 37 in Q2 to a

total of over 500 consoles worldwide (net of IDE consoles).

- Achieved significant growth of our flagship product Arctic Front with

sales 284% over the same quarter last year.

- Reached a gross profit of 54.0% which is a significant step forward

from Q1 2008 and keeps us on track towards achieving our long-term

goal of at least 70% gross margins post launch in the U.S.

- Achieved a net loss of $6.1 million, which is similar to the net loss

in Q2 2007 despite reduced revenue due to the sale of the surgical

business.

Subsequent significant events following 2nd quarter highlights:

- Achieved key milestone of consenting 270 patients in our pivotal STOP

AF IDE Trial in the United States.

- Secured a gross proceed of $17.4 million from equity financing.

- Appointed Mrs. Ginette Gagne as the Company's new Chief Financial

Officer.

"This has been a strong quarter from a commercial point of view, topped off with achieving some outsta
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SOURCE CryoCath Technologies Inc.
Copyright©2008 PR Newswire.
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Related medicine news :

1. CryoCath to Hold Second Quarter 2008 Conference Call and Webcast
2. CryoCath Reports Data Presented at the 74th Annual Meeting of the German Cardiac Society
3. CryoCath Introduces Arctic Front in Australia
4. CryoCath Appoints New Chief Financial Officer
5. CryoCath Technologies notice of annual meeting
6. CryoCath Announces Fiscal 2008 First Quarter Results
7. CryoCath Provides Update on Patent Infringement Lawsuit
8. CryoCath to Hold First Quarter 2008 Conference Call and Webcast
9. CryoCath intends to contest patent infringement claim by CryoCor, Inc.
10. CryoCath announces 2007 fourth quarter and fiscal year end financial results
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