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
- 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
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
"This has been a strong quarter from a commercial point of view, topped
off with achieving some outsta
|SOURCE CryoCath Technologies Inc.|
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