CryoCath Announces Fiscal 2008 Second Quart...(of fiscal 2008 were $5.5 million54.0% of...),Health

Date:5/12/2008

of fiscal 2008 were $5.5 million, 54.0% of sales compared with $7.1 million or 63.4% of sales in the second quarter of fiscal 2007. On a six-month year-to-date basis, gross margins were $10.0 million or 53.0% of sales, versus $13.2 million or 62.2% of sales from the same period a year ago. The difference is primarily due to volume loss due to the surgical portfolio divestiture combined with a product mix in favor of lower margin consoles which are showing rapid growth ahead of disposable sales growth.

Net research and development expenses for the quarter ended March 31, 2008 were $3.4 million compared to $2.7 million in the same quarter last year. On a six-month year-to-date basis, R&D expenses were $5.6 million compared to $4.8 million in the same period in 2007. The change is entirely related to the acceleration of enrollment in our STOP AF IDE pivotal trial.

The Company's sales and marketing expenses for the second quarter of 2008 decreased to $5.4 million compared to $6.4 million in the same period last year. On a six-month year-to-date basis, sales and marketing expenses were $9.7 million versus $11.9 million for the same period a year ago. The change is a result of the surgical portfolio divestiture with the elimination of commissions and fees combined with increasing efficiencies in the sales and marketing process.

Administrative expenses for the second quarter of 2008 were $2.7 million compared with $2.3 million for the same period last year. On a six-month year-to-date basis, administrative expenses were $5.4 million versus $3.9 million for the same period a year ago. The change is primarily related to investments in resources to build a robust infrastructure required to support rapid, sustainable growth while continuing the required programs on controls and compliance.

CryoCath's net loss for the second quarter ended March 31, 2008 is $6.1 million or ($0.16) per share from a loss of $6.0 million or ($0.16) per share in the seco
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SOURCE CryoCath Technologies Inc. Copyright©2008 PR Newswire. All rights reserved

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