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CryoCath announces 2007 fourth quarter and fiscal year end financial results
Date:12/17/2007

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

MONTREAL, Dec. 17 /PRNewswire-FirstCall/ - CryoCath(R) Technologies Inc., the global leader in cryotherapy products to treat cardiovascular disease, today announced financial results for the fourth quarter and year ended September 30, 2007.

Selected FY 2007 Financial and Operating Highlights:

- Following the sale of the surgical portfolio to ATS Medical, we

successfully transitioned our organization in Q4 towards a high

growth, pure play EP/AFib company, with relentless focus on the

blockbuster potential of Arctic Front(R). As part of this transition

we did incur a number of one-time charges in fiscal Q4 '07.

- Revenue of $39.7 million, a growth of 3.4% over prior year. This

growth is composed of 14.2% growth of our electrophysiology (EP)

business to $29M, offset by the impact of selling the surgical

business at the end of Q3 2007.

- Q4 2007 sales were $6.6 million, a growth of 1.1% over our EP

business revenue in Q4 2006. In what is traditionally our weakest

quarter, sales growth was further slowed down by unfavorable exchange

rate impact, a one-time revenue accrual and abandoning quarter-end

volume discount sales practices.

- Global growth is fueled by the strong performance of our flagship

Arctic Front product in European markets. The number of active Arctic

Front users has grown in Q4 from 20 to 23 and is accelerating. At the

end of Q4 a total of approximately 1,600 Arctic Front procedures have

been performed in Europe. Our Atrial Fibrillation (AFib) business

grew by 52.1% in FY2007 and 61.7% in Q4. Excluding a one time revenue

accrual, our AFib revenue growth accelerated to 60.1% for the year

and a strong 97
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SOURCE CryoCath Technologies Inc.
Copyright©2007 PR Newswire.
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