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
|SOURCE CryoCath Technologies Inc.|
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