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

t has started to show its explosive growth potential and has become the largest driver of our growth.

We are also confident with the progress in our pivotal trial in the US. STOP AF continues to be the fastest enrolling trial in this space and is on track to support a late 2009 US Arctic Front approval. Our confidence in the blockbuster potential of Arctic Front is strengthened continuously based on the solid clinical performance and enthusiastic feedback from both our European customers as well as our US investigators. We feel that in 2007 we created the foundation needed to allow us to bring our Arctic Front breakthrough therapy to millions of Paroxysmal AFib patients and create a significant and profitable business."

FY 2007

For the 12-month period ending September 30, 2007, sales increased 3.4% to reach $39.7 million compared to $38.4 million in fiscal 2006. US disposable EP product sales grew by 2.6% to $12.3 million, whereas outside US disposable revenue, driven by the success of Arctic Front, grew by 17.6% to 8.0 million. Total EP growth in the US was 11.1% to $18.3 million and outside US growth was 20.1% to $10.7 million.

Gross margins in fiscal 2007 were $23.5 million or 59.2% of sales, versus $20.6 million or 53.6% of sales in 2006. This increase in margins is a result of improved focus on the product supply process and the corresponding increase in output and yields, and the increase in sales of our higher margin new generation of products. Excluding the impact of the revenue accrual for returned goods included in the Q4 FY2007 results, but not in FY2006, gross margin for the year would have increased by 0.3% to 59.5%.

Total expenses in fiscal 2007 were $53.5 million, up 4.2% from $51.3 million in fiscal 2006.

Sales and marketing expenses in fiscal 2007 totaled $24.7 million versus $27.4 million for the same period a year ago. This decrease is based on a reduced head count and reduced commissions and other variabl
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SOURCE CryoCath Technologies Inc.
Copyright©2007 PR Newswire.
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