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

e expenses as a result of the sale of the surgical portfolio to ATS Medical.

On a 12-month basis, net research and development expenses were $11.9 million versus $10.9 million in fiscal 2006. The increased expenses in research and development are related to additional clinical expenses associated with the enrollment in our STOP AF IDE pivotal trial.

Total administrative expenses in fiscal 2007 were $7.6 million versus $6.0 million for the same period a year ago as the company continued to invest in the resources to build a robust infrastructure required for rapid and sustainable growth.

Other expenses were $1.1 million in fiscal 2007 and $1.8 million in the prior year and are associated with realignment initiatives. The costs in fiscal 2007 are the result of the sale of the surgical business and the Company's strategy to transition itself into a lean, focused and fast growing electrophysiology cryoablation company.

Interest expense for the year increased as a result of higher debt levels and totaled $2.8 million, an increase of $1.4 million over 2006.

Most of the Company's sales revenues are denominated in either US dollars or Euros as are a significant amount of our assets. Foreign denominated expenses and liabilities only provide a partial natural hedge against currency fluctuations, which were significant in 2007. As a result the Company incurred a foreign exchange loss in 2007 of $2 million versus $0.2 million last year.

Net loss in fiscal 2007 was $19.0 million or $0.50 per share versus $30.0 million or $0.79 per share in the same period a year ago. This decrease in net loss was aided by the one time gain from the sale of the surgical portfolio to ATS Medical which netted $10.0 million.

On a 12-month basis, the operating burn was $20.3 million versus $19.8 million in 2006. Excluding one time costs related to the sale of the surgical business and the FY07 restructurings, the operating burn in FY2007 would have bee
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SOURCE CryoCath Technologies Inc.
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