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

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The appreciation of the Canadian dollar against the US dollar led to a foreign exchange loss in the fourth quarter of $1.3 million versus nil in the same quarter last year.

CryoCath's net loss for the fourth quarter ended September 30, 2007 totaled $11.8 million or $0.31 per share compared to a loss of $10.5 million or $0.27 per share in the fourth quarter of fiscal 2006.

Operating burn for the quarter was $10.2 million versus $6.5 million for the fourth quarter of 2006. Excluding one time costs related to the sale of the surgical business and the FY07 restructurings, the operating burn in Q4 2007 would have been $5.9 million.

Working capital was $18 million at September 30, 2007, as compared to $20.9 million on September 30, 2006. At quarter end, CryoCath could access $28.5 million in cash and credit lines comprised of $24.0 million in cash, cash equivalents and short-term investments in addition to $4.5 in unused borrowing facilities.

The Company will host a conference call to discuss the fourth quarter and year-end results on December 17, 2007 at 4:30 p.m. EST. The call will be audio-cast live and archived for 90 days at http://www.cryocath.com.

About CryoCath

CryoCath - http://www.cryocath.com - is a medical technology company that leads the world in cryotherapy products to treat cardiovascular disease. With a priority focus on providing physicians with a complete solution of catheter products to treat cardiac arrhythmias, CryoCath has multiple products approved in the U.S., across Europe and several ROW countries. The Company is developing additional products to expand its pipeline of products to treat cardiac arrhythmias.

This press release includes "forward-looking statements" that are subject to risks and uncertainties, including with respect to the timing of regulatory trials and their outcome. Fo
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SOURCE CryoCath Technologies Inc.
Copyright©2007 PR Newswire.
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