Achieves 20 Percent Year-Over-Year Growth in Cryoablation Procedures, 18
Percent Year-Over-Year Growth in Probe Sales, 11 Percentage Point
Improvement in Gross Margin for Year
IRVINE, Calif., March 4 /PRNewswire-FirstCall/ -- Endocare, Inc. (Nasdaq: ENDO), an innovative medical device company focused on the development of minimally invasive technologies for tissue and tumor ablation, today reported that the estimated number of domestic cryoablation procedures grew by more than 20 percent, total revenues grew by 6 percent and gross margin (gross profit as a percent of total revenues) improved by 11 percentage points in the year ended December 31, 2007 compared to the 2006 totals.
Total revenues from continuing operations for the 2007 year were $29.7 million, compared to $28.0 million for 2006. From continuing operations, gross margin for the year was 67.1 percent, an 11 percentage point improvement compared to full year 2006 gross margin of 55.9 percent.
For 2007, operating expenses from continuing operations (which exclude the effects in 2007 of a litigation settlement) were $29.9 million, compared to $31.1 million in 2006. Net loss for the year was $8.9 million, or $0.80 loss per share, compared to a net loss of $10.8 million, or $1.07 loss per share in 2006, which included income from discontinued operations of $311,000 or $0.03 earnings per share.
Endocare Chairman, CEO and President Craig T. Davenport said, "We are pleased to close a strong year of performance for Endocare demonstrated by double-digit growth in procedures year-over-year, solid improvement in gross margin and progress in reducing operating expenses."
The balance sheet as of December 3
|SOURCE Endocare, Inc.|
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