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Endocare Reports 2008 Annual and Fourth Quarter Financial Results
Date:3/6/2009

believe the combined company will more effectively advance the promise of cryoablation as an important option for patients suffering from a variety of forms of cancer. We believe the merger will afford us the ability as a combined company to greatly enhance the long-term prospects of our business, improve service to our customers and allow us to innovate at a more significant and efficient rate than either company could on its own."

Year-End Results

Total revenues for the year 2008 were $31.6 million, compared to $29.7 million for 2007. Gross margin for the year improved to 68.5 percent, up from 67.1 percent in 2007.

For 2008, operating expenses were $31.0 million, compared to $29.9 million for 2007. Net loss for the year was $8.4 million, or $0.71 loss per share, compared to a net loss of $8.9 million, or $0.80 loss per share in 2007.

Endocare Chief Financial Officer Michael R. Rodriguez reported that the balance sheet as of December 31, 2008 showed cash and cash equivalents of $2.7 million, total assets of $14.1 million and total stockholders' equity of $3.5 million. The Company had access to an additional $2.1 million under its line of credit with Silicon Valley Bank as of December 31, 2008. As disclosed in the Company's Form 8-K filing on February 27, 2009, the Company and Silicon Valley Bank entered into an amendment to the credit facility which, among other matters, extended the line of credit through May 27, 2009.

Going Concern

Rodriguez also noted that the Company expects its 2008 audited financial statements will contain an unqualified opinion of its independent registered public accounting firm, but the Company has been informed that the opinion will contain an explanatory paragraph to the effect that there is substantial doubt about Endocare's ability to continue as a going concern.

Merger with Galil


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SOURCE Endocare, Inc.
Copyright©2009 PR Newswire.
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