Navigation Links
LifeCell Reports Fourth Quarter and Full Year 2007 Financial Results
Date:2/27/2008

PRODUCT REVENUES UP 35% VERSUS FULL YEAR 2006

BRANCHBURG, N.J., Feb. 27 /PRNewswire-FirstCall/ -- LifeCell Corporation (Nasdaq: LIFC) today reported financial results for the fourth quarter and full year ended December 31, 2007. Paul Thomas, President and Chief Executive Officer, will host a conference call today at 10:00 a.m. Eastern to discuss the fourth quarter and full year financial results.

Fourth Quarter 2007 Results

Product revenues for the fourth quarter were $52.6 million, up 34%, compared to $39.3 million reported for the same period in 2006. The increase in product revenue was primarily due to an increase in demand for the Company's flagship reconstructive surgical product, AlloDerm(R) Regenerative Tissue Matrix, which increased 38% to $46.9 million in the current quarter compared to $33.9 million in the fourth quarter of 2006. Orthopedic product revenues, which include GraftJacket(R) and AlloCraft(TM)DBM, increased 13% to $3.1 million in the quarter from $2.8 million in the fourth quarter of 2006. Repliform(R) revenues decreased in the quarter to $1.9 million from $2.1 million in the same quarter in 2006.

Operating income for the fourth quarter of 2007 decreased 1% to $9.3 million compared to operating income of $9.4 million in the fourth quarter of 2006. Operating income in the fourth quarter of 2007 was negatively impacted by higher than normal legal fees and the previously announced settlement of a non-product related claim.

Net income for the fourth quarter of 2007 was $5.5 million, or $0.16 per diluted share, compared to net income of $6.2 million, or $0.18 per diluted share in the fourth quarter of 2006. The settlement noted above reduced diluted net income per share by approximately $0.03 in the current quarter. Prior year fourth quarter diluted net income per share included approximately $0.01 of tax benefit resulting from legislation enacted by Congress in December 2006 which retroactively reinstated the research and development tax credit. As a result, in 2006 the Company recognized the full-year tax benefit of its research and development tax credits in the fourth quarter, whereas in 2007 the benefit was recognized throughout the year.

Full Year 2007 Results

Product revenues for full year 2007 were $190.5 million, up 35%, compared to $140.6 million in 2006. AlloDerm(R) product revenues increased 40% to $167.1 million compared to $119.4 million in the prior year. Orthopedic product revenues increased 27% to $12.3 million in the year from $9.7 million in 2006. Repliform(R) revenues were $7.8 million compared to $8.1 million in 2006.

Operating income increased 30% to $43.4 million in 2007 compared to $33.3 million in 2006.

Net income for 2007 was $26.9 million, or $0.78 per diluted share, compared to net income of $20.5 million, or $0.60 per diluted share income in the prior year.

LifeCell's balance sheet remains strong with $97.9 million of cash and investments and no debt at December 31, 2007. During 2007, the Company generated cash flow from operating activities of $29.2 million, offset by $12.4 million of cash used for capital expenditures.

Full Year 2008 Financial Outlook

As previously announced, the Company is projecting product revenues for 2008 in the range of $233.0 million to $243.0 million, which represents expected annualized growth between 22% and 28% compared with 2007 product revenues of $190.5 million. The Company expects its product revenue mix in 2008 to be approximately 90% reconstructive, 7% orthopedic and 3% urogynecology. The Company is projecting 2008 operating income in the range of $57.0 million to $62.0 million, with diluted net income per share projected to be in the range of $0.98 to $1.06.

Conference Call Information

As previously announced, the Company will host a conference call today at 10:00 a.m. Eastern. The dial-in number for the call is (877) 419-6590/ domestic or (719) 325-4855/ international. A simultaneous webcast of the call will be available via LifeCell's website at http://www.lifecell.com Corporate Information -- Investor Relations. The call will be archived on the Company's website for at least 90 days.

A recording of the call will be available through March 6, 2008. The dial-in number to listen to the recording is (888) 203-1112 or (719) 457-0820. The replay access code is 4743271.

About LifeCell

LifeCell is the leading provider of innovative biological products for soft tissue repair. Surgeons use our products to restore structure, function and physiology in a variety of reconstructive, orthopedic and urogynecologic surgical procedures. LifeCell's products include: ALLODERM(R) regenerative tissue matrix, for plastic reconstructive, general surgical, burn and periodontal procedures; STRATTICE(TM) reconstructive tissue matrix, for plastic reconstructive and general surgical procedures; GRAFTJACKET(R) regenerative tissue matrix, for orthopedic applications and lower extremity wounds; ALLOCRAFT(R)DBM, for bone grafting procedures; and REPLIFORM(R) tissue regeneration matrix for urogynecologic surgical procedures. The Company's research and development initiatives include programs designed to extend the use of its current marketed products into new surgical applications as well as expanding its product line in the rapidly growing biosurgery market. LifeCell maintains a website at http://www.lifecell.com.

Forward-looking Statements

The 2007 financial results contained in this news release are subject to finalization in connection with the preparation of the Company's Form 10-K report for the year ended December 31, 2007. This release also contains "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, such as the Company's outlook for 2008 operating results. Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward- looking statements. All statements other than statements of historical fact are statements that could be forward-looking statements. These forward- looking statements may not be realized due to a variety of factors, including, without limitation: the failure to maintain or increase revenues from the sale of our AlloDerm products; the failure to comply with government regulations, including the FDA; product recalls; claims for damages by third-parties, including product liability claims; our dependence on a limited number of sources for human cadaveric tissue; negative publicity about the use of donated human tissue in medical procedures; our ability to increase market penetration of our current products and to develop and commercialize new products; changes in third party reimbursement practices; the failure of independent sales and marketing agents and distributors to adequately promote, market and distribute our products; our inability to protect our intellectual property; the effects of competition; and the other factors listed under "Risk Factors" in our annual report on Form 10-K and our other filings with the Securities and Exchange Commission. The Company assumes no obligation to update the information contained in this news release.

LIFECELL CORPORATION

Financial Highlights

(Unaudited)

(In thousands, except for

per share data) Three Months Ended Year Ended

December 31, December 31,

Statement of Operations Data: 2007 2006 2007 2006

Revenues:

Product revenues $52,599 $39,337 $190,518 $140,647

Research grant revenues - 292 612 1,033

Total revenues 52,599 39,629 191,130 141,680

Costs and Expenses:

Cost of products sold 15,646 11,022 56,090 40,856

Research and development 6,547 4,889 23,547 16,500

General and administrative 8,773 4,762 24,580 18,618

Selling and marketing 12,314 9,553 43,480 32,376

Total costs and expenses 43,280 30,226 147,697 108,350

Income from operations 9,319 9,403 43,433 33,330

Interest and other income

(expense), net 912 865 4,028 2,793

Income before income taxes 10,231 10,268 47,461 36,123

Income tax provision 4,754 4,042 20,578 15,654

Net income $5,477 $6,226 $26,883 $20,469

Net income per common share:

Basic $0.16 $0.19 $0.81 $0.62

Diluted $0.16 $0.18 $0.78 $0.60

Shares used in computing

net income per common share:

Basic 33,565 32,977 33,345 32,769

Diluted 34,817 34,113 34,534 34,007

(In thousands, except for

per share data)

December 31,

Selected Balance Sheet Data: 2007 2006

Cash, cash equivalents and

investments $97,922 $77,846

Receivables, net of allowance 25,734 22,286

Inventories 44,267 23,801

Accounts Payable & accrued

liabilities 45,796 27,822

Working Capital 128,331 94,711

Total Assets 216,998 157,121

Total debt obligations - -

Total stockholders' equity 171,202 129,299


'/>"/>
SOURCE LifeCell Corporation
Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. ViroPharma Incorporated Reports Fourth Quarter and Full Year 2007 Financial Results
2. AMN Healthcare Reports Fourth Quarter and Year End 2007 Results; Provides Full Year 2008 Guidance
3. DATATRAK International Reports Fourth Quarter and Full Year Results for 2007
4. Claimsnet.com Reports Fiscal Year 2007 Results
5. Unilens Vision Reports 70% Increase in Second Quarter Earnings on Higher Sales and Record Royalty Income
6. Caliper Life Sciences Reports Fourth Quarter and Full Year 2007 Results
7. 012 Smile.Communications Reports Financial Results for Q4 and Full Year 2007
8. HealthSouth Reports Results for Fourth Quarter Ended December 31, 2007
9. NHP Reports Fourth Quarter and Full Year 2007 Earnings
10. High Calcium Intake May Not Help Prevent Fractures, Reports The Harvard Health Letter
11. Clarity for Consumers on Botox Complication and Death Reports
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:5/2/2016)... ... , ... Pets bring laughter, joy and love into people’s homes without asking ... Week, which falls on the first full week of May. These seven days, May ... and recognize responsible pet ownership. Pet owners can live out these values by following ...
(Date:5/2/2016)... (PRWEB) , ... May 02, 2016 , ... The Civilian ... time to honor the civilian nurses that care for its uniformed service members, the ... a proclamation in 1974 designating May 6th through May 12th National Nurses Week. It ...
(Date:5/2/2016)... R.I. (PRWEB) , ... May 02, 2016 , ... ... an educational website to help consumers better understand life insurance throughout various life ... resources, including an easy-to-use life insurance needs calculator and content specific to the ...
(Date:5/2/2016)... ... 02, 2016 , ... In honor of National Physical Fitness and Sports Month ... share their fitness journey on social media. , The foot care company, which ... $100 product voucher each week during May to one winner. , “Whether the goal ...
(Date:5/2/2016)... ... May 02, 2016 , ... WestHarbor Growth Partners, ... today the release of Grow Healthy Vending’s newly revamped brand campaign. Grow ... growing healthy vending providers in North America with locations across the United States ...
Breaking Medicine News(10 mins):
(Date:4/28/2016)... Research and Markets has announced ... Market 2016-2020" report to their offering. ... The global plastic surgery products market is expected to ... 2016-2020. , ,The growing adoption of laser in aesthetics ... the market. Lasers are used to treat a broad ...
(Date:4/28/2016)... WARSAW, Ind., April 28, 2016 , Net ... a reported basis over the prior year period, and an ... basis , Diluted EPS for the first quarter were ... period, and $2.00 adjusted, an increase of 29.9% over the ... revenue and adjusted earnings guidance for 2016 Zimmer ...
(Date:4/28/2016)... TapImmune,Inc. (TPIV), a clinical-stage ... gene-based immunotherapeutics and vaccines for the treatment of cancer & ... 3rd Annual Growth Capital Expo to be held ... Caesars Palace in Las Vegas, Nevada.  The Company presentation ... th by Dr. John N. Bonfiglio a ...
Breaking Medicine Technology: