LifeCell Reports Fourth Quarter and Full Year 2007 Financi...(oximately $0.03 in the currentquarter. P...),Health

Date:2/27/2008

oximately $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 b
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SOURCE LifeCell Corporation Copyright©2008 PR Newswire. All rights reserved

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