MINRAD International, Inc. Announces 2007 Financi...(tween the two periods. Subsequent Eve...),Health

Subsequent Events:

We estimate revenue for the first quarter of 2008, ending on March 31st, 2008, will be in the range of $11.5 to $12.0 million.

Fourth Quarter 2007 Results:

(in thousands, except

per share data) Quarter Ended Variance

December 31, December 31, $ %

2007 2006

Revenue $3,032 $5,892 $(2,860) (49)%

Cost of goods sold 4,710 4,633 77 2%

Gross profit (loss) (1,678) 1,259 (2,937) (233)%

Gross margin (55)% 21%

Operating Expenses

Sales & marketing 2,391 1,891 500 27%

Research & development 1,367 1,060 307 29%

Finance &

administrative 1,240 1,328 (88) (7)%

Total Operating

Expenses 4,998 4,279 719 17%

Net loss available

to common to common

shareholders $(6,764) $(3,011) $(3,753) 124%

Earnings per share

(basic and diluted) $(0.14) $( 0.08) $(0.06)

(in thousands) Quarter Ended Variance

December 31, December 31, $ %

2007 2006

Revenue

Sevoflurane $2,198 $4,261 $(2,063) (48)%

Other inhalants 679 1,606 (927) (58)%

Total Anesthesia &

Analgesia 2,877 5,867 (2,990) (51)%

Image Guidance 155 25 130 520%

Total Revenue $3,032 $5,892 $(2,860) (49)%

(in thousands) Quarter Ended
'/>"/>