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Memry Corporation FY 2007 Revenues $51.7M; Net Income $317,000 or $0.01 Per Share
Date:9/17/2007

olymer segments in the second and third quarters. On a comparative basis, nitinol revenue for the fourth quarter of fiscal 2007 increased 2.4% versus the fourth quarter revenue of fiscal 2006 and posted a second consecutive increase in sequential quarterly revenue. In our polymer business, revenue was down 8.3% in the fourth quarter versus the fourth quarter of fiscal 2006, which was an exceptionally strong quarter, but on a consecutive basis we are pleased to report polymer revenues increased 20.2% in the fourth quarter versus the third quarter of 2007.

"Our research and development initiatives have been a strong focus and point of investment in 2007 as we plan for Memry's future growth. These investments are helping us resume growth and we are beginning to see the benefits of our new capabilities and customer-sponsored development projects. We closed out our fiscal year 2007 with a number of accomplishments, such as the launch of our ultra small V2 tubing, our Putnam Plastics Plus (PPC+) product line that provides specialized secondary operations solutions for medical polymer tubing and our new customer-focused PPC+ website. I am extremely pleased to report that our emphasis on developing customer-sponsored research and development resulted in revenue of $5.1 million in fiscal year 2007, representing a three year compound annual growth rate of approximately 58% since 2004.

"For the year ended June 30, 2007, revenues for the nitinol products segment decreased 3% or $1.0 million to $36.0 million from $37.0 million during fiscal year 2006. This represented approximately 70% of consolidated revenues in fiscal year 2007, similar to last year. The decrease was primarily a result of price reductions granted for mature products in a contract renewal, together with unit volume decreases experienced for older generation stent components. We experienced revenue decreases for superelastic nitinol tube, nitinol tube-based stent components, shipments of Endocatch pr
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SOURCE Memry Corporation
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