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Neovasc Inc. Reports Second Quarter 2009 Financial Results
Date:8/19/2009

usiness. Sales of tissue and surgical products and services for the three months ended June 30, 2009 were $596,787, compared to $387,157 in the prior year quarter, an increase of 54%. Sales of tissue products and services for the six months ended June 30, 2009 were $936,064, as compared to sales of $740,406 for the same period of 2008, representing an increase of 26%. These revenues include sales of Neovasc's Peripatch products, as well as consulting services and contract manufacturing revenues for tissue and surgical products. The company is continuing to develop additional consulting services and contract manufacturing clients. Sales of Metricath(R) catheter products for the six months ended June 30, 2009 were $19,744, an 84% decrease over sales of $126,140 in the comparable period in 2008. The termination of our direct sales force for Metricath products at the end of 2008, a strategic decision undertaken to enable the company to focus on its most promising growth opportunities, contributed to this decrease in sales.

Cost of Sales

The cost of sales for the three and six months ended June 30, 2009 were $277,265 and $427,025, respectively, as compared to $220,344 and $428,604 in the comparable periods in 2008. The overall gross margin for the first half of 2009 rose to 55%, as compared to 51% in 2008. The improvement in gross margin reflects the company's strategic shift to certain contract and specialty tissue patch products with higher margins.

Expenses

Total expenses for the three and six months ended June 30, 2009 were $1,687,389 and $3,617,883, respectively, as compared to $2,074,216 and $3,983,750 for the same periods in 2008. Total expenses declined more than 18% year-on-year for the three-month period and more than 9% for the six-month period. Sales and marketing expenses declined 79% for the three months ended June 30, 2009, from $785,491 in 2008 to $163,683 for the same period in 2009. For
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SOURCE Neovasc Inc.
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