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ev3 Inc. Reports 2008 Fourth Quarter and Full-Year Financial Results and 2009 Guidance
Date:2/24/2009

Fourth Quarter Net Product Sales Increased 22% Over Fourth Quarter 2007

Achieved Fourth Quarter Non-GAAP Adjusted Earnings Per Share of $0.08

Cash and Cash Equivalents Increased by $13.7 Million to $59.7 Million

PLYMOUTH, Minn., Feb. 24 /PRNewswire-FirstCall/ -- ev3 Inc. (Nasdaq: EVVV), a global endovascular device company, today reported financial results for its fiscal fourth quarter and full-year of 2008 and its financial guidance for 2009. Reconciliations of non-GAAP financial measures used in this release to the most comparable U.S. GAAP measures for the respective periods can be found immediately following the detail of net sales by geography later in this release.

ev3's net sales were $106.1 million in the fourth quarter of 2008, representing a 15% increase over the same quarter of the prior year. Fourth quarter net product sales totaled approximately $105.6 million and increased 22% versus the prior year quarter. Research collaboration revenues were approximately $469 thousand in the fourth quarter of 2008 compared to $6.0 million in the fourth quarter of 2007. By product segment, fourth quarter neurovascular net sales increased by 32%, and peripheral vascular net product sales increased by 18%. On a geographic basis, ev3 U.S. net sales, excluding revenues from the prior Merck research and collaboration agreement, increased approximately 14% over the prior year quarter. International net sales increased 41% over the prior year quarter. Changes in foreign currency exchange rates had a negative impact of approximately $2.7 million on fourth quarter of 2008 net sales compared to the fourth quarter of the prior year.

For the year ended December 31, 2008, ev3's net sales increased 49% to $422.1 million versus $284.2 million for the year ended December 31, 2007. Athere
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SOURCE ev3 Inc.
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