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ATS Medical Announces Third Quarter 2009 Results
Date:11/2/2009

epreciation and amortization (EBITDA) in the third quarter of 2009 of $1.1 million compared to an EBITDA loss of $1.6 million in the third quarter of 2008. A reconciliation of net loss to non-GAAP EBITDA for these periods is provided in a schedule accompanying this press release. The Company ended the third quarter with $12.1 million in cash and generated positive cash flow during the quarter of $770,000.

"Our third quarter financial performance was strong, once again yielding robust sales growth, margin expansion and profitability improvements, which are particularly gratifying given the challenging global economic environment," said Michael Dale, President and Chief Executive Officer. "Importantly, in the third quarter we generated positive cash flow of more than $700,000. The leverage we are experiencing in our business significantly enhances our ability to capitalize on our strategic initiatives and related new product development."

Product Highlights

Mechanical Heart Valves

  • Mechanical valve revenue was $11.6 million in the third quarter of 2009, an increase of 10% over the third quarter of 2008.
  • The Company saw significant ATS Open Pivot® Mechanical Heart Valve sales growth in Asia and continued to benefit from the recent launch of the AP360 valve in Japan.
  • Two significant long-term Open Pivot valve studies were made public in Q3. The authors Van Nooten and Sezai both report very positive 15 year experiences with the Open Pivot valve with excellent outcomes and low complication rates. These papers are a strong addition to the growing body of science supporting the lower propensity for thromboembolic complications with the fundamentally superior Open Pivot design.

Tissue Heart Valves

  • Tissue valve revenue during the third quarter of 2009 was $1.4 million compared to $0.3 million in the comparable quarter of 2008.
  • In Septemb
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SOURCE ATS Medical, Inc.
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