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MacroPore Biosurgery Reports Record Revenues for Third Quarter
Ad-hoc-announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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MacroPore Biosurgery Reports Record Revenues for Third Quarter;
Revenues Increase 36% Year Over Year
San Diego, CA, November 3, 2003. MacroPore Biosurgery, Inc. (Frankfurt Stock
Exchange: XMP) today reported financial results for the quarter and nine months
ended September 30, 2003.
Revenues for the third quarter of 2003 increased 36% over the same period in
2002 to a record $4.50 million. The orthopedic and spinal products accounted
for $3.48 million in revenues for the third quarter 2003, the thin film
(SurgiWrap) products accounted for $0.26 million in revenues and
craniomaxillofacial and other products accounted for $0.76 million. For the
third quarter of 2003, MacroPore Biosurgery reported a net loss of $2.80 million
or $0.19 per basic and diluted share, compared to a net loss of $2.97 million
or $0.21 per basic and diluted share for the third quarter of 2002. MacroPore
ended the third quarter with $16.89 million in cash and cash equivalents and
short term investments.
Revenues for the nine months ended September 30, 2003 increased 31% over the
same period in 2002 to $9.33 million. For the nine months ended September 30,
2003, the Company reported a net loss of $8.14 million, or $0.56 per basic and
diluted share, compared to a net loss of $7.50 million, or $0.53 per basic and
diluted share for the nine months ended 2002.
“Based on record revenues for the third quarter, we recently raised revenue
guidance and now anticipate a second consecutive year with approximately 60%
revenue growth,” said Christopher J. Calhoun, President and Chief Executive
Officer of MacroPore Biosurgery. “Based on our projections, we intend to achieve
our first full year of profitability in 2003 and expect to maintain a strong
and stable cash position through 2004. Finally, both our biomaterials and cell
therapeutics programs achieved several research and clinical milestones, which
provide an optimistic outlook for near-term and medium-term revenue growth
respectively.”
end of ad-hoc-announcement (c)DGAP 03.11.2003
Issuer’s information/explanatory remarks concerning this ad-hoc-announcement:
Growth in the orthopedic and spinal implant products will be driven principally
by three factors over the next year. These factors are:
*Continued rapid adoption among surgeons looking for an alternative to metal
implants;
*Potential use as a combination product with Medtronic’s INFUSE bone graft
protein; and
*Introduction of the BoomerangTM implants as product line enhancements in the
fourth quarter of 2003 indicated for maintaining the position of weak bony
tissue.
In addition, revenue growth for the thin film products will be achieved from
expanded FDA approvals for marketing claims, including the two received in the
third quarter of 2003, expanded claims the company anticipates for 2004 and
shifting toward an independent distributor model.
Third quarter 2003 highlights include:
*FDA clearance of expanded marketing claims for SurgiWrapTM for the minimization
of soft tissue attachment to SurgiWrapTM in case of contact with the
surrounding viscera (all internal organs);
*FDA marketing clearance for CardioWrapTM pericardial film, a bioresorbable film
indicated for the repair of the pericardium;
*Completion of a six month assessment evaluating the performance of the new
‘Faster Resorbing Polymer’ bioresorbable implant system, as part of a 12 month
clinical evaluation that may result in a $5 million milestone payment from
Medtronic;
*Initiated a multi-center preclinical study to evaluate our cell therapy system
as a treatment for myocardial infarction;
*Initiated data compilation for an early 2004 510K application for our cell
therapy system; and
*Expansion of the company’s intellectual property for both the biomaterials and
cell therapeutics programs.
Guidance
Revenue guidance was recently raised from $12.0-$14.0 million to $14.0-$14.5
million for the full year 2003. This was principally the result of revenue
growth from the orthopedic and spinal implant products.
For 2004, MacroPore Biosurgery is projecting total revenues between $19 and $22
million. Specifically, $15 to $16 million is projected to be derived from
orthopedic and spinal implant products, $3 to $5 million derived from thin
films, and up to $1 million derived from other sources.
This guidance is based on internal growth projections, discussions with our
partner Medtronic Sofamor-Danek and current clinical development timelines.
Conference call information
MacroPore Biosurgery will host a conference call today at 4:30 pm CET or 7:30 am
PDT (California time), to discuss the results. This conference call may be
accessed from the investor relations section of the Company’s website,
http://www.macropore.com . The audio replay will be archived for 24 hours
following the call and may be accessed by dialing +49 (0) 69 58 99 90 568 (PIN:
132191#). The third quarter final report will be filed on November 14, 2003.
About MacroPore Biosurgery, Inc.
MacroPore Biosurgery, Inc. is a leader in the design, development, and
production of bioresorbable polymer implants for use in a variety of surgical
applications and is pioneering advancement of regenerative medicine for surgical
therapies using adult stem cells derived from a patient’s own adipose (fat)
tissue. Some products designed for use in spine, neurosurgical, and
musculoskeletal surgeries are distributed by Medtronic, while other products
designed for use with soft tissue are distributed through our direct US sales
force and an international distribution network. MacroPore Biosurgery is traded
on the Frankfurt Stock Exchange in Germany under the symbol ‘XMP’. For further
information please visit the web site http://www.macropore.com .
MacroPore Biosurgery Disclaimer
This press release may include forward-looking statements regarding events and
trends which may affect MacroPore Biosurgery’s future operating results and
financial position. Such statements are subject to risks and uncertainties that
could cause MacroPore Biosurgery’s actual results and financial position to
differ materially. These risks and uncertainties are described (under the
heading “Risk Factors”) in our 2002 Annual Report which is available on our web
site. MacroPore Biosurgery assumes no responsibility to publicly release the
results of any revision of forward-looking statements to reflect events, trends
or circumstances after the date they are made.
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WKN: 940682; ISIN: USU553961025; Index: NEMAX 50
Listed: Geregelter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin-
Bremen, Düsseldorf, Hamburg, Hannover und Stuttgart
031559 Nov 03
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