Macropore Inc. IR-Pages
MacroPore Biosurgery: Year End Results 2003
Ad-hoc-announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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MacroPore Achieves Record Revenues of $4.8 Million and $14.1 Million for the
Fourth Quarter and Year End on Bioresorbable Product Sales
San Diego, CA, March 30, 2004 – MacroPore Biosurgery, Inc. (Frankfurt Stock
Exchange: XMP) (MacroPore) today reported financial results for the quarter and
year ended December 31, 2003. Revenues for the quarter ended December 31, 2003
were a record $4.8 million compared to $2.0 million for the same period in 2002,
an increase of 140% year over year. During this period, spine and orthopedics
(includes HYDROSORB(TM)) accounted for $3.4 million, thin film (includes
SurgiWrap(TM)) accounted for $0.3 million, and craniomaxillofacial (CMF)
accounted for $1.1 million. Net loss for the fourth quarter of 2003 narrowed by
79% year over year to $1.1 million, or $0.08 net loss per basic and diluted
share, compared to $5.5 million, or $0.39 net loss per basic and diluted share
for the same period 2002.
Revenues for the year ended December 31, 2003 were a record $14.1 million
compared to $9.2 million for the year ended December 31, 2002, an increase of
53%. During this period, spine and orthopedics accounted for $9.9 million, thin
film accounted for $1.2 million and CMF accounted for $3.0 million. Gross profit
for the year increased to $9.8 million in 2003, representing a 70% gross
margin.
Net loss for the year ended 2003 narrowed by 28.6% to $9.3 million, or $0.64 net
loss per basic and diluted share, compared to $13.0 million, or $0.91 net loss
per basic and diluted share for the same period 2002. In 2003, research and
development expenses were $9.1 million and total operating expenses were $19.5
million. The Company ended 2003 with $14.3 million in cash and short term
investments. In the first quarter of 2004 the Company received a $5.0 million
milestone payment from Medtronic and expects to receive an additional payment
between $1.0 and $2.0 million from Medtronic in the second half of 2004 related
to the sale of the CMF business.
2004 Guidance
-Total revenues between $17.5 and $19.5 million
oSpine and orthopedic revenues between $15.0 to $16.0 million
oThin film revenues between $1.5 to $2.5 million
oGrants and other sources up to $1.0 million
-Research and development expenses between $12.0 to $14.0 million
o$7.8 to $8.8 million for regenerative cell technology
o$4.2 to $5.2 million for bioresorbable technology
2004 Anticipated Milestones
-Second quarter:Launch cervical graft containment plate
-Second quarter: Receive award for $750,000 for Phase II of an NIH SBIR grant
for regenerative cell technology research effort with U.C.L.A. studying the
preclinical use of regenerative cells in repairing damaged heart muscle
resulting from heart attack
-Second quarter: Announce pre-clinical study results using adipose-derived
regenerative cell technology for repair of cardiac muscle
-Second half: Enter into a commercialization agreement for SurgiWrap(TM) for the
territory of Japan
-Second Half: Expand HYDROSORB(TM) family of bioresorbable spine and orthopedic
products in Europe
-Second Half: Receive CE Mark approval for HYDROSORB(TM) Boomerang(R) for lumbar
interbody fusion
-Second Half: Receive $1.0 to $2.0 million milestone payment from Medtronic on
the transfer of Know How related to the CMF sale, allowing recognition of
approximately $8.0 to $9.0 million on the gain from the sale of assets, of which
$7.5 million is held on balance sheet as deferred gain on sale of assets
-Second half: Finalize the engineering design of MacroPore’s autologous-tissue
harvesting and processing medical system
-Year end: Achieve record revenues and, specifically, record spine and
orthopedic product revenues
SurgiWrap(TM) Update
In December 2003 we agreed to sell our bioresorbable thin film implant product
line to Medicis Ventures Management GmbH. MacroPore remains focused on
completing the deal, however, the close of the transaction has been delayed and
the company at this time can provide no assurances that the sale will be
consummated. During the interim period, MacroPore will continue its ongoing
sales, marketing and development efforts for this business unit, which includes
expansion of our independent distribution network throughout the United States
and Europe and Asia.
end of ad-hoc-announcement (c)DGAP 30.03.2004
Issuer’s information/explanatory remarks concerning this ad-hoc-announcement:
Spine and orthopedic products were the major contributor to revenue growth in
2003. This was primarily the result of 2003 being the first full year that the
products were commercially available; increased physician demand; the impact of
the Medtronic Sofamor Danek distribution network and; stocking orders for
product line extensions. Revenue growth in 2004 should be driven by the above
factors along with the potential increase in use as a result of long-term
clinical evaluations published in peer-reviewed journals demonstrating the
benefits of our products over traditional metal implants.
“Our record quarter and year end revenues demonstrate our leadership position in
the emerging field of bioresorbable surgical implants,” said Christopher J.
Calhoun, President and CEO of MacroPore. “We continued to narrow our net loss
on the strength of our revenue growth and the increase in gross profit and
margins which was the result of favorable economies of scale and our focus on
the higher growth rate spine and orthopedic products. These favorable trends are
allowing us to invest into the development of our regenerative cell technology
research program and, together with our bioresorbable technology, expand our
regenerative medicine business.”
In 2004, MacroPore projects continued revenue growth of approximately 24% to
38%; an increase in gross profit and gross margin; and a reduction in net loss
before the anticipated gain on sale of assets. The Company expects revenues in
2004 to be weighted toward the second half, in line with historical sales
patterns. Additionally, the Company expects to realize consecutive year over
year revenue growth for each quarter in 2004, building on the current trend of
seven consecutive quarters of year over year revenue growth.
Operationally, the Company’s key objectives in 2004 are to drive continued
revenue growth of its bioresorbable products by enhancing physician education
about the benefits of bioresorbable products and expanding the product pipeline.
For our regenerative cell technology program, the Company intends to move
closer to commercialization by focusing on preclinical data acquisition and
accelerating the development of its autologous-tissue processing system.
Cautionary Statement Regarding Forward-Looking Statements
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 2003 Form 10-K annual report for the year ended
December 31, 2003, 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
301600 Mär 04
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