Macropore Inc. IR-Pages
MacroPore Biosurgery Announces Q1 Financial Results
Ad-hoc-announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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MacroPore Biosurgery Announces First Quarter 2004 Financial Results; Achieves
Eighth Consecutive Quarter of Year-Over-Year Revenue Growth
MacroPore Biosurgery, Inc. (Frankfurt: XMP) (Reuters: MACP.DE) (Bloomberg: XMP)
today announced financial results for the quarter ended March 31, 2004.
Total revenues for the first quarter of 2004 increased 22% to $2.35 million,
compared to $1.93 million for the same period in 2003. Sales of spine and
orthopedic implants, which include the HYDROSORB(TM) family of products,
increased 66% to $1.65 million in revenue, compared to $0.99 million for the
same period in 2003. Sales of bioresorbable thin films, which include
SurgiWrap(TM), accounted for $0.34 million in revenue, compared to $0.32 million
for the same period in 2003, an increase of 6%. Craniomaxillofacial (CMF)
products accounted for $0.27 million in revenue from a back-up supply agreement
established in September 2002 when the product line was sold to Medtronic, Inc.
MacroPore Biosurgery does not expect future revenues under this agreement.
Research revenues from a National Institutes of Health (NIH) grant totaled
$90,000.
The increase in revenues for the first quarter of 2004 compared to the first
quarter of 2003 was primarily the result of increased surgeon demand for
bioresorbable spine and orthopedic devices during the period and the pre-launch
of a new system within the HYDROSORB(TM) product portfolio. Historically, the
first quarter is the Company’s weakest of the year due in part to stocking
patterns by Medtronic Sofamor Danek. For this reason, the first quarter is not
an accurate indicator of MacroPore Biosurgery’s projected results for the
remainder of the year.
Net income for the first quarter of 2004 was $1.49 million after a one time,
$5.0 million gain related to the completion of the Faster Resorbing Polymer
study, a milestone under the 2002 CMF product line sale agreement with
Medtronic, Inc. Net loss before the one time gain was $3.51 million, compared to
a net loss of $3.28 million for the same period in 2003 as shown in the table
below (see Explanatory Part).
Total research and development expenses for the first quarter of 2004 were $2.51
million, compared to $2.15 million for the same period in 2003, an increase of
17%. Within the regenerative cell technology program, research and development
expenses increased to $1.464 million for the first quarter of 2004 compared to
$0.836 million for the same period in 2003, an increase of 75%. The increase is
primarily attributable to expenses related to the engineering of the Company’s
regenerative cell technology system and expansion of the Company’s pre-clinical
studies for cardiovascular disease.
MacroPore Biosurgery ended the first quarter of 2004 with $15.13 million in cash
and cash equivalents and short term investments. Additionally, cash receipts
expected in 2004 include receipt of a $1.0 to $2.0 million payment from
Medtronic, Inc., for the completion of the transfer of manufacturing know-how
related to the CMF products sale and a $750,000 Phase II research grant from the
NIH. The Company may also receive an upfront payment of $7.0 million in the
second quarter of 2004 should the contemplated sale of the bioresorbable thin
film product line be completed.
end of ad-hoc-announcement (c)DGAP 07.05.2004
Issuer’s information/explanatory remarks concerning this ad-hoc-announcement:
For the three months ended: March 31, 2004 March 31, 2003
Net income (loss) GAAP $ 1,490,000 $ (3,280,000)
Less: Gain on the sale of asset, related (5,000,000) —
party $ (3,510,000) $ (3,280,000)
Adjusted net income (loss)
We believe adjusted net income (loss) is a useful measure by which investors can
evaluate and compare our operating performance on a comparable basis,
unaffected by the large one-time payment we received in the first quarter of
2004.
“We are pleased with the Company’s financial performance and research and
development progress for the first quarter of 2004,” said Christopher J.
Calhoun, President and Chief Executive Officer of MacroPore Biosurgery.
“Achieving profitability for the quarter as a result of a one-time gain
demonstrates our ability to capitalize on our innovative technology platforms by
divesting non-core applications and allowing us to invest in our most promising
product lines. Further, we completed an eighth consecutive quarter of year-
over-year revenue growth, while maintaining level operating expenses, compared
to the same period in 2003. For the remainder of the year, we look forward to
our progress in the regenerative cell technology program while working to
strengthen our cash position through increased sales, receipt of milestone
payments, research grants, and potential corporate partnerships.”
Conference call information
MacroPore Biosurgery will host a conference call today at 4:30 pm Central
Eastern Summer Time (CEST) or 10:30 am Eastern Daylight Time (EDT) to discuss
the results. This conference call may be accessed from the investor relations
section of the Company’s website, www.macropore.com. An archived version of the
webcast will be available on the same website 60 minutes after the call. The
audio replay will be archived for 24 hours following the call and may be
accessed by dialing +49 / 69 / 58 99 90 568 (PIN: 132524#).
About MacroPore Biosurgery, Inc.
MacroPore Biosurgery (Frankfurt: XMP) is focused on the discovery, development
and commercialization of regenerative medicine technologies. We have two
technology platforms, bioresorbable technology and regenerative cell technology.
Our bone-fixation bioresorbable surgical instruments, derived from our
bioresorbable technology, represent one of the latest advancements in spine and
orthopedic medicine. They are manufactured by us and distributed exclusively
through Medtronic Sofamor Danek. Within our regenerative cell technology
program, we are developing a system to isolate autologous, homologous-use,
regenerative cells. Simultaneously, we are generating the scientific knowledge
through internal research to support the clinical use of these cells. Our most
advanced research and development program is in the repair of cardiovascular
tissues that are damaged after a heart attack. We are also researching
applications in bone repair, spinal disc regeneration, and cosmetic and
reconstructive surgery. For further information please visit our web site
http://www.macropore.com.
Contact: MacroPore Biosurgery, Inc., Tom Baker, Media & U.S. Investors, Tel. +1-
858-458-0900, tbaker@macropore.com
MacroPore Biosurgery, Inc., Stefanie Bacher, European Investors, Tel. +1-858-
362-0365, sbacher@macropore.com
edicto GmbH, Axel Mühlhaus/Sönke Knop, European Investor&Press Agency, Tel.: +49
(0) 60 84 94 85-90, kontakt@edicto.de
Cautionary Statement Regarding Forward-Looking Statements
This press release includes 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 from those predicted in the forward-looking statements,
including our limited operating history, operational net losses, high-risk
strategy, and reliance on Medtronic. These and other 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 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
071600 Mai 04
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