Possis Reports Preliminary Fourth-Quarter Sales Above Guidance
15 Août 2007 - 4:00PM
Business Wire
Possis Medical, Inc. (NASDAQ:POSS), a developer, manufacturer and
marketer of pioneering medical devices used in endovascular
procedures, today reported preliminary sales for its fiscal 2007
fourth quarter ended July 31, 2007. For the fourth quarter, Possis
currently expects net sales of approximately $19.0 million, an 18
percent increase from fiscal 2006 fourth-quarter sales of $16.0
million. In its outlook issued on May 23, 2007, the Company had
estimated fourth-quarter net sales of $17 million to $18 million.
Possis anticipates fourth quarter GAAP net income to fall within
its previously issued guidance range of $0.00 to $0.02 per diluted
share, and non-GAAP net income of $0.04 to $0.06 per diluted share
which excludes stock-based compensation expense. Said Robert G.
Dutcher, CEO of Possis Medical, Inc., �The Company�s focus over the
past two quarters has been in placing AngioJet� Ultra Consoles and
securing complete market access for additional Ultra Thrombectomy
Set designs. Our success in these areas helped drive fourth-quarter
results. While sales were up across the board, we saw particular
strength in Ultra Console and Thrombectomy Set sales. As we�ve said
previously, these are Possis� future revenue generators and keys to
growth. It's very encouraging that our efforts are gaining traction
and translating into positive financial performance.� The AngioJet
Ultra Thrombectomy Console is the next-generation, completely
re-engineered version of Possis' proven, industry-leading AngioJet
Thrombectomy System that removes blood clots (thrombus) from
coronary arteries, coronary bypass grafts, peripheral arteries and
veins, A-V grafts and native fistulas. According to Dutcher, �Our
coronary product line delivered double-digit sequential growth, but
importantly, increased over the prior-year fourth quarter by 2
percent�it�s our first year-over-year increase in 12 quarters. The
gain was driven by the speed and ease-of-use the Ultra System
brings to acute coronary intervention cases.� Possis� peripheral
product sales returned to historical levels and delivered
double-digit sequential and year-over-year growth in the
fourth-quarter. The Company�s AV Access product line also showed
double-digit sequential growth in the fourth-quarter. Additionally,
sales of new non-AngioJet products, such as the SafeSeal�
Hemostasis Patch and the Fetch� Aspiration Catheter were up
sequentially and year-over-year. Beta test units of Possis�
GuardDOG� Occlusion Guidewire System also were shipped during the
quarter. Full U.S. market release of the GuardDOG System is
expected later this calendar year. The Company today also addressed
its existing guidance for the 2008 fiscal year. For the 12 months
ended July 31, 2008, Possis had previously forecasted sales in the
low to mid $70 million range. Said Dutcher, �We�re very pleased
with our fourth-quarter performance. While we are optimistic for
fiscal 2008 and anticipate revising our annual outlook upward, we
are not making any changes at this time. We�re currently gathering
additional information and experience concerning the anticipated
positive impact of the AngioJet Ultra System launch and Dr. George
Sianos� study referenced in our August 9th press release, and
published recently in the Journal of the American College of
Cardiology (JACC), before updating our guidance.� Possis will
report complete fiscal 2007 fourth-quarter results on September 19,
2007. About Possis Medical, Inc. Possis Medical, Inc., develops,
manufactures and markets pioneering medical devices for the large
and growing cardiovascular and vascular treatment markets. The
Company's AngioJet System is the world's leading mechanical
thrombectomy system with FDA approval to remove thrombus from
coronary arteries, coronary bypass grafts, peripheral arteries and
veins, A-V grafts and native fistulas. Certain statements in this
press release constitute "forward-looking statements" within the
meaning of Federal Securities Laws. Some of these statements relate
to estimated future revenue, earnings per share, new product
introductions, clinical science, and product performance. These
statements are based on our current expectations and assumptions,
and entail various risks and uncertainties that could cause actual
results to differ materially from those expressed in such
forward-looking statements, such as, the effectiveness of our sales
and marketing efforts in re-establishing coronary product usage and
launching new products. A discussion of these and other factors
that could impact the Company's future results are set forth in the
cautionary statements included in the company's Form 10-K for the
year ended July 31, 2006, filed with the Securities and Exchange
Commission.
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