IRVINE, Calif., March 13 /PRNewswire-FirstCall/ -- Alsius Corporation , the worldwide leader in intravascular patient temperature management therapies, today reported on its corporate progress and financial results for the fourth quarter and year ended December 31, 2007.
Revenue for the fourth quarter of 2007 was a record $2.7 million, compared to $2.0 million in the fourth quarter of 2006. Revenue for the full year 2007 was also a record of $9.1 million, compared to $6.0 million in 2006. These results were due to growth in sales of intravascular temperature management systems, as well as increased sales of catheters due to the growing installed base.
“We are proud to report our strongest quarter and year in Alsius history, which is a direct result of our continued investment in developing the leading intravascular temperature management solutions,” said Bill Worthen, President and CEO of Alsius. “Our customers are becoming increasingly aware of the importance of precise temperature management in critically ill patients and recognize the value of our technology as the right solution. Our efforts in 2008 will be focused on continuing to develop the market for our products -- increasing awareness of the importance of temperature management and the benefits of our technology versus conventional approaches.”
Additional Fourth Quarter and Full Year 2007 Financial Results
In the fourth quarter of 2007, gross profit was $0.8 million, compared to $0.3 million in the fourth quarter of 2006. For the full year 2007, gross profit was $1.8 million, compared to a loss of $0.2 million for the same period the prior year.
Total operating expenses in the fourth quarter of 2007 were $6.4 million compared to $3.8 million in the same period of 2006. Included in the cost of revenue and operating expenses for the fourth quarter of 2007 were non-cash, stock compensation expenses of $1.3 million compared to $0.1 million for the fourth quarter of 2006. Total operating expenses for the full year 2007 were $20.6 million, compared to $13.3 million in 2006. Included in the full year 2007 expenses were non-cash, stock compensation expenses of $3.4 million, compared to $0.6 million in 2006. The increase in total operating expenses for the fourth quarter and full year 2007 was primarily attributable to the growth in Alsius’ direct sales force and marketing activities to support worldwide market expansion.
Net loss for the fourth quarter of 2007 was $5.7 million, or $0.31 per share, compared to $4.8 million, or $0.44 per share, for the fourth quarter of 2006. The 2007 year-end net loss was $22.2 million, or a loss per share of $1.49, compared to $17.6 million, or a loss per share of $1.60, in the same period a year ago.
Cash and cash equivalents were $24.4 million at December 31, 2007, compared to $29.5 million at September 30, 2007, and $0.6 million at December 31, 2006. Cash used for operating activities during the fourth quarter of 2007 was $3.7 million. In addition, the company repaid $0.8 million of debt, in the fourth quarter of 2007. Alsius’ independent registered public accounting firm’s report on the company’s financial statements for the fiscal year ended December 31, 2007 will include a going concern qualification. The company anticipates raising capital prior to the second quarter of 2009 to support growth, consistent with its business plan.
Highlights and Accomplishments
“We believe our accomplishments in 2007 have helped us build a strong foundation for future success,” added Mr. Worthen. “By the end of last year, approximately 560 Alsius systems had been installed at major acute care hospitals in the U.S. and abroad, with over 15,000 patients treated to date. Not only is the list of hospitals that have expressed interest in our products growing, but many existing customers are recognizing the potential to use our technology in different areas of the hospital. As a result, more hospitals are ordering multiple systems.”
Alsius achieved a number of key milestones last year and during the first quarter of this year, including the following:
American College
Conference Call Details
Alsius will host a conference call and webcast on March 13, 2008 at 4:30 p.m. Eastern Time. To participate in the teleconference, participants in the U.S. and Canada may call 877-440-5791 while international callers should dial 719-325-4879. No password is required for the live teleconference. To access the webcast, please go to the Investor Relations page on our website http://www.alsius.com.
A telephone replay of the conference call will be available 90 minutes after the call concludes on March 13 through March 31, 2008. For replays, dial 888-203-1112 (U.S. and Canada) and 719-457-0820 (international). The replay password is 3423016. An archived copy of the webcast will also be available for a period of time in the Investor Relations tab of http://www.alsius.com.
About Alsius
Alsius, headquartered in Irvine, CA, is a commercial-stage medical device company that develops, manufactures and sells proprietary products to precisely control patient temperature in hospital critical care settings. Controlling body temperature, through cooling and warming, is becoming the standard of care for patients in select critical conditions and those undergoing a variety of surgical procedures. Alsius markets a comprehensive suite of catheter-based intravascular temperature management products that address the need for effective, accurate, easy-to-use and cost-effective control of body temperature in critical care patients. For more information, visit http://www.alsius.com.
Safe Harbor
This press release may contain statements regarding plans and expectations for the future that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking. Such forward looking statements, based upon the current beliefs and expectations of Alsius’ management, are subject to risks and uncertainties, which could cause actual results to differ significantly from those described in the forward-looking statements. The information in this release should be read in light of such risks. Additional information concerning these risks and uncertainties are contained in Alsius’ filings with the Securities and Exchange Commission, which can be accessed electronically on the Securities and Exchange Commission website at http://www.sec.gov or through the Investor Relations page on http://www.alsius.com.
CONTACT: Brett L. Scott, Chief Financial Officer of Alsius Corporation,
+1-949-453-0150, bscott@alsius.com; or Julio Cantre of WeissComm Partners,
+1-415-946-1055, jcantre@wcpglobal.com, for Alsius Corporation
Web site: http://www.alsius.com/
