IRVINE, Calif., Nov. 6 /PRNewswire-FirstCall/ -- Alsius Corporation , the worldwide leader in intravascular temperature management (IVTM(TM)) therapies for critically ill patients, today reported on its financial results and business progress for the third quarter and nine months ended September 30, 2008.
Revenue for the third quarter of 2008 improved 65 percent to $3.1 million, compared with $1.9 million in the third quarter of 2007. The net loss for the third quarter of 2008 improved to $4.9 million, or $0.23 per share, from $5.3 million, or $0.29 per share, for the third quarter of 2007.
Cash and cash equivalents were $9.9 million at September 30, 2008, compared with $13.3 million at June 30, 2008, and $24.4 million at December 31, 2007. Cash used for operating activities during the third quarter of 2008 was $2.4 million. In addition, the company repaid $2.4 million of debt during the first nine months of 2008.
"We are proud to report the strongest quarter and nine months in Alsius history and to achieve back to back quarters of greater than $3 million of revenue. This progress is a direct result of our team's outstanding execution in bringing our leading IVTM solutions to patients and physicians," said Bill Worthen, President and CEO of Alsius. "We continue to manage our resources prudently while we are investing in the long-term for our business."
Recent Highlights and Accomplishments
"Continued U.S. growth during the third quarter, despite a difficult capital spending environment, coupled with a rebound in Europe, contributed to our results. We believe that both the growth in disposable revenue and the expansion of our U.S. pipeline of leads - the largest we have ever had - bode well for continued progress and reflects increasing awareness among critical care specialists of the importance and need for our IVTM solution," commented Mr. Worthen.
Additional Third Quarter 2008 Financial Results
In the third quarter of 2008, gross profit was $0.5 million, compared with $0.6 million in the third quarter of 2007. Gross profit includes a non-cash $0.4 million charge to increase inventory reserves to reflect results of a physical inventory. Gross profit was $0.9 million before recording this charge. Total operating expenses in the third quarter of 2008 decreased to $5.3 million, compared with $5.8 million for the third quarter of 2007.
2008 Nine Months Financial Results
Revenue for the nine months ended September 30, 2008 increased 35 percent to $8.6 million, compared to $6.4 million for the same period in 2007. In the first nine months of 2008, gross profit was $2.1 million, compared to $1.0 million for the same period in 2007. Total operating expenses in the first nine months of 2008 were $16.9 million compared to $14.2 million for the same period in 2007. The net loss for the first nine months of 2008 decreased to $15.1 million, or $0.72 per share, from $16.6 million, or $1.21 per share, for the same period in 2007.
Conference Call Information
Alsius will hold a conference call today at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time) to discuss the Company's third quarter results and provide a corporate update. To participate in the live call by telephone, please dial 800-762-8779 from the U.S. or +1-480-629-9031. In addition, the live conference call is being webcast and can be accessed via the "Investor Relations" section of the Company's website at http://www.alsius.com. Beginning 90 minutes after the conference call concludes, a replay will be available on Alsius' website or by 800-406-7325 from the U.S. or +1-303-590-3030 internationally, and entering passcode 3938382 when prompted. The telephone replay will be available through November 14, 2008.
About Alsius
Alsius, headquartered in Irvine, Calif., is a 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 materially from those described in the forward-looking statements. The information set forth herein should be read in light of such risks. Additional information concerning such 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 on the Investor Relations section of Alsius' website at http://www.alsius.com.
CONTACT: Julio Cantre of WeissComm Partners, +1-415-946-1055,
jcantre@wcpglobal.com, for Alsius Corporation
Web site: http://www.alsius.com/
