NORCROSS, Ga., May 22 /PRNewswire-FirstCall/ -- Immucor, Inc. , the global leader in providing automated instrument-reagent systems to the blood transfusion industry, today announced revenue and earnings guidance for the fiscal year ending May 31, 2007.
The company expects revenues for the fiscal year ending May 31, 2007 to range from $204 million to $212 million, an increase of approximately 11% to 18% over previously-announced fiscal 2006 revenue guidance. Gross margin is expected to be in the range of 67% to 68%. Net income is expected to be in the range of $48.5 million to $52 million, an approximate 19% to 36% increase over previously-announced fiscal 2006 net income guidance. We expect to generate earnings per diluted share in the range of $0.69 to $0.74 for fiscal year 2007. We base our projections on our history of operations and experience, the recurring nature of a significant portion of our revenues, including contractually committed purchases from large customers, and the predictability of our expenses through the fiscal year. In making this projection, management has made the following assumptions:
- With respect to revenues, the Company has extrapolated recent past results and assumed the Company will generate additional revenues from the renewal of customer contracts at higher prices, the continuing sales of the Galileo instrument in North America and Europe, sales of the Galileo Echo(TM) which is expected to be launched in the third quarter of fiscal 2007, the reagent growth associated with these instrument placements, and the continuing sales of the human collagen product. - With respect to the operations of its foreign subsidiaries, the Company has assumed that there will be no significant change in foreign currency exchange rates. - With respect to operating expenses, the Company believes that audit fees will decline by approximately $1.0 million, and legal fees will decline by approximately $0.6 million. With respect to share-based compensation expense, the Company expects to incur approximately $3.0 million as a result of the adoption of SFAS 123R on June 1, 2006.
Immucor, Inc. will host a conference call May 23, 2006 at 8:30 a.m. (EDT) to review this outlook. Investors are invited to participate in this conference call with Edward L. Gallup, Chairman and Chief Executive Officer; Dr. Gioacchino De Chirico, President; and Patrick Waddy, Chief Financial Officer. The call will focus on the outlook for fiscal 2007 and general business trends. This press release will be posted on Immucor’s website, as well as any financial information that may be discussed by Messrs. Gallup, De Chirico or Waddy during this call that is not contained in the release. Both this release and the additional financial information, if any, will be posted as soon as practicable after the call on the investor news section of Immucor’s website. To access this information once posted, go to Immucor’s website at www.immucor.com and click on “About Us - Press Releases.”
To participate in the telephone conference call, dial 1-888-396-9924, pass code BLUD. Replays of the conference call will be available for one week beginning at 12:00 PM on May 23, 2006 by calling 1-866-402-3772. Beginning May 30, 2006, audio of the conference call or a transcript of the audio will be available on the “About Us - Press Releases” page of the Immucor website.
Founded in 1982, Immucor manufactures and sells a complete line of reagents and systems used by hospitals, reference laboratories and donor centers to detect and identify certain properties of the cell and serum components of blood prior to transfusion. Immucor markets a complete family of automated instrumentation for all of its market segments.
For more information on Immucor, please visit our website at www.immucor.com.
Statements contained in this press release that are not statements of historical fact are “forward-looking statements” as that term is defined under federal securities laws, including, without limitation, all statements concerning Immucor’s expectations, beliefs, intentions or strategies for the future. Forward-looking statements may be identified by words such as “plans,” “expects,” “believes,” “anticipates,” “estimates,” “projects,” “will,” “should” and other words of similar meaning used in conjunction with, among other things, discussions of future operations, financial performance, product development and new product launches, FDA and other regulatory applications and approvals, market position and expenditures. Factors that could cause actual results to differ materially from those expressed in any forward-looking statement include the following: the decision of customers to defer capital spending; the inability of customers to efficiently integrate our instruments into their blood banking operations; increased competition in the sale of instruments and reagents; product development or regulatory obstacles including delays in completing the development of the Echo; the ability to hire and retain key managers; changes in interest rates; fluctuations in foreign currency conversion rates; changes in demand for the Company’s human collagen product; the ability of the Company’s Japanese subsidiary to attain expected revenue; gross margin and net income levels; the outcome of any legal claims known or unknown; delays in regulatory approvals required to move Houston manufacturing to another Company facility; other currently unforeseen events that could delay the move; higher than expected closure costs; higher than expected manufacturing consolidation costs; the unexpected application of different accounting rules; and general economic conditions. Further risks are detailed in the Company’s filings with the Securities and Exchange Commission. Investors are cautioned not to place undue reliance on any forward-looking statements. Immucor assumes no obligation to update any forward-looking statements.
Immucor, Inc.
CONTACT: Edward Gallup of Immucor, Inc., +1-770-441-2051
Web site: http://www.immucor.com/
