Q1/10 Results Out Preformed Expectations, Cytori Therapeutics (CYTX)
Q1/10 total revenue was $4.4 M. The net loss for Q1/10 was $2.447 M or ($0.06) per share, which surpassed all expectations from leading analysts who estimated a 0.16 per share loss.
Q1/10 product revenues were $2.3 M from Celution® and StemSource® sales in Europe, Asia and the US (representing 19% product revenue growth over Q1/09 of $1.9 M and 80% growth over Q4/09) and $2.1 M in development revenue . The cumulative number of revenue generating systems grew to 110 in Q1/10 (compared to 59 in Q1/09). In addition, 342 consumables, including 261 re-orders were shipped (compared to 241 total consumables in Q1/09) and 164 being reorders.
Gross margin grew 59% (a gross profit of $1.3 M) in Q1/10 (compared with 43% in Q1/09). The improvement in margin is due largely to a greater proportion of direct sales and improved manufacturing efficiencies.
Total operating expenses were $5.6 M (compared to $6.4 M in Q1/09). Included in operating expenses was a $1.9 M net reduction in non-cash change in fair value of the warrant and option liability compared to a $0.8 M net reduction in Q1/09.
CYTX ended Q1/10 with $22.7 M in cash and cash equivalents (versus $12.9 M at 12/31/09) plus $2.7 M in accounts (net) recieveables. Subsequent to the end of Q1/10, CYTX raised an additional $2.3 M from the sale of stock through the equity agreement with Seaside 88, LP.
Q1/10 Highlights:
- Revenues grew from a mix of Celution® and StemSource® sales in Europe, Asia and the US,
- Growth of consumable reorders reflects the established and increasing base of customers integrating Celution® into their practices,
- CYTX also achieved their 2nd StemSource® Cell Bank installation in Japan; by an existing Celution® customer to meet growing patient demand,
- On 5/7/10, CYTX investigators will report results from 2 cardiac clinical trials: APOLLO for acute myocardial infarction (heart attack) and PRECISE for chronic myocardial ischemia, a severe form of chronic heart disease. Specifically, these results will be presented at the 7th International Symposium on Stem Cell Therapy and Cardiovascular Innovations in Madrid, Spain,
- More than 2,300 cumulative consumables have been shipped since commercialization began in Q1/08,
- A Pre-IDE meeting with the FDA is scheduled in May of 2010 to define clinical objectives needed for Celution® approval for soft tissue reconstruction.
About Cytori
