Cytori Therapeutics (NASDAQ:CYTX) is reporting its financial results for
the year ended December 31, 2009. More information on our commercial and
clinical progress is posted online in the ‘March 2010 Shareholder
Letter’ at http://ir.cytoritx.com/investorrelations/blog.
During 2009, Cytori achieved the following:
-
Grew system and consumable sales, predominantly into the cosmetic
surgery market;
-
Increased number of systems in the field that will further support
consumable cartridge sales growth;
-
Reported interim results from a post-marketing breast reconstruction
study intended to support cosmetic and reconstructive surgery sales
efforts in Europe and Asia;
-
Expanded autologous fat graft product line with development of the
PureGraft™ System (which received FDA clearance early 2010); and
-
Completed enrollment in two cardiovascular disease safety and
feasibility trials with results to be reported in May 2010.
System and Consumables
Throughout 2009, we more than doubled the cumulative number of ‘revenue
base’ systems, which includes systems sold directly to physicians,
distributors or units placed that are generating consumable sales. At
the end of 2009, the cumulative number of revenue base systems was 101,
compared to 85 at the end of the third quarter of 2009, and 42 at the
end of 2008. In addition, a total of 337 consumables were shipped in the
fourth quarter of 2009 compared to 314 consumables shipped in the third
quarter of 2009 and 179 consumables shipped in the fourth quarter of
2008. Of these, 258 consumables were re-orders in the fourth quarter of
2009, compared to 185 re-orders in the third quarter of 2009. This
reflects a positive trend whereby existing customers are contributing to
a greater percent of consumable revenues.
Financial Results
Total revenues for the year ending December 31, 2009 were $14.7 million,
which consisted of $8.9 million in development revenues, related mostly
to the achievement of three clinical milestones under our Olympus
Corporation partnership, and $5.8 million in product revenues. This
compares to total revenues of $6.9 million for 2008, which consisted of
$2.3 million in development revenues and $4.5 million in product
revenues in 2008. Gross profit for 2009 was $2.4 million compared to
$2.7 million for 2008.
Total revenues for the fourth quarter of 2009 were $2.9 million, which
consisted of $1.6 million in development revenue and $1.3 million in
product revenues. This compares to $2.2 million in total revenues in the
fourth quarter of 2008, which consisted of $1.5 million in development
revenue and $652,000 in product revenue. Gross profit was $513,000 in
the fourth quarter of 2009, compared to $181,000 for the same period in
2008.