Micro Therapeutics (NASDAQ:MTIX)
Historical Stock Chart
From Jun 2019 to Jun 2024
Micro Therapeutics Reports Record Revenue in 2004 Fourth Quarter
and Full Year Financial Results
- Conference Call Scheduled for Today at 1:00 p.m. PST; Simultaneous Webcast at
www.1mti.com -
IRVINE, Calif., Feb. 10 /PRNewswire-FirstCall/ -- Micro Therapeutics, Inc.
(MTI) (NASDAQ:MTIX) today reported financial results for the fourth quarter and
year ended December 31, 2004.
For the 2004 fourth quarter, net sales were $10.9 million, a 27% increase over
net sales of $8.5 million in the fourth quarter of the prior year. Revenues
from MTI's neuro embolic products, comprising the Sapphire and NXT families of
detachable coils, and Onyx(R), the company's proprietary liquid embolic
material, increased 48% to $4.3 million, compared with $2.9 million in the 2003
fourth quarter. Neuro access and delivery products, which include the
company's portfolio of micro catheters, guidewires and balloons, rose 46% to
$5.9 million, compared with $4.0 million in the 2003 fourth quarter. Sales of
peripheral products declined in the fourth quarter.
For the twelve months of 2004, net sales grew 46% to $35.7 million from $24.5
million in 2003. Neuro embolic product revenues were $12.7 million,
representing a 55% increase from revenues of $8.2 million for 2003. Neuro
access and delivery products increased 62% to $20.2 million, compared with
$12.5 million in 2003.
Net sales in the U.S. increased 24% to $3.4 million for the 2004 fourth
quarter, and increased 48% to $12.1 million for the twelve months of 2004.
International net sales in 2004 were $7.5 million for the fourth quarter and
$23.6 million for the twelve months, representing growth rates over comparable
prior periods of 29% and 45%, respectively.
"These revenue results reflect strong contributions across geographic regions
and throughout a growing portfolio of neuro-interventional products," stated
Tom Wilder, MTI President & Chief Executive Officer. "During the fourth
quarter, we introduced several new products and streamlined our expense
structure by consolidating manufacturing operations, giving us strong momentum
as we enter 2005."
Gross margin for the 2004 fourth quarter was 58%, as compared to 57% for the
corresponding prior year period, and was adversely impacted by year-end
inventory adjustments and costs associated with the expansion of coil
manufacturing capacity in Irvine. For the twelve months of 2004, gross margin
decreased to 59% from 61% in 2003.
Operating expenses increased in the 2004 fourth quarter to $12.5 million,
compared with $10.9 million in the prior year period. For the twelve months of
2004, operating expenses were $45.4 million, compared to $41.7 million in 2003.
Included in 2004 fourth quarter and full year operating expenses were $2.5
million of costs associated with MTI's consolidation of its German
manufacturing operations into its Irvine facility.
Net loss for the 2004 fourth quarter was $5.5 million, or $.11 per share,
compared with net loss of $5.7 million, or $.16 per share, in the 2003 fourth
quarter. Net loss for the twelve months of 2004 was $37.5 million, or $.86 per
share, compared to net loss of $12.8 million, or $.38 per share, in the 2003
period. Included in the 2004 full year results are aggregate non-cash charges
of $15.4 million related to the exchange feature of promissory notes sold by
MTI in December 2003 and June 2004, and exchanged for MTI common stock in
January and August 2004, respectively. Also included in 2004 results is a gain
of $1.7 million from the receipt of previously escrowed funds related to the
company's sale of its minority interest in Enteric Medical Technologies in
2002. Financial results for 2003 include a gain of $14.6 million related to
milestone payments received in 2003 in connection with the above mentioned
Enteric transaction.
Weighted average shares outstanding for the fourth quarters of 2004 and 2003
were 48.4 million and 35.1 million, respectively, and weighted average shares
outstanding for the full years of 2004 and 2003 were 43.5 million and 33.5
million, respectively.
Financial Outlook / Conference Call Information
The company currently expects net sales for 2005 to be in a range of $47
million to $51 million, and in a range of $65 million to $72 million for 2006.
The company will host a conference call today with interested parties beginning
at 1:00 p.m. PST to review the results of operations for the fourth quarter and
full year of 2004, its financial outlook and other recent events.
Discussions during the conference call may include forward-looking statements
regarding such topics as, but not limited to, the company's revenues, margins,
operating expenses, distribution arrangements, clinical studies, regulatory
status, and financial position, and comments the company may make about its
future in response to questions from participants on the conference call. Any
interested party may listen to the conference call through a live audio
Internet broadcast at http://www.1mti.com/. For those unable to listen to the
live broadcast, a playback of the webcast will be available at
http://www.1mti.com/ for approximately one year.
About Micro Therapeutics, Inc.
MTI develops, manufactures and markets minimally invasive medical devices for
the diagnosis and treatment of vascular disorders. The company's primary focus
is on catheter based technologies and products for the interventional
neuroradiology market. MTI's products include the Sapphire(R) and NXT lines of
embolic coils, the ONYX(R) liquid embolic system, and a broad line of micro
catheters, guidewires, and occlusion balloons that are utilized in the
treatment of cerebral vascular disorders.
Forward-Looking Statements
Statements contained in this press release that are not historical information
are forward-looking statements as defined within the Private Securities
Litigation Reform Act of 1995. Such forward-looking statements are subject to
risks and uncertainties that could cause actual results to differ materially
from those projected or implied. Such potential risks and uncertainties
relate, but are not limited, to, in no particular order: product demand and
market acceptance, the impact of competitive products and pricing,
effectiveness and pace of current and future product development, success of
clinical testing, the impact of intellectual property litigation and regulatory
approval. More detailed information on these and additional factors which
could affect Micro Therapeutics, Inc.'s operating and financial results are
described in the company's Forms 10-QSB, 10-KSB, and other reports, filed or to
be filed with the Securities and Exchange Commission. Micro Therapeutics, Inc.
urges all interested parties to read these reports to gain a better
understanding of the many business and other risks that the company faces.
Additionally, Micro Therapeutics, Inc. undertakes no obligation to publicly
release the results of any revisions to these forward-looking statements, which
may be made to reflect events or circumstances occurring after the date hereof
or to reflect the occurrence of unanticipated events.
MICRO THERAPEUTICS, INC.
Statement of Operations Data
(unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
2004 2003 2004 2003
Net sales $10,878,000 $8,539,000 $35,725,000 $24,482,000
Cost of sales 4,516,000 3,649,000 14,641,000 9,667,000
Gross profit 6,362,000 4,890,000 21,084,000 14,815,000
Operating expenses
Research &
development,
clinical &
regulatory 3,374,000 3,687,000 14,336,000 17,703,000
Selling, general
& administrative 6,611,000 7,000,000 28,559,000 24,018,000
Facility
consolidation 2,527,000 -- 2,527,000 --
Total operating
expenses 12,512,000 10,687,000 45,422,000 41,721,000
Loss from operations (6,150,000) (5,797,000) (24,338,000) (26,906,000)
Other income (expense)
Gain on sale of
investment -- -- 1,728,000 14,647,000
Stock issuance
expenses -- -- -- (600,000)
Amortization of
exchange feature
of notes payable -- -- (15,436,000) --
Other 619,000 139,000 597,000 74,000
Total other
income (expense) 619,000 139,000 (13,111,000) 14,121,000
Loss before taxes (5,531,000) (5,658,000) (37,449,000) (12,785,000)
Income tax expense -- -- 2,000 2,000
Net loss (5,531,000) (5,658,000) (37,451,000) (12,787,000)
Other comprehensive
income (loss)
Foreign currency
translation gain
(loss) 43,000 (268,000) 37,000 (429,000)
Total other
comprehensive
income (loss) 43,000 (268,000) 37,000 (429,000)
Comprehensive loss ($5,488,000) ($5,926,000)($37,414,000)($13,216,000)
Per share information
Net loss available
to common
stockholders ($5,531,000) ($5,658,000)($37,451,000)($12,787,000)
Net loss per share
(basic and diluted) ($0.11) ($0.16) ($0.86) ($0.38)
Shares used in
computation of
net loss
per share 48,366,000 35,075,000 43,516,000 33,524,000
MICRO THERAPEUTICS, INC.
Selected Balance Sheet Data
(unaudited)
December 31,
2004 2003
Cash and cash equivalents $11,647,000 $16,551,000
Working capital $15,737,000 $17,736,000
Total assets $61,863,000 $62,264,000
Accumulated deficit ($146,215,000) ($108,764,000)
Total stockholders' equity $47,995,000 $38,467,000
MICRO THERAPEUTICS, INC.
Revenues by Product Lines and Geographic Markets
(unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
2004 2003 2004 2003
Product Lines
Embolic products $4,292,000 $2,896,000 $12,714,000 $8,226,000
Neuro access and
delivery products 5,905,000 4,042,000 20,174,000 12,470,000
Peripheral vascular
and other products 681,000 1,601,000 2,837,000 3,786,000
Total net sales $10,878,000 $8,539,000 $35,725,000 $24,482,000
Geographic Markets
United States $3,370,000 $2,727,000 $12,142,000 $8,197,000
International 7,508,000 5,812,000 23,583,000 16,285,000
Total net sales $10,878,000 $8,539,000 $35,725,000 $24,482,000
DATASOURCE: Micro Therapeutics, Inc.
CONTACT: Thomas C. Wilder of Micro Therapeutics, Inc., +1-949-837-3700;
or Rob Whetstone or Robert Jaffe, both of PondelWilkinson Inc.,
+1-310-279-5963, for Micro Therapeutics, Inc.
Web site: http://www.1mti.com/