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LifeCell Reports Record First Quarter 2005 Results; Product Revenues Up 48%
TUESDAY, APRIL 26, 2005 8:00 AM
- PR Newswire
BRANCHBURG, N.J., April 26, 2005 /PRNewswire-FirstCall via COMTEX/ -- LifeCell Corporation (LIFC) today reported financial results for its first quarter ended March 31, 2005. Paul Thomas, President and Chief Executive Officer, will host a conference call today at 10:00 a.m. Eastern to discuss the first quarter 2005 actual results and expected financial performance for full year 2005.
First Quarter 2005 Results
Total revenues for the first quarter were $19.9 million compared to $13.8 million for the first quarter of 2004. Product revenues of $19.7 million for the quarter were 48% above the $13.3 million reported for the same period in 2004. The increase in product revenue was primarily due to a significant increase in the demand for the Company's flagship reconstructive surgical product, AlloDerm(R) Regenerative Tissue Matrix, which increased 62% to $14.9 million in the current quarter compared to $9.2 million in the first quarter of 2004. Repliform(R) revenues decreased in the quarter to $1.7 million from $1.9 million in the same quarter in 2004. Orthopedic product revenues, which include Graft Jacket(R) and AlloCraft(TM)DBM, increased to $1.9 million in the quarter from $1.2 million in the first quarter of 2004. GraftJacket(R) and AlloCraft(TM)DBM revenues were $1.4 million and $434,000, respectively, compared to $859,000 and $369,000 in the prior year quarter.
Operating income for the first quarter of 2005 rose to $3.4 million compared to operating income of $1.4 million in the first quarter of 2004. Operating margin in the quarter improved to 17 % compared to 10% in prior year first quarter. Net income for the first quarter of 2005 was $2.1 million, or $.07 per diluted share compared to net income of $883,000, or $.03 per diluted share in the first quarter of 2004.
Paul Thomas, LifeCell's President and Chief Executive Officer commented, "We are very pleased with our first quarter operating results which exceeded our expectations. Our record level of product revenues resulted from continued growth in surgeon demand for AlloDerm(R) Regenerative Tissue Matrix, specifically in surgical procedures to repair challenging hernias. In addition to record revenue growth, we achieved excellent growth in operating income which rose to 17% of revenue in the quarter."
2005 Financial Outlook
Based upon the Company's first quarter 2005 operating results and expectations for the remainder of 2005, the Company now anticipates 2005 total revenues in the range of $84.5 million to $91.5 million, compared to the previous range of $73 million to $77 million. Product revenues for 2005 are expected to be in the range of $83 million to $90 million, compared to the previous range of $71.5 million to $75.5 million. The revised product revenue range represents anticipated growth between 41% and 53% compared with 2004 actual results. Revenue mix by market is expected to be approximately 83% reconstructive, 10% orthopedic and 7% urogynecology. The Company also increased its 2005 operating income target to a range of $14.5 million to $16.5 million, compared to the previous range of $12 million to $13 million. Based on the revised operating income, the Company expects net income for 2005 in the range of $ 9.0 million to $10.2 million, or between $0.27 and $0.31 per diluted share, based on current outstanding shares. The previous net income range was $7.2 million to $7.8 million, or between $0.22 and $0.24 per diluted share. LifeCell's original 2005 financial outlook was included in the Company's news release on January 18, 2005 announcing preliminary fourth quarter 2004 results.
Sui forum americani c'è un rumour su una possibile acquisizione di LIFC da parte di Johnson & Johnson.
Sia Giovedì che Venerdì +2% circa con lieve incremento dei volumi.
E' in uptrend ed è stato superato il massimo precedente.
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