Tutogen Medical, Inc. Reports Third Quarter Fiscal 2006 Financial Results
August 14 2006 - 11:15AM
PR Newswire (US)
Highest Quarterly Revenues in the History of the Company ALACHUA,
Fla., Aug. 14 /PRNewswire-FirstCall/ -- Tutogen Medical, Inc.
(AMEX:TTG), a leading manufacturer of sterile biological implant
products made from human (allograft) and animal (xenograft) tissue,
today announced financial results for the third quarter of fiscal
year 2006 and the nine-month period ended June 30, 2006. Highlights
of the quarter included: -- Highest quarterly revenues, $10.0
million, in the history of the Company; -- U.S. dental segment
sales increased 19% compared to the third quarter of fiscal 2005;
-- International revenues increased 27% versus last year's third
quarter; and -- The Company entered into an exclusive distribution
agreement with Mentor Corporation for the breast reconstruction
market. For the third fiscal quarter ended June 30, 2006, the
Company reported an 8% increase in revenues of $10.0 million,
compared to $9.3 million in the comparable quarter last year. The
Company reported a net loss of $1.1 million, or $(0.07) per fully
diluted share, compared to a net loss of $1.3 million, or $(0.08)
per fully diluted share, in the third fiscal quarter last year.
Financial results for the quarter were negatively impacted by
unusual charges for the quarter that included $437,000 in severance
costs associated with the replacement of the managing director of
the Company's German subsidiary; $217,000 associated with the
restatement of prior period financial results; and $210,000 related
to the strategic discussions with Zimmer Holdings. The Company also
experienced a foreign currency exchange loss of $233,000 due to
unfavorable rates. Without these items, the results would have been
approximately breakeven. For the first nine months of the fiscal
year, the Company reported revenues of $27.1 million compared to
$23.9 million for the comparable period last year, an increase of
14%. Net loss for the first nine months of the year was $1.2
million, or $(0.07) per fully diluted share, compared to a net loss
of $4.3 million, or $(0.27) per fully diluted share for the first
nine months last year. In addition to the above mentioned charges
taken in the third fiscal quarter, the Company recognized
stock-based compensation expense of $303,000 for the nine-month
period ended June 30, 2006. Guy L. Mayer, Chief Executive Officer
of Tutogen Medical, said, "We have had a strong beginning to the
second half of the fiscal year. Revenues reached record levels in
the third fiscal quarter and continued the trend of sequential
quarterly revenue increases this year. Notwithstanding the charges
that we took this quarter, we believe we have made significant
progress in narrowing our operating and net losses. We are
consistently working our way toward profitability." Mr. Mayer
continued, "We have significantly bolstered the management team of
this Company in virtually all operating departments with the
expressed intent of making Tutogen a more competitive company. In
that regard, we have made a number of very difficult decisions in
terms of reconfiguring this Company to make it more operationally
efficient. In the course of the past three quarters our efforts
have been rewarded with incremental, but consistent operating
improvements." "Looking ahead, we expect that fourth quarter
results will benefit from initial sales from Davol, our
distribution partner in the hernia repair market, and increased
sales of our cervical spacer product by Zimmer Spine. We believe
that both of these product lines have great potential for future
growth given the very positive initial market acceptance that we
have seen to this point. In addition to continuing strong growth in
our dental segment as well as the momentum in our international
markets, we are very excited with the potential future
opportunities that our markets have to offer," Mr. Mayer concluded.
Conference Call Tutogen Medical will conduct a conference call on
Monday, August 14, 2006 at 11:00AM ET to review the results of the
quarter. Interested parties can access the call by dialing (888)
832-4014 or (706) 643-8825 or by accessing the web cast at
http://www.tutogen.com/investor.asp. A replay of the call will be
available at (800) 642-1687 or (706) 645-9291, conference ID
number: 3246706 for 3 days following the call, and the web cast can
be accessed at http://www.tutogen.com/investor.asp for 30 days.
About Tutogen Medical, Inc. Tutogen Medical, Inc. manufactures
sterile biological implant products made from human (allograft) and
animal (xenograft) tissue. Tutogen utilizes its Tutoplast
Process(R) of tissue preservation and viral inactivation to
manufacture and deliver sterile bio-implants used in spinal/trauma,
urology, dental, ophthalmology, and general surgery procedures. The
Company's Tutoplast(R) products are sold and distributed worldwide
by Zimmer Spine and Zimmer Dental, subsidiaries of Zimmer Holdings,
Inc. the Mentor Corporation (Mentor), IOP, Inc. and through
independent distributors and subsidiaries in the U.S. and Germany.
In addition, Mentor is the exclusive distributor for the Company's
Tutoplast Dermis(R) products in North America for use in the
dermatology and plastic surgery markets for breast reconstruction.
For more information, visit the Company's Web site at
http://www.tutogen.com/. Forward-Looking Statement Disclaimer: This
press release contains "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements typically are identified by use of terms
such as "may," "will," "should," "plan," "expect," "anticipate,"
"estimate," and similar words, although some forward-looking
statements are expressed differently. These statements include, but
are not limited to, statements made by the Company's Chief
Executive Officer concerning the Company's recent financial
performance and trends of quarterly revenue increases, progress
toward profitability, bolstering of the management team with the
intent of making the Company more competitive and operationally
efficient, expected fourth quarter sales, the potential for growth
in sales and continued market acceptance of the Company's hernia
repair and cervical spacer products, potential growth in the
Company's dental and international markets, and management's
excitement about the Company's future opportunities.
Forward-looking statements are based on management's current
expectations and are subject to certain risks and uncertainties
that could cause actual results to differ materially from those set
forth or implied by forward-looking statements. These and other
risks are identified in the Company's filings with the Securities
and Exchange Commission, including the Company's Annual Report on
Form 10-K for the fiscal year ended September 30, 2005, as amended.
All information in this press release is as of the date hereof, and
the Company undertakes no duty to update this information unless
required by law. Contacts: L. Robert Johnston, Jr. Lytham Partners,
LLC Chief Financial Officer Joe Diaz Tutogen Medical, Inc. Joe
Dorame 386-462-0402 Robert Blum 602-889-9700 TUTOGEN MEDICAL, INC.
and SUBSIDIARIES CONDENSED CONSOLIDATED FINANCIAL SUMMARY (in
thousands except per share data) (unaudited) Three Months Ended
Nine Months Ended June 30, June 30, 2006 2005 2006 2005 REVENUE
$10,000 $9,281 $27,149 $23,908 GROSS PROFIT 4,683 3,180 14,307
8,824 OPERATING EXPENSES 5,929 4,683 15,934 13,453 OPERATING LOSS
(1,246) (1,503) (1,627) (4,629) FOREIGN EXCHANGE (LOSS) GAIN (233)
317 (261) (80) OTHER INCOME 12 16 42 36 INTEREST EXPENSE (75) (19)
(53) (51) INCOME TAX (BENEFIT ) EXPENSE (413) 88 (711) (404) NET
LOSS $(1,129) $(1,277) $(1,188) $(4,320) BASIC LOSS PER SHARE
$(0.07) $(0.08) $(0.07) $(0.27) DILUTED LOSS PER SHARE $(0.07)
$(0.08) $(0.07) $(0.27) CONDENSED CONSOLIDATED BALANCE SHEETS (in
thousands) (unaudited) June 30, September 30, 2006 2005 CURRENT
ASSETS $22,522 $18,361 PROPERTY PLANT AND EQUIPMENT (NET) 11,509
6,612 DEPOSITS 300 - DEFERRED TAX (ASSET) 2,435 1,232 TOTAL ASSETS
$36,766 $26,205 CURRENT LIABILITIES $16,844 $9,544 LONG TERM DEBT
2,709 630 OTHER LIABILITIES 3,145 2,309 SHAREHOLDERS' EQUITY 14,068
13,722 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $36,766 $26,205
DATASOURCE: Tutogen Medical, Inc. CONTACT: L. Robert Johnston, Jr.,
Chief Financial Officer of Tutogen Medical, Inc., +1-386-462-0402,
; or Joe Diaz, Joe Dorame, or Robert Blum, all of Lytham Partners,
LLC, +1-602-889-9700 Web site: http://www.tutogen.com/
http://www.tutogen.com/investor.asp
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