MediCor Ltd. Reports Results for First Quarter Fiscal 2006
November 14 2005 - 1:45PM
PR Newswire (US)
LAS VEGAS, Nov. 14 /PRNewswire-FirstCall/ -- Las Vegas-based
MediCor Ltd. (OTC:MDCR) (BULLETIN BOARD: MDCR) , the world's third
largest manufacturer and distributor of breast implants, today
announced results for its first fiscal quarter ended September 30,
2005. Sales for the three months ended September 30, 2005 were
$5,662,015, a decrease of $481,044 or 7.8% as compared to the prior
year quarter. While overall unit sales remained about flat compared
to the same quarter in the prior year, average selling prices
declined primarily due to price competition in Europe. Net loss for
the quarter ended September 30, 2005 decreased to $3,742,600 from
$3,830,028 in the comparable period in 2004. Basic and diluted loss
per share for the quarter ended September 30, 2005 was ($0.20)
compared to ($0.21) for the quarter ended September 30, 2004.
Theodore R. Maloney, MediCor's Chief Executive Officer, stated,
"Our first fiscal quarter of 2006 produced enormous strides for the
Company and its aggressive growth strategy. In addition to success
in maintaining our targeted market share gains, we announced a
definitive agreement to acquire Biosil Limited and Nagor Limited,
the United Kingdom-based manufacturer and distributor of saline and
silicone breast and other implants. We expect the transaction to
close prior to the end of this calendar year and to further
strengthen our position as the clear number three competitor in the
global market for breast implants, as well as provide us with a
larger base from which to grow and also sustain temporary pricing
actions from our competitors of the kind we saw during the past
quarter. We are also moving forward with our longer term plans to
address the U.S. marketplace. Our investment in clinical trials for
our saline implants continues and during the quarter we also
advanced our plans to file for an investigational device exemption,
or IDE, as a first step on the road to U.S. approval for our
high-consistency silicone implants." According to David Barella,
Executive Vice President of International Marketing and Sales, "The
decrease in selling prices in Europe was primarily due to
competition exacerbated somewhat by weaker economic conditions in
the region. As we actively gained market share over the past three
quarters, we anticipated an aggressive response from our
competitors, which came in the form of price competition. Our
latest four quarter sales growth rate, including the recent
quarter, was approximately 10%, which we believe represents
continuing gains in our market share. We have already initiated an
innovative new marketing program specifically designed to add
significant value to our products and differentiate us from the
competition. We are confident that the market will recognize the
new value that we have put in place and, as a result, we expect
that our historic trend of sales growth and market share gains will
continue." About MediCor Ltd. MediCor was founded by Chairman of
the Board Donald K. McGhan, the pioneer of the modern day breast
implant industry. The Company acquires, develops, manufactures and
markets products for medical specialties in aesthetic, plastic and
reconstructive surgery and dermatology markets. Products include
surgically implantable prostheses for aesthetic, plastic and
reconstructive surgery and scar management products. Its products
are sold worldwide to hospitals, surgery centers and physicians
through various distributors and direct sales personnel. MediCor's
strategy is to be the leading integrator of selected international
medical device markets, technologies and corporations. To achieve
this strategy, MediCor intends to build upon and expand its
business lines, primarily in the aesthetic, plastic and
reconstructive surgery and dermatology markets. MediCor intends to
accomplish this growth through the expansion of existing product
lines and offerings and through the acquisition of companies and
other assets, including intellectual property rights or
distribution rights. Forward-Looking Statements This release may
contain forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Such statements
are based upon the current beliefs and expectations of MediCor's
management and are subject to significant risks and uncertainties.
Actual results may differ from those set forth in the
forward-looking statements. The following factors, among others,
could cause actual results to differ from those set forth in the
forward-looking statements: the ability to obtain requisite
financing for acquisitions to continue to execute on our growth
plans, the risk of instability in the capital markets in the U.S.
and internationally, the ability to obtain governmental approvals
to market the company's products and the timing of the company's
and its competitors' approvals and entry to markets needed to
operate our businesses; the risk that businesses we acquire will
not be integrated successfully; the risk that cost savings from
acquisition transactions may not be realized or may take longer to
realize than expected; disruption from transactions making it more
difficult to maintain relationships with customers, employees or
suppliers; increased competition and its effect on pricing,
spending, third-party relationships and revenues; the outcome of
legal proceedings; the risk of new and changing regulations in the
U.S. and internationally. Additional factors that could cause
MediCor's results to differ materially from those described in the
forward-looking statements can be found in MediCor's Annual Report
on Form 10-KSB for the year ended June 30, 2005, which was filed
with the Securities and Exchange Commission and is available at the
Securities and Exchange Commission's Internet site
(http://www.sec.gov/). DATASOURCE: MediCor Ltd. CONTACT: Marc S.
Sperberg of MediCor Ltd., +1-702-932-4560, ext. 308; or Mark
Collinson of CCG Investor Relations, +1-310-231-8600, ext. 117, for
MediCor Ltd.
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