ev3 says 4Q sales up 60% to $41 million, expects $41-$45 million sales in 1Q

By Angela McDaniels

Seattle, Feb. 16 - ev3 Inc.'s net sales in the fourth quarter of 2005 were $41.0 million, a 60% increase over net sales of $25.5 million in the fourth quarter of 2004, according to a company news release.

For the year ended Dec. 31, net sales grew by 55% to $133.7 million from $86.3 million in 2004.

Looking ahead, ev3 predicted that net sales will be in the range of $41 million to $45 million in the first quarter of 2006 and $200 million to $220 million for the full year. The company also said it expects its quarterly operating losses to fall during 2006.

"Our 60% net sales growth over last year's fourth quarter reflects the benefits of a robust stream of new products introduced over the last 12 months, as well as the continued expansion and development of our global distribution system," president and chief executive office James Corbett said in the release.

Net loss for the quarter decreased to $22.0 million, or $0.45 per common share, from $36.4 million, or $14.29 per common share, in the fourth quarter of 2004.

"These decreases were achieved despite the additional costs of $1.9 million incurred by Micro Therapeutics Inc. in connection with ev3's acquisition of the outstanding shares of MTI not owned by ev3, which was completed on Jan. 6, and increased litigation costs associated with intellectual property," Corbett said in the release.

For the year, net loss was $122.1 million, or $4.48 per common share, a slight decrease from $123.1 million, or $57.44 per common share, a year earlier.

The company held an initial public offering and performed a 1-for-6 reverse stock split in June 2005, which increased the total weighted average common shares outstanding to 49.2 million for the quarter from 2.5 million in the fourth quarter of 2004. For the full year, the number of shares increased to 27.2 million from 2.1 million in 2004.

ev3 is based in Plymouth, Minn., where it makes stents and other endovascular surgical products.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.