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LifeCell says product revenue up 59% in 2005 to $93.3 million
By Angela McDaniels
Seattle, March 7 - LifeCell Corp.'s product revenue increased 59% to $93.3 million for the year ended Dec. 31 from $58.8 million in 2004, according to a company news release.
For the fourth quarter, product revenue grew by 69% to $27.0 million from $16.0 million for the same period in 2004.
The company attributed the increase primarily to an increase in demand for the company's flagship reconstructive surgical product, AlloDerm Regenerative Tissue Matrix, sales of which increased 84% to $22 million in the current quarter from $12 million in the fourth quarter of 2004.
For 2006, the company predicted that product revenue will fall between $124 million and $130 million, which represents annualized growth of between 33% and 39%.
LifeCell further estimated that diluted net income for 2006 will be between $0.42 and $0.46 per share, including expected stock-based compensation of roughly $0.17 per share.
Net income increased by 66% to $12.0 million, or $0.36 per diluted share, for 2005 from $7.2 million, or $0.22 per diluted share, in the prior year.
Net income for the fourth quarter decreased by 8% to $3.8 million, or $0.11 per diluted share, from $4.1 million, or $0.13 per diluted share, in the fourth quarter of 2004. LifeCell recognized a non-cash income tax benefit of $2.9 million during the fourth quarter of 2004 due to a reduction in its valuation reserve for deferred tax assets, according to the release.
The company said it had $48 million of cash and investments and no debt on its balance sheet at Dec. 31.
LifeCell is based in Branchburg, N.J., where it develops and markets products made from human tissue for use in reconstructive, orthopedic and uro-gynecologic surgical procedures.
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