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Micrus reports record quarterly revenues of $12.7 million
By Lisa Kerner
Charlotte, N.C., Aug. 14 - Micrus Endovascular Corp. reported record quarterly revenues for the first quarter of fiscal 2007 of $12.7 million, up 78% from $7.1 million for the first quarter of fiscal 2006.
The company attributed the increase to the number of microcoil products sold, including sales to the company's distributor in Japan of $2.2 million.
Research and development expenses for the quarter were up at $2.8 million from $800,000 for the comparable period in the prior fiscal year. Micrus said the increase was due to a $1.5 million milestone payment to Vascular FX.
The company had a net loss for the first quarter of $3.0 million, or $0.21 per share, compared with a $1.9 million net loss, or $0.70 per share, for the prior-year period.
As of June 30, Micrus had cash and marketable securities of $31.5 million, compared with $37.1 million as of March 31.
While the company did not receive any proceeds from its secondary public offering of common stock, proceeds from the over-allotment were about $2.1 million, net of the underwriting discount.
"Among this fiscal year's anticipated milestones include gaining approval to market our full product line in China and our global launch of the Watusi and Courier product lines, which is planned for the current quarter.," president and chief executive officer John Kilcoyne said in a company news release.
Micrus affirmed its financial guidance for fiscal-year 2007 revenues to be in the range of $45 million to $48 million, or growth of 37% to 46%, compared with fiscal 2006 revenues.
San Jose, Calif.-based Micrus develops, manufactures and markets implantable and disposable medical devices used in the treatment of cerebral vascular diseases.
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