Omrix: third-quarter total revenues up 137% at $18.3 million

By Lisa Kerner

Charlotte, N.C., Nov. 7 - Omrix Biopharmaceuticals Inc. said its total revenues for the third quarter of 2006 increased 137% to $18.3 million from $7.7 million for the third quarter of 2005.

Product sales from biosurgery and antibody product lines increased 191% to $17.3 million from $5.9 million in the comparable quarter in 2005.

The company reported gross profit for the quarter of $10.9 million, or 59% of total revenues, compared with $2.0 million, or 26% of total revenues, for the prior-year period.

Research and development expenses were up at $1.0 million for the three months ended Sept. 30, from $602,000 for the third quarter of 2005.

Omrix had net income for the third quarter of $8.1 million, or $0.53 per share on a diluted basis, up from a loss of $321,000, or $0.03 per share on a diluted basis, for the third quarter of 2005.

As of Sept. 30, Omrix had cash, cash equivalents and short-term investments totaling $40.5 million and debt totaling about $1.4 million.

"We believe we will obtain approval of Evicel for peripheral vascular surgery in the first half of 2007 and a general hemostasis indication for Evicel and approval for thrombin in the second half of 2007, which will expand our current product offerings and penetration of the biosurgery market," president and chief executive officer Robert Taub said in a news release.

Omrix is a biopharmaceutical company located in New York.

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