Possis year-end cash up at $48.1 million, pipeline full for fiscal 2007

By Lisa Kerner

Charlotte, N.C., Sept. 20 - Possis Medical, Inc. said its cash, cash equivalents and marketable securities increased to $48.1 million at July 31 from $45.8 million at April 30.

"Possis has a proven business model and strong balance sheet that have allowed us to remain profitable in a challenging environment while still investing aggressively in research and development," chief executive officer Robert G. Dutcher said in a company news release.

"Because of our research and development investments in fiscal 2006, we have a full product pipeline that will provide the fuel for a return to growth in fiscal 2007 and beyond."

Research and development spending for the fourth quarter of 2006 ended July 31 was down $540,000 from the prior-year period at $2.3 million. For fiscal 2006 ended July 31, research and development spending increased by $400,000 to $10.9 million, or 18% of revenue.

Possis is focused on expanding the use of its AngioJet thrombectomy to treat deep vein thrombosis, pulmonary embolism and ischemic stroke.

The company repurchased roughly $3.2 million of its common shares during fiscal 2006 and $550,000 of common stock in the most recent quarter.

The company said its fourth-quarter GAAP net income was $479,000, or $0.03 per diluted share, and its fiscal year 2006 GAAP net income was $809,000, or $0.05 per diluted share. Sales for fiscal 2006 totaled $61.9 million.

For fiscal 2007, the Minneapolis-based medical device company expects sales in the range of $70 million to $76 million and non-GAAP net income per diluted share between $0.34 and $0.48.

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