Cytori Therapeutics Inc. (USA) (NASDAQ: CYTX) shares spiked this morning trailing news the company reported a narrower fourth-quarter profit as compared with the same period prior year. Product sales rose 41% and made substantial progress in advancing its cardiovascular device product pipeline during 2010.
The company reported fourth-quarter net loss of $(93 million) or $(0.18) per share, as compared to $(9.5 million) or $(0.24) per share in the same quarter last year.
Revenues for the quarter were $2.37 million, an increase from $1.26 million in the prior year quarter. Product revenues grew 41% year-over-year, with the increase attributed mostly�to increased sales of systems to private pay plastic surgery clinics, academic centers performing independent investigator-initiated studies and the sale of two StemSource Cell Banks.
Gross profit improved to $4.3 million as compared to $2.4 million in 2009, including $1.2 million in gross profit in the fourth quarter 2010.
This year, the company also started to see an increased impact from PureGraft sales for body contouring procedures. This year end, the company reported 149 revenue generating units compared to 101 at the start of year, with 1,392 consumables shipped in 2010 as compared to 1,205 shipped in 2009. This includes 437 consumables shipped during the fourth quarter of 2010, of which 350 were re-orders. The percentage of re-orders increased in 2010 to 77% compared to 64% for 2009, a positive trend reflecting the recurring revenue opportunity once a system is installed. The company also noted that 1,847 PureGraft consumables were shipped in 2010.
The company�s focus for 2011 is on the patient enrollment for its� ADVANCE heart attack trial; seeking approval for no option chronic myocardial ischemia patients in Europe; and executing its U.S. regulatory and development strategy and grow the commercial business.
Cytori Therapeutics stock is currently trading at $6.82. The stock is up 3.96% from its previous close. Cytori Therapeutics stock touched the high of $6.89 and lowest price in today�s session is $6.72. The company stock�s beta is 1.75.
The company stock has traded in the range of $3.15 and $7.58 during the past 52 weeks. The company�s market cap is $344.47 million.
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