Cytori Therapeutics (CYTX) Q4/10 Results
Product (related and 3rd party) revenues were $2.378M with cost of product revenues logging in at $1.2M. Development revenues were $158K. R&D expenses were $2.66M, sales and marketing costs were $3.68M and G&A were $3.24M. Changes in fair value were $540K and change in fair value of options liabilities were $150K. Total operating expenses for Q4/10 was $9.97M with the operating loss logging in at $8.61M. Total other income (interest income and expense as well as a loss from joint venture was $639K. Net cash used in operations was $4.8M in Q4/10.The net loss was based on basic and diluted 50.2M shares. During FY10, there was a decrease in R&D expenses related to clinical trial costs, offset with, among other items, an increase in SG&A, as CYTX expanded sales efforts worldwide.
- CYTX ended 12/31/10 with $52.69M in cash and equivalents.
CYTX ended the year with 149 revenue generating units compared to 101 at the start of year, with 1,392 consumables shipped in 2010. This includes record 437 consumables shipped during Q4/10 of which 350 were re-orders. The percentage of re-orders increased in 2010 to 77%, a positive trend reflecting the recurring revenue opportunity once a system is installed. Separately, 1,847 PureGraft consumables were shipped in 2010, a sign that CYTX is penetrating the growing fat grafting market in the US and abroad.
Key initiatives for 2011 will be to drive enrollment in the ADVANCE heart attack trial, seek approval for no option chronic myocardial ischemia patients in the EU, execute US regulatory and development strategy, and grow the commercial business. These pieces are coming together for accelerating revenue growth, with expanded indications, longer-term data, and pursuit of country level payment in key geographies. CYTX anticipates the impact from recent RESTORE-2 data to have a greater effect on revenue growth toward the latter half of the year. CYTX closed 3/10/11 at $6.56 down $0.21 (3.10% with the NASDAQ down 50.70 or (-1.84).