PLYMOUTH, Minn., April 3 /PRNewswire-FirstCall/ -- ev3 Inc. (Nasdaq:
EVVV), a global endovascular device company, today reported net sales
results for its fiscal first quarter ended April 1, 2007.
(Logo: http://www.newscom.com/cgi-bin/prnh/20050615/CGEV3LOGO )
ev3's net sales in the first quarter of 2007 increased 46% to $61.5
million versus net sales of $42.2 million in the first quarter of 2006. The
company's guidance range for first quarter net sales was $59 to $63
million. This first quarter sales growth reflected strong contributions
from each of ev3's cardio peripheral and neurovascular business segments as
well as a strong contribution from both domestic and international markets.
Jim Corbett, President and CEO of ev3 Inc., commented, "We are very
pleased that our first quarter sales growth continued at a rate consistent
with achieving our longer term business and financial objectives. We are
also pleased with our balanced growth and the potential of our new products
such as the EverFlex Stent, the Onyx Liquid Embolic System, and the
recently approved Protege RX Stent combined with the SpideRX Embolic
Protection Device for carotid stenting."
In the first quarter of 2007, ev3's neurovascular segment net sales
increased 48% to $25.0 million versus $16.9 million in the first quarter of
2006. Within the neurovascular business segment, sales of embolic products
increased 75% to $12.9 million from $7.4 million, and sales of
neurovascular access and delivery products were up 27% to $12.1 million
from $9.5 million. The primary growth drivers for the neurovascular segment
were the continued market penetration of both the Onyx Liquid Embolic
System for the treatment of brain arterio-venous malformations (AVMs) and
the Nexus family of embolic coils for the treatment of brain aneurysms.
Cardio peripheral segment net sales in the first quarter of 2007
increased 44% to $36.5 million versus $25.3 million in the first quarter of
2006. Within the cardio peripheral business segment, stent sales increased
52% to $19.8 million from $13.1 million. Sales of thrombectomy and embolic
protection products increased 54% to $6.2 million from $4.0 million, while
sales of procedural support and other cardio peripheral products increased
27% to $10.5 million from $8.2 million. The largest contributors to the
growth in the cardio peripheral segment were the EverFlex stent and the
recently approved Protege RX Stent combined with the SpideRX Embolic
Protection Device for carotid stenting.
On a geographic basis, ev3's first quarter U.S. net sales increased 42%
to $35.1 million, while first quarter international net sales increased 51%
to $26.4 million, over the prior-year quarter. Changes in foreign currency
exchange rates had a positive impact of approximately $1.4 million on first
quarter 2007 net sales compared to the first quarter of the prior year.
ev3 will provide full financial results for its fiscal first quarter
and updated guidance later this month, after which time the company will
hold its quarterly conference call to discuss its financial results and
guidance.
ev3 and the ev3 logo are trademarks of ev3 Inc., registered in the U.S.
and other countries. This press release contains other trademarks and trade
names of ev3 Inc. and other third parties, which are the property of their
respective owners.
Statements contained in this press release that are not historical
information are forward-looking statements as defined within the Private
Securities Litigation Reform Act of 1995. Such forward-looking statements
are subject to risks and uncertainties that could cause actual results to
differ materially from those projected or implied. Such potential risks and
uncertainties relate, but are not limited to, in no particular order:
product demand and market acceptance; the impact of competitive products
and pricing; delays in regulatory approvals and the introduction of new
products; and success of clinical testing. More detailed information on
these and additional factors which could affect ev3 Inc.'s operating and
financial results is described in the company's filings with the Securities
and Exchange Commission, including its most recent annual report on Form
10-K. ev3 Inc. urges all interested parties to read this report to gain a
better understanding of the many business and other risks that the company
faces. Additionally, ev3 Inc. undertakes no obligation to publicly release
the results of any revisions to these forward-looking statements, which may
be made to reflect events or circumstances occurring after the date hereof
or to reflect the occurrence of unanticipated events.
ev3 Inc.
SELECTED NET SALES INFORMATION
(Dollars in thousands, except per share amounts)
(unaudited)
NET SALES BY SEGMENT For the Three Months Ended
April 1, April 2,
2007 2006 % change
Cardio Peripheral
Stents $19,806 $13,046 52%
Thrombectomy and embolic
protection 6,218 4,037 54%
Procedural support and other 10,467 8,249 27%
Total cardio peripheral 36,491 25,332 44%
Neurovascular
Embolic products 12,926 7,383 75%
Neuro access and delivery
products 12,082 9,522 27%
Total neurovascular 25,008 16,905 48%
Total company $61,499 $42,237 46%
NET SALES BY GEOGRAPHY For the Three Months Ended
April 1, April 2,
2007 2006 % change
United States $35,140 $24,774 42%
International 26,359 17,463 51%
Total net sales $61,499 $42,237 46%
SOURCE ev3 Inc.
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Related links:
http://www.ev3.net
Photo Notes:
NewsCom: http://www.newscom.com/cgi-bin/prnh/20050615/CGEV3LOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
CONTACT:
Patrick Spangler, CFO, of ev3 Inc.,
+1-763-398-7000, or pspangler@ev3.net , or Media Relations, Laura
Nobles, of Nobles Communications, +1-310-795-0497, or
laura@noblescommunications.com , or Investor Relations, Marian
Briggs, of Padilla Speer Beardsley, +1-612-455-1742, or
mbriggs@psbpr.com
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