Macropore Posts 140% Revenue Jump on Sales of Resorbable Polymers for Spine, Trauma and Carniomaxillofacial; Losses Continue, Though Reduced
BY ROBIN R. YOUNG CFA, APRIL 19, 2004
Macropore, the San Diego based biomaterials company whose stock trades on the Frankfurt exchange (go figure), posted exceptional revenue growth for the December quarter. (They're a little behind on their announcements. March quarter numbers due in June?) Sales for the quarter ended December 31, 2003 were a record $4.8 million; up 140% from the $2.0 million posted for the same period in 2002. The sales drivers were resorbable implants for spine, sold through Sofamor Danek, and orthopedics (includes HYDROSORB ™). Spine and orthopedic revenues accounted, in fact, for 71% of the quarter's sales.
Macropore is still reporting losses - $1.1 million for the December quarter. But those losses are much improved from the $5.5 million posted in Q4:02.
For the full year, Macropore put up $14.1 million in sales and a loss of $9.3 million. Gross margins hit a respectable 70%.
Macropore ended 2003 in decent financial shape with $14.3 million in cash and short term investments. Plus, in the first quarter of 2004 the Company received a $5.0 million milestone payment from Medtronic and expects to receive an additional payment between $1.0 and $2.0 million from Medtronic in the second half of 2004 related to the sale of the CMF business.
