LifeCell (LIFC:Nasdaq) Beats Street Estimates by $0.03 and Revises Outlook for FY2005
BY HUYEN NGUYEN, MAY 2, 2005
LIFC reported strong product revenue growth in 1Q:05 as sales increased by 48%.' Product sales totaled $19.7 million compared to $13.3 million in 1Q:04. Sales were driven by higher demand for the AlloDerm® Regenerative Tissue Matrix used in complex hernia repair.' Net income for the quarter was $2.1 million compared to $0.8 million in 1Q:04; LifeCell beat street estimates by $0.03 and reported $0.07 for the quarter.' By Friday's closing, LIFC stock was up by 31% and was the best performing stock in our Orthopedic Index.
Operating income for the quarter was up by more than 230% as operating margin improved to 17% compared to 10% in 1Q:04.' In 1Q:05, LIFC product sales improved by $6.4 million from $13.8 million from prior year. 'AlloDerm® had significant improvement in sales growing by 62% from $9.2 million in 1Q:04 to $14.9 million in the current quarter.' Repliform® sales declined by $0.2 million while Orthopedic sales increased by 58% from $1.2 million to $1.9 million.' Orthopedic product sales includes Graft Jacket® and AlloCraft™ DBM which grew by 63% and 18%, respectively.
On March 31/2005, LIFC had cash, cash equivalents and investments of $28.3 million compared to $27 million.
2005 Outlook
- Total revenues are expected to be in the range of $84.5 million to $91.5 million
- Product revenues are expected to be in the range of $83 million to $90 million
- Revenues mix by market share are 83% reconstructive, 10% orthopedic and 7% urogynecology
- Operating income is targeted to be in the range of $14.5 million to $16.5 million
- Net income is expected to be in the range of $9.0 million to $10.2 million, or EPS between $0.27 to $0.31 per share
Source: Company Reports
