Tutogen Medical Revises Upward FY 2000 and 4th Quarter Revenues; Annual Revenues Increased 41% Not 33%
CLIFTON, N.J.--(BUSINESS WIRE)--Dec. 13, 2000--Tutogen Medical, Inc. (AMEX: TTG) today reported a final audited upward revision of its FY 2000 and 4th Quarter revenues. For FY 2000 the revenues were $16.6 million, not the previously reported $15.2 million. Earnings for Fiscal Year 2000 were $2.8 million or $0.24 per basic share and $0.20 per share fully diluted, compared to a net income of $0.4 million or $0.04 per basic share and $0.04 per share fully diluted, in 1999. Earnings have increased 700%. 4th Quarter revenues previously reported as $3.1 million, were $3.5 million for the Quarter.
Manfred Krueger, President of Tutogen Medical made the following comments; "Fiscal Year 2000 was truly a milestone year for us. As a result of Tutogen's superior tissue preservation technology and the strength of our organization, we were able to forge a series of long term partnerships with Sulzer Medica (NYSE: SM), a leading medical technology company. These partnerships, with Spine-tech and Calcitek, wholly owned subsidiaries of Sulzer, should increase significantly the market penetration of Tutogen's products in 2001 and thereafter. Toward this goal Sulzer's strong sales and marketing organization, combined with Tutogen's expertise in the field of biologics, makes for a strategic alliance that we expect will be beneficial to our respective companies and, most importantly, to our customers.
"We also are pleased that Sulzer recently has taken an equity position in Tutogen which, I believe, reflects their confidence in the future of our Company. Speaking on behalf of myself, our employees and shareholders, we welcome Sulzer as a shareholder in our Company."
Tutogen Medical, Inc. utilizes its patented Tutoplast(R) process of tissue preservation and viral inactivation, to manufacture bioimplants for neurosurgical, orthopedic, reconstructive and general surgical indications. The Company's Tutoplast(R) products are sold and distributed worldwide by the Mentor Corporation (NMS: MNTR), Sulzer Medica (NYSE: SM), IOP, Inc. and through subsidiaries in the U.S. and Germany. |
