Tutogen Reports Second Quarter and YTD Results
CLIFTON, N.J.--(BUSINESS WIRE)--May 9, 2001--Tutogen Medical Inc. (AMEX: TTG), today announced that revenues for the second quarter ended March 31, 2001 were $3,002,000 compared to $5,372,000 for the same period last year.
A net loss of $829,000 was incurred or $0.06 diluted loss per share, compared to net earnings of $1,396,000 or $0.09 diluted earnings per share, for the same period last year. In 2000, revenue was unusually high due to the fulfillment of significant backorders from the Mentor Corporation. In addition, last years revenue included $1,000,000 of upfront license and distribution fees received as per the Company's long-term partnership agreement with Sulzer Spine-Tech. The six months revenues were $6,149,000 compared to $9,780,000 for the corresponding prior year period. The balloon in revenue in 2000 reflected the backorder issue with Mentor and included the non-recurring license and distribution fee from Sulzer. The year-to-date revenue and results of operations were further impacted by the deferral of recognition of $1,000,000 of license and distribution fees received in the first quarter in accordance with the adoption of SEC Staff Accounting Bulletin 101 - Revenue Recognition in Financial Statements. The Company will recognize such distribution and license fees over the life of the agreements.
Commenting on the results, Manfred Krueger, Tutogen's President and CEO stated, "We anticipated that this quarter and the following quarter would be soft as we finish laying the groundwork for our U.S. and European launch this summer of our spinal fusion biological implants in conjunction with Sulzer Spine-Tech. Our transition from a tissue supply company to a biological medical device company is on schedule and we expect to see the results of our successful transition later this year. Moreover, our Mentor business, which had fallen off in recent quarters, is back on track and showing signs of significant improvement as we go forward."
Mr. Krueger concluded, "Tutogen's mission is to become a world leader in providing safe, superior biological implants for surgical solutions, always remembering that our primary objective is improving the health and well being of patients. I am confident that with the foundation we are building our mission will be achieved."
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. |
