Tutogen Medical Inc. (AMEX: TTG), today announced that revenues for the three months ended June 30, 2001 increased 9% to $3,680,000 from $3,385,000 for the comparable period.
The revenue increase was primarily due to Sulzer Spine-Tech and Sulzer Dental, the Company's marketing partners, of the Company's Tutoplast(R) bone products for spinal and dental applications, which contributed nearly $650,000 of revenue. Net loss for the three months ended June 30, 2001 totaled $698,000 or $0.05 basic and diluted loss per share as compared to a net income of $605,000 or $0.05 basic earnings per share and $0.04 diluted earnings per share for the same period last year. The net loss for the nine months ended June 30, 2001 totaled $433,000 or $0.03 basic and diluted loss per share as compared to a net income of $2,525,000 or $0.22 basic earnings per share and $0.19 diluted earnings per share for the same period a year ago. Last year's earnings included the up-front distribution fee of $1,000,000 as part of the Sulzer Spine-Tech partnership arrangement.
The Company has experienced a positive cash flow for the nine months ended June 30, 2001, as indicated by the increase in cash and cash equivalents from $3.8 million at September 30, 2000 to $4.3 million at June 30, 2001.
Manfred Krueger, Tutogen's President and CEO commented, "As I said in our second quarter release, we anticipated that the operating results for the second and third quarter would be soft due to product development costs. We now have finished the ground work for the U.S. launch this summer of our spinal fusion biological implants. In addition, during the past three months, we have been busy bringing on line our US bone production facility in Florida. The launch has begun and I am pleased to report that despite beginning midway through the quarter, sales came in at nearly $650,000 from Sulzer Spine-Tech and Sulzer Dental. I anticipate a continued ramping up of sales from Spine-Tech and Dental, as our products become more widely known within the surgical community." |
