Tutogen Medical Reports 78% Increase in Revenue and a Profitable 2nd Quarter Fiscal 2002
CLIFTON, N.J.--(BUSINESS WIRE)--May 10, 2002--Tutogen Medical,
Inc., (AMEX:TTG) is pleased to report the Company's Second Quarter,
FY 2002 results.
Revenue increased 78% to $5,332,000, from $3,002,000 for the
comparable quarter in FY 2001. Revenue for the six months increased
68% to $10,345,000 from $6,149,000 for the comparable period in FY
2001. This increase was due to the rapidly expanding demand for
Tutoplast(R) bone products sold in the U.S. through Sulzer Spine-Tech
and Sulzer Dental. Net income for the second quarter was $230,000 or
$.02 per basic earnings per share as compared to a loss of $829,000
for the comparable quarter, FY 2001.
Gross margins for the second quarter, FY 2002 improved
dramatically to 54% from 25% for the comparable quarter, FY 2001 and
49% for the six months, FY 2002 as compared to 32% for the six months
of FY 2001. The higher margins were due to a favorable mix of
specialty graft revenues and improvements in the manufacturing
process.
Manfred Kruger, President and CEO of Tutogen commented; "We are
quite pleased by our continued growth, as it validates our asset and
manufacturing enhancements. Management believes that Sulzer's
Marketing and Sales Teams are sufficiently motivated to rapidly expand
our products into major markets. We expect this trend to continue and
anticipate additional growth as we introduce new products during the
remainder of the fiscal year. To support this growth we have expanded
and strengthened our management team in our Alachua facility." |
