CGCP worth a look Earnings out on Tuesday before the bell. CardioGenesis Expects to Report Increase in Fourth Quarter Revenue
Wednesday January 15, 7:32 am ET
Company Believes It Can Reach Profitability During 2003; Reaffirms Commitment to PMR
FOOTHILL RANCH, Calif., Jan. 15 /PRNewswire-FirstCall/ -- CardioGenesis Corporation (Nasdaq: CGCP - News), the market leader in angina- relieving Transmyocardial Revascularization (TMR) and Percutaneous Myocardial Revascularization (PMR), today announced that it expects to report revenues in the range of $3.5 million to $3.7 million for the fourth quarter ended December 31, 2002, a more than 25 percent increase in revenues from the same period in 2001. The solid fourth quarter results were due to strong hand piece and laser sales, both indicators of increasing TMR utilization, and bode well for the Company's ongoing campaign to expand the use of TMR and become profitable in 2003, said Chairman and CEO Michael J. Quinn. The fourth quarter revenues rose more than 10 percent and worldwide hand piece sales increased by about 10 percent over the 2002 third quarter
"We are developing a solid pipeline for our TMR franchise and, if we continue to execute well and continue to control our costs, we believe we can reach profitability in 2003," Quinn said. "While revenues for the first quarter of this year may not show the same level of year-to-year increases as the 2002 fourth quarter, we expect to see gains in revenue and market share for the upcoming year with the attainment of a profitable run rate in the second half of the year |
