INAMED CORP. ANNOUNCES RESULTS
INAMED CORP. ANNOUNCES RESULTS SANTA BARBARA, Calif., March 31 /PRNewswire/ -- INAMED Corp.
(NASDAQ: IMDC), headquartered here, today reported a net loss of $2,810,746, or $.35 per share, on sales of $42,283,931 for the year ended Dec. 31, 1991, as compared to a net loss of $66,814, or $.01 per share, on sales of $35,741,557 in the prior year.
The company said its 1991 financial results were affected adversely by the write-off of approximately $4.43 million of certain inventories and intangible assets related to the silicone gel-filled implants covered by the recent FDA regulatory activity. It also made an adjustment to increase accrued self-insurance reserves by approximately $1 million. The reported loss has resulted in an income tax benefit of $845,000 to be carried forward. In February 1992, an FDA panel recommended that the use of silicone gel-filled breast implants be limited to reconstruction surgery and limited augmentation cases where the recipient agrees to be included in on-going studies. The FDA is expected to decide on the panel's recommendation in April 1992. "On the positive side," said Donald K. McGhan, INAMED president and chief executive officer, "the company experienced continued sales growth in 1991 despite the gel-filled implant controversy and the economic recession. We are experiencing strong benefit from reduced competition domestically and internationally as well as an expansion of our market share in these areas. We anticipate accelerated sales growth and profitability in 1992." McGhan noted that sales of saline-filled breast implants have increased "substantially" since the FDA called for a voluntary moratorium on the sale of silicone gel-filled implants in January 1992. "Management is committed to servicing the medical industry and the public at large with safe and reliable products that enhance the quality of life of the patients. Further, we will continue to develop our own implant products and silicone components for other medical device companies." INAMED Corp. is a medical device company with 13 operating subsidiaries in the United States and Europe. The company develops, manufactures and markets medical devices for the plastic and reconstructive, bariatric and general surgery markets. INAMED CORP. FINANCIAL SUMMARY Fiscal year ended Dec. 31, 1991 1990 Sales $42,283,931 $35,741,557 Net income (2,810,746) (66,814) Profit per share ($0.35) ($0.01) Weighted average number of share outstanding 8,099,483 7,963,081 -0- 3/31/92 /CONTACT: Donald K. McGhan, chairman of INAMED, 805-684-6277; or Jimmy Caplan of Market Makers, 805-569-6919, for INAMED/ (IMDC) CO: INAMED Corp. ST: California IN: MTC SU: ERN
JL-EH -- LA012 -- 3255 03/31/92 09:15 EST
|Printer friendly Cite/link Email Feedback|
|Date:||Mar 31, 1992|
|Previous Article:||LOWE'S ANNOUNCES MARCH SALES UP 20 PERCENT DECLARES CASH DIVIDEND|
|Next Article:||DUKE POWER TO ANNOUNCE FILLING OF KEY TOP MANAGEMENT POSITION|