INAMED CORP. REPORTS RESULTS
INAMED CORP. REPORTS RESULTS SANTA BARBARA, Calif., May 18 /PRNewswire/ -- INAMED Corp.
(NASDAQ: IMDC), a medical and surgical device company that develops and markets products to specialty medical markets, headquartered here, today reported record sales of $16,731,906 for the first quarter ended March 31, 1992. This represents a 73 percent increase over sales of $9,650,500 reported for the first quarter of 1991.
First quarter net income of $1,007,374, or $.12 per share, represents a 653 percent increase over net income of $133,698, or $.02 per share, in the same quarter of 1991. Pre-tax operating income rose 432 percent to $2,777,835 from $575,358. "Despite the very severe setbacks which the entire industry faced in January 1992 when Dr. Kessler of the U.S. Food and Drug Administration (FDA) called for a voluntary moratorium on silicone gel-filled breast implants, the company's first quarter results indicate that the majority of physicians who perform breast implant surgery, as well as the majority of women who seek that surgery for cosmetic or reconstructive reasons, still have confidence that the industry manufactures safe and effective products," said INAMED Chairman of the Board Donald K. McGhan. "Although the company is still unable to manufacture or ship gel-filled implants, our customers are accepting the company's saline-filled implants for most applications. The company does expect to renew manufacturing and shipping of gel-filled implants as soon as the FDA allows." INAMED Corp. Earnings Recap Quarter Ended Quarter Ended March 31, 1992 March 31, 1991 Net sales $16,731,906 $9,650,500 Operating income 2,777,835 575,358 Income before income taxes 2,173,433 408,698 Net income 1,007,374 133,698 Profit per share $.12 $.02 Weighted average number of shares outstanding 8,206,310 7,995,104 -0- 5/18/92 /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
DM-JL -- LA016 -- 1144 05/18/92 09:02 EDT
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|Date:||May 18, 1992|
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