INAMED REPORTS THIRD QUARTER RESULTS
INAMED REPORTS THIRD QUARTER RESULTS SANTA BARBARA, Calif., Nov. 20 /PRNewswire/ -- INAMED Corporation
(NASDAQ: IMDC; PSE: INA), headquartered here, today reported record third quarter and nine month sales of $9,242,869 and $31,182,890 for periods ended Sept. 30, 1991. This compares to sales of $8,778,799 and $26,621,837 for the same reporting periods in 1990.
Profits for the third quarter 1991 were $90,986, or $0.01 per share, compared to $320,504, or $0.04 per share, in 1990. Profits for the nine months ended Sept. 30, 1990, were $954,489, or $.12 per share, compared to $976,540, or $0.12 per share, for the same period in 1990. Although the company continues to report sales increases, both sales and profits in the third quarter were adversely affected by regulatory actions taken by the Food and Drug Administration (FDA) relating to gel-filled mammary prostheses. In July, the FDA issued a mandate that INAMED's wholly owned subsidiary, McGhan Medical Corporation, use its best efforts to retrieve gel-filled mammary prostheses not covered by the Pre-Market Approval (PMA) application filed in the same month. In compliance with this mandate, during the third quarter, McGhan Medical initiated the required retrieval of the non-PMA products. "The company incurred significant expense in adhering to the FDA's request to retrieve non-PMA'd products from the market," said Chairman Donald K. McGhan. "However, during the third quarter we were successful in retrieving approximately 75 percent of the subject products which the company elected to expense in the third quarter." Last week an FDA advisory panel voted unanimously to recommend that the company's silicone gel-filled breast implants, which are covered by a PMA application filed in July 1991, remain on the market while more safety data is gathered and evaluated by the agency. A final decision on the approval of the PMA application will be issued in January 1992. Although the FDA is not obligated to abide by the panel's recommendations, the agency usually follows such recommendations. McGhan said the company will continue to work with the FDA to further support McGhan Medical's PMA submittal. The chairman said he was confident of a positive outcome, but noted there were no guarantees that approval would be issued. INAMED Corporation 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. The company reported sales of over $35.7 million for the year ending Dec. 31, 1990, a 37 percent increase over sales during 1989. INAMED CORPORATION Statement of Operations Period ended Three Months Nine Months Sept. 30 1991 1990 1991 1990 Sales $9,242,869 $8,778,799 $31,182,890 $26,621,837 Net income $ 90,986 $ 320,504 $ 954,489 $ 976,540 Profit per share $.01 $.04 $.12 $.12 Weighted average shares outstanding 8,155,954 7,959,556 8,068,935 7,971,610 -0- 11/20/91 /CONTACT: Donald K. McGhan, chairman of INAMED, 805-684-6277; or Jimmy Caplan of Market Makers, 805-569-6919, or Rick Eisenberg of Eisenberg Communications, 212-496-6828, both for INAMED/ (IMDC) CO: INAMED Corporation ST: California IN: MTC SU: ERN GK -- NY006 -- 5238 11/20/91 08:28 EST
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|Date:||Nov 20, 1991|
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