TUTOGEN REPORTS 1ST QTR FY 2003 REVENUES INCREASED 31%.
For the three months ended December 31, 2002 revenues increased over 31% to $6.6 million from $5.0 million for the comparable period of fiscal 2001. The increase in revenue for the period was attributable to the increasing demand for the company's TUTOPLAST(R) PROCESSED sterile biological implants for spinal and dental repair. These Tutoplast(R) specialty implants, known by their trade names, Puros(TM), Symmetry(TM), and PLIF(TM) Allograft System, are distributed exclusively by the company's marketing partner CenterPulse (NYSE: CEP) through their CenterPulse Spine-Tech and CenterPulse Dental divisions. Gross margins for the quarter exceeded 50%. Cash flow was negatively impacted by the creation of additional inventory to meet increasing demand and the launch of the company's new Ligatech(TM) line of sterile biologic implant devices for use in the field of Sports Medicine.
Manfred Krueger, CEO of Tutogen commented, "We continue to see improvement in revenue growth in all of our markets. The development of our independent distributor network has begun to contribute to this improved revenue picture. We have now delivered four consecutive quarters of profitability and our current quarter is off to a good start. The recent addition of six independent distributors and the introduction of several new products should contribute to Tutogen achieving its growth targets for the current year and beyond."
Tutogen Medical, Inc. manufactures sterile biological implant products made from human (allograft) and animal (xenograft) tissue. Tutogen utilizes its Tutoplast Process (R) of tissue preservation and viral inactivation to manufacture and deliver sterile bio-implants used in spinal/trauma, urology, dental, ophthalmology, and general surgery procedures. Tutogen's products can be stored at room temperature and have a shelf life of 5 years. The company's Tutoplast(R) products are distributed worldwide by Centerpulse, (NYSE: CEP), the Mentor Corporation (NMS: MNTR), IOP, Inc. and through independent distributors and subsidiaries in the U.S. and Germany.
For more information, visit http://www.tutogen.com or call 973/785-0004.
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|Title Annotation:||Tutogen Medical Inc.|
|Publication:||Biotech Financial Reports|
|Date:||Apr 1, 2003|
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