Sydney, Aug 16, 2007 AEST (ABN Newswire) - Ventracor (ASX: VCR)(ADR: VTCRY) today announced its results for the year ending 30 June 2007, with increasing sales revenues in the US, Europe and Australasia of $4.9m (2006;$1.1m) from 64 implants, and a net loss of $36.5m (2006;$30m).
Highlights:
- 136 patients implanted in 19 centres worldwide, with over 65 years cumulative patient experience to date, with longest ongoing patient >1020 days
- Strong revenue growth in all markets - $4.9 million (FY2006 - $1.1 million)
- Key regulatory approvals gained in US, Europe and Australia
- Cash use $30.8 million in line with expectations
- Cash reserves of $48.6 million as at June 2007
- Growing body of clinical evidence driving LVAD market growth
- Poised for significant revenue growth in FY2008
Key operating investments during the year included increased clinical and technical support in the US as key medical centres are signed up for the US clinical trials, increased marketing and clinical support in Europe to take advantage of the CE Mark approval, and continuing development of the product pipeline to secure the Company's future competitive position.
The net loss also includes a non-cash employee share plan expense of $3.3 million and the expensing of inventory on hand at 30 June in accordance with the Company's current accounting policy.
Ventracor has cash reserves at 30 June 2007 of $48.6m following the successful completion of an institutional placement and Share Purchase Plan in May and June of 2007. The Company's operating cash use was $30.9m, in line with expectations and consistent with FY2006.
Commenting on the result, Ventracor Chairman John Massey said: "The 2007 year has been the most significant in our history, largely because we have regulatory approval to market in both Europe and Australia, and FDA approval to commence both the BTT and DT US clinical trials."
The Chief Executive Officer, Peter Crosby, added: "First enrolment in the US BTT Pivotal Trial was in June, and we continue to expect first enrolment in the DT Trial shortly. We have received strong interest from leading US medical centres to participate in both clinical trials, and there is now IRB approval or submissions at more than 25 centres. We are working very hard to complete the clinical trials as quickly as possible, and we still plan full enrolment by September 2008 (BTT) and June 2009 (DT). Shareholders will appreciate that the VentrAssist is sold in US clinical trials contributing to growing revenue."
"There is without a doubt a growing interest in the huge market opportunity for LVAD therapy in patients with end stage heart failure, and we are pleased that Ventracor is increasingly recognized as one of two key players in the market," Mr. Crosby commented.
In the next 12 months, the Company will focus on:
- recruitment in both US trials, focusing on the key strategic goal of FDA market approval
- steady growth in the European market, including training of more medical centres and improving reimbursement in key markets
- more presentations at conferences of data showing the performance of VentrAssist
- continued innovation of the VentrAssist platform
Further information, please contact Peter Crosby Chief Executive Officer or Graeme Fallet Chief Financial Officer Tel: +61(2)9406 3100 or visit
http://www.ventracor.com
Other Contacts: Peter Brookes or Pip Green, at Cannings +61(2) 9252 0622
Contact
Andrew Geddes
Manager, Media & Investor Relations
T: +61-2-9406 3086 | F: +61 2 9406 3101
M: +61-0-408677734 | E: andrew.geddes@ventracor.com
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