CYTX reported a net loss of $10.4M, or $(0.23) per share.
Q3/10 product revenues were $1.5 M and gross profit was $0.6 M with no StemSource® Cell Bank sale. Decline in Q3/10 consumable orders reflects seasonality of cosmetic procedures in July and August.
Total operating expenses were $10.3M. R&D expenses were $2.48M; SG&A expenses were $2.9M with G&A clocking in at $3.06M. The increase in operating expenses in Q3/10 was $10.25M and is due in part to a $1.8M non-cash change in the fair value of the warrant liability. Total operating expenses reflect an increase in SG&A activities that was partially offset by a decrease in R&D costs. Other expenses (interest expense of $759K, $27K and loss from JV of $43K) increased offset by interest income of $3K. The loss was based on basic and diluted weighted average common shares of 45.9 M.
- Cash and cash equivalents as of 9/30/10 were $30.7M;
- An additional $19.3M in net proceeds were raised subsequent to the end of Q3/10 through a public offering of common stock.
For the 9 month (FY10) period, product revenue was $5.9M while gross profit was $3.1M. Revenue growth for the 1st 9 months of FY10 is due in part to increased demand for the Celution® System for private pay cosmetic surgery procedures and the sale of a StemSource® Cell Bank in Q1 and Q2/10. Total operating expenses were $22.1M for 1st 9 months of 2010.
- Grew system installed-base in EU, Asia and US, bringing cumulative revenue-generating units worldwide to 135;
- Shipped 221 consumables, including 162 consumable re-orders;
- Expanded European Celution® regulatory approval to include breast reconstruction and other medical indications such as treatment of Crohn’s fistulas;
- Received approval for and launched PureGraft™ into the US and EU plastic and reconstructive surgery markets;
- Finalized protocol and identified initial sites for ADVANCE, the pivotal European heart attack study, with enrollment anticipated to begin inQ1/11;
- Prepared Celution® pre-IDE applications, which will be submitted to FDA to initiate a US soft tissue defect repair study;
- Capitalized through 2012 from a public offering, raising $19.3M in net proceeds.