Organogenesis, Zoll Medical reports Q3 revenue increase; Bio-Plexus, NMT slip

Zoll Medical Corporation, a manufacturer of non-invasive cardiac resuscitation devices which provide pacing and defibrillation, today announced record annual revenues of $106,336,000, an increase of 35% as compared to annual revenues of $78,682,000 last year. Fourth quarter revenues increased 21% over 1999 to $28,805,000. Net income for the year increased 84% to $8,802,000 or $1.07 per diluted share as compared to $4,775,000, or $0.69, on a pro forma diluted basis for the comparable prior year period. Net income for the quarter increased 48% to $3,112,000 or $0.34 per diluted share as compared to $2,101,000 or $0.30, on a pro forma diluted basis for the comparable prior year period.

Zoll Medical manufactures non-invasive resuscitation devices and disposable electrodes.

Bio-Plexus announced total revenues for the quarter were $1,163,000 and $3,481,000 for the nine-month period ended September 30, 2000, compared to $1,291,000 and $5,038,000 for the same periods a year ago. The Company incurred a net loss for the quarter of $2,519,000, or $.17 per share on 14,904,911 shares compared with a net loss of $1,046,000, or $.08 per share on 13,552,117, shares for the same period a year ago.

Bio-Plexus manufactures safety medical needles and other products.

NMT Medical announced financial results for the third quarter ended September 30, 2000. Total revenues for the third quarter of 2000 were $9.2 million compared with $9.3 million in the same quarter of 1999.

Third-quarter 2000 revenues decreased slightly from the third quarter of 1999 due to decreased sales of neurosurgical products and decreased license fees, offset by increased sales in the Company's cardiovascular product lines. The Company reported 28% and 62% increases in unit and dollar sales, respectively, of CardioSEAL Septal Occluders from the third quarter of 1999 to 2000, offset by a 20% decrease in dollar sales of the Company's neurosurgical products.

Overall product sales reported by the Company were up slightly on a quarter-to-quarter comparison while nine-month product sales increased 11% from the comparable period of 1999. Product revenue growth was driven by the Company's cardiovascular product lines: vascular implants that provide patient protection from pulmonary embolism and cardiac implants that non-surgically treat congenital heart defects, some of which can contribute to embolic stroke.

Organogenesis Inc., a leader in the emerging field of tissue engineering, developed and manufactures the only mass-manufactured medical product containing living human cells to gain FDA approval.

For the three months ended September 30, 2000, total revenues were $1.4 million compared with $0.9 million for the same quarter in 1999. The increase was due to increased product sales to related party and others and increased income from grants and interest. Total costs and expenses were $8.3 million during the third quarter of 2000 compared with $7.4 million for the same quarter in 1999. The increase was due to increased cost of product sales, research and development expenses, interest expense and general and administrative expenses. Net loss was $6.9 million ($0.20 per share), compared with a net loss of $6.5 million ($0.21 per share) for the same quarter in 1999.

Edited by Drew Bowden
Assistant Editor, Medical Design Online