PRODUCT REVENUES UP 35% VERSUS FULL YEAR 2006 BRANCHBURG, N.J.,
Feb. 27 /PRNewswire-FirstCall/ -- LifeCell Corporation
(NASDAQ:LIFC) today reported financial results for the fourth
quarter and full year ended December 31, 2007. Paul Thomas,
President and Chief Executive Officer, will host a conference call
today at 10:00 a.m. Eastern to discuss the fourth quarter and full
year financial results. Fourth Quarter 2007 Results Product
revenues for the fourth quarter were $52.6 million, up 34%,
compared to $39.3 million reported for the same period in 2006. The
increase in product revenue was primarily due to an increase in
demand for the Company's flagship reconstructive surgical product,
AlloDerm(R) Regenerative Tissue Matrix, which increased 38% to
$46.9 million in the current quarter compared to $33.9 million in
the fourth quarter of 2006. Orthopedic product revenues, which
include GraftJacket(R) and AlloCraft(TM)DBM, increased 13% to $3.1
million in the quarter from $2.8 million in the fourth quarter of
2006. Repliform(R) revenues decreased in the quarter to $1.9
million from $2.1 million in the same quarter in 2006. Operating
income for the fourth quarter of 2007 decreased 1% to $9.3 million
compared to operating income of $9.4 million in the fourth quarter
of 2006. Operating income in the fourth quarter of 2007 was
negatively impacted by higher than normal legal fees and the
previously announced settlement of a non-product related claim. Net
income for the fourth quarter of 2007 was $5.5 million, or $0.16
per diluted share, compared to net income of $6.2 million, or $0.18
per diluted share in the fourth quarter of 2006. The settlement
noted above reduced diluted net income per share by approximately
$0.03 in the current quarter. Prior year fourth quarter diluted net
income per share included approximately $0.01 of tax benefit
resulting from legislation enacted by Congress in December 2006
which retroactively reinstated the research and development tax
credit. As a result, in 2006 the Company recognized the full-year
tax benefit of its research and development tax credits in the
fourth quarter, whereas in 2007 the benefit was recognized
throughout the year. Full Year 2007 Results Product revenues for
full year 2007 were $190.5 million, up 35%, compared to $140.6
million in 2006. AlloDerm(R) product revenues increased 40% to
$167.1 million compared to $119.4 million in the prior year.
Orthopedic product revenues increased 27% to $12.3 million in the
year from $9.7 million in 2006. Repliform(R) revenues were $7.8
million compared to $8.1 million in 2006. Operating income
increased 30% to $43.4 million in 2007 compared to $33.3 million in
2006. Net income for 2007 was $26.9 million, or $0.78 per diluted
share, compared to net income of $20.5 million, or $0.60 per
diluted share income in the prior year. LifeCell's balance sheet
remains strong with $97.9 million of cash and investments and no
debt at December 31, 2007. During 2007, the Company generated cash
flow from operating activities of $29.2 million, offset by $12.4
million of cash used for capital expenditures. Full Year 2008
Financial Outlook As previously announced, the Company is
projecting product revenues for 2008 in the range of $233.0 million
to $243.0 million, which represents expected annualized growth
between 22% and 28% compared with 2007 product revenues of $190.5
million. The Company expects its product revenue mix in 2008 to be
approximately 90% reconstructive, 7% orthopedic and 3%
urogynecology. The Company is projecting 2008 operating income in
the range of $57.0 million to $62.0 million, with diluted net
income per share projected to be in the range of $0.98 to $1.06.
Conference Call Information As previously announced, the Company
will host a conference call today at 10:00 a.m. Eastern. The
dial-in number for the call is (877) 419-6590/ domestic or (719)
325-4855/ international. A simultaneous webcast of the call will be
available via LifeCell's website at http://www.lifecell.com/
Corporate Information -- Investor Relations. The call will be
archived on the Company's website for at least 90 days. A recording
of the call will be available through March 6, 2008. The dial-in
number to listen to the recording is (888) 203-1112 or (719)
457-0820. The replay access code is 4743271. About LifeCell
LifeCell is the leading provider of innovative biological products
for soft tissue repair. Surgeons use our products to restore
structure, function and physiology in a variety of reconstructive,
orthopedic and urogynecologic surgical procedures. LifeCell's
products include: ALLODERM(R) regenerative tissue matrix, for
plastic reconstructive, general surgical, burn and periodontal
procedures; STRATTICE(TM) reconstructive tissue matrix, for plastic
reconstructive and general surgical procedures; GRAFTJACKET(R)
regenerative tissue matrix, for orthopedic applications and lower
extremity wounds; ALLOCRAFT(R)DBM, for bone grafting procedures;
and REPLIFORM(R) tissue regeneration matrix for urogynecologic
surgical procedures. The Company's research and development
initiatives include programs designed to extend the use of its
current marketed products into new surgical applications as well as
expanding its product line in the rapidly growing biosurgery
market. LifeCell maintains a website at http://www.lifecell.com/.
Forward-looking Statements The 2007 financial results contained in
this news release are subject to finalization in connection with
the preparation of the Company's Form 10-K report for the year
ended December 31, 2007. This release also contains
"forward-looking statements" made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995,
such as the Company's outlook for 2008 operating results.
Forward-looking statements include statements with respect to our
beliefs, plans, objectives, goals, expectations, anticipations,
assumptions, estimates, intentions, and future performance, and
involve known and unknown risks, uncertainties and other factors,
which may be beyond our control, and which may cause our actual
results, performance or achievements to be materially different
from future results, performance or achievements expressed or
implied by such forward- looking statements. All statements other
than statements of historical fact are statements that could be
forward-looking statements. These forward- looking statements may
not be realized due to a variety of factors, including, without
limitation: the failure to maintain or increase revenues from the
sale of our AlloDerm products; the failure to comply with
government regulations, including the FDA; product recalls; claims
for damages by third-parties, including product liability claims;
our dependence on a limited number of sources for human cadaveric
tissue; negative publicity about the use of donated human tissue in
medical procedures; our ability to increase market penetration of
our current products and to develop and commercialize new products;
changes in third party reimbursement practices; the failure of
independent sales and marketing agents and distributors to
adequately promote, market and distribute our products; our
inability to protect our intellectual property; the effects of
competition; and the other factors listed under "Risk Factors" in
our annual report on Form 10-K and our other filings with the
Securities and Exchange Commission. The Company assumes no
obligation to update the information contained in this news
release. LIFECELL CORPORATION Financial Highlights (Unaudited) (In
thousands, except for per share data) Three Months Ended Year Ended
December 31, December 31, Statement of Operations Data: 2007 2006
2007 2006 Revenues: Product revenues $52,599 $39,337 $190,518
$140,647 Research grant revenues - 292 612 1,033 Total revenues
52,599 39,629 191,130 141,680 Costs and Expenses: Cost of products
sold 15,646 11,022 56,090 40,856 Research and development 6,547
4,889 23,547 16,500 General and administrative 8,773 4,762 24,580
18,618 Selling and marketing 12,314 9,553 43,480 32,376 Total costs
and expenses 43,280 30,226 147,697 108,350 Income from operations
9,319 9,403 43,433 33,330 Interest and other income (expense), net
912 865 4,028 2,793 Income before income taxes 10,231 10,268 47,461
36,123 Income tax provision 4,754 4,042 20,578 15,654 Net income
$5,477 $6,226 $26,883 $20,469 Net income per common share: Basic
$0.16 $0.19 $0.81 $0.62 Diluted $0.16 $0.18 $0.78 $0.60 Shares used
in computing net income per common share: Basic 33,565 32,977
33,345 32,769 Diluted 34,817 34,113 34,534 34,007 (In thousands,
except for per share data) December 31, Selected Balance Sheet
Data: 2007 2006 Cash, cash equivalents and investments $97,922
$77,846 Receivables, net of allowance 25,734 22,286 Inventories
44,267 23,801 Accounts Payable & accrued liabilities 45,796
27,822 Working Capital 128,331 94,711 Total Assets 216,998 157,121
Total debt obligations - - Total stockholders' equity 171,202
129,299 DATASOURCE: LifeCell Corporation CONTACT: Steven T.
Sobieski, Chief Financial Officer of LifeCell Corporation,
+1-908-947-1106, ; or Kevin McGrath of Cameron Associates,
+1-212-245-8800, , for LifeCell Corporation Web site:
http://www.lifecell.com/
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