MINNEAPOLIS, April 3, 2008 ATS Medical, Inc.(Nasdaq: ATSI), manufacturer and marketer of state-of-the-art cardiac surgeryproducts and services, today reported preliminary revenue results for thefirst quarter of 2008.
The Company currently expects revenue for the first quarter 2008 to bebetween $14.6 and $14.8 million, which would represent an increase ofapproximately 36% over first quarter 2007 revenue of $10.8 million. Revenuesfrom products and services other than the Company's mechanical heart valvesare expected to exceed $5.0 million, a quarterly record, and representapproximately 34% of total revenue during the first quarter of 2008 comparedwith 23% in the first quarter of 2007 and 33% in the fourth quarter of 2007.The Company expects to release its first quarter results on May 5, 2008.
"The first quarter was a strong start to 2008, with higher revenue acrossall our business segments," said Michael Dale, Chairman, President and CEO ofATS Medical. "ATS CryoMaze(TM) surgical ablation revenue was especiallystrong, up approximately 160% over the prior year's first quarter. We werealso pleased with the continued increase in revenue from mechanical heartvalves internationally, up approximately 32% from last year."
"While we continue to seek FDA approval of our ATS 3f(R) AorticBioprosthesis tissue valve, we have maintained our focus on growing revenue ineach of our other businesses, and witnessed sequential growth in everybusiness segment, both domestically and internationally. We were also able tosequentially grow U.S. mechanical heart valve sales by over 10%, the secondconsecutive quarter of growth, due in part to a positive reception of our newATS Open Pivot(R) AP360(TM) mechanical valve. We believe our diverse andhighly differentiated product portfolio will be the key catalyst to continuingour growth throughout 2008, and are pleased that this quarter's resultsreflect our execution across all segments," concluded Mr. Dale.
About ATS Medical
ATS Medical, Inc. provides innovative products and services focused oncardiac surgery. The Company, global in scope, is headquartered inMinneapolis, Minnesota. More than 145,000 ATS Open Pivot(R) Heart Valves,which utilize a unique pivot design resulting in exceptional performance andlow risk profile, have been implanted in patients worldwide. The ATS 3f(R)brand encompasses multiple tissue heart valve product offerings at varyingsteps from market introductions to clinical trials to development projectsthat incorporate less invasive valve replacement technology. ATS Medical'sfocus on serving the cardiac surgery community is further strengthened byofferings that include ATS Simulus(R) annuloplasty products for heart valverepair and ATS CryoMaze(TM) surgical ablation products. The ATS Medical website is http://www.atsmedical.com.
This Press Release contains forward-looking statements that may includestatements regarding intent, belief or current expectations of the Company andits management. Actual results could differ materially from those projected inthe forward looking statements as a result of a number of important factors,including the results of clinical trials, the timing of regulatory approvals,the integration of 3f Therapeutics and the surgical cryoablation business ofCryoCath Technologies, Inc., regulatory actions, competition, pricingpressures, supplier actions and management of growth. For a discussion ofthese and other risks and uncertainties that could affect the Company'sactivities and results, please refer to the Company's filings with theSecurities and Exchange Commission, including its Form 10-K for the year endedDecember 31, 2007.
SOURCE ATS Medical, Inc.