LAWRENCE, Mass., May 12 NxStage Medical, Inc.(Nasdaq: NXTM), a leading manufacturer of innovative dialysis products, todayannounced its financial results for the first quarter ended March 31, 2008.
Revenues for the first quarter of 2008 were $31.0 million, compared to$8.4 million in the first quarter of 2007 and $29.9 million in the fourthquarter of 2007. Revenues in the in-center market, from the Company'sMedisystems in-center business, were $16.1 million in the first quarter of2008, compared to $15.7 million in the fourth quarter of 2007. Revenues inthe home dialysis market were $10.5 million for the first quarter of 2008,compared to $5.4 million in the first quarter of 2007 and $9.3 million in thefourth quarter of 2007. Revenues in the critical care market for the firstquarter of 2008 were $4.3 million, compared to $2.9 million in the firstquarter of 2007 and $4.9 million in the fourth quarter of 2007.
NxStage reported a net loss of $13.9 million, or ($0.38) per share, basedon shares outstanding as of March 31, 2008, for the first quarter of 2008compared with a net loss of $12.0 million, or ($0.41) per share, for the firstquarter of 2007. For the first quarter of 2008 the Company had an AdjustedEBITDA loss of $8.3 million, compared to a loss of $10.7 million in the firstquarter of 2007 (see the exhibits for a reconciliation of this non-GAAPmeasure).
Cash, cash equivalents and short term investments as of March 31, 2008were $16.2 million. In addition, the Company has availability of $20 millionunder its revolving debt facility.
At the end of the first quarter 2008, NxStage was working with 355dialysis centers to provide home hemodialysis therapy to 2,481 end-stage renaldisease (ESRD) patients prescribed to receive therapy with the Company'sSystem One(TM) portable dialysis machine. This compares to 200 centers and1,295 patients at the end of the first quarter of 2007 and 334 centers and2,223 patients at the end of the fourth quarter of 2007.
"The scale and breadth of our three markets combined to drive revenuegrowth and gross margin improvement in the quarter. We are confident thathome daily hemodialysis is a significant market opportunity in particular,over the long-term because of its clear patient benefits. We remain focusedon delivering on our top line growth and economic improvement initiatives,"said Jeffrey H. Burbank, President & CEO of NxStage Medical.
For the second quarter 2008, the Company expects revenue to be in therange of $30.5 million to $32.5 million. The Company expects a net loss in therange of $13.5 million to $14.5 million or ($0.37) to ($0.40) per share, basedon current shares outstanding. The Company expects an Adjusted EBITDA loss ina range of $7.4 million to $8.2 million for the second quarter of 2008 (seethe exhibits for a reconciliation of this non-GAAP measure).
For the full year 2008, NxStage expects revenue to be in the range of $130million to $135 million. The Company also continues to expect a net loss inthe range of $52 million to $56 million or ($1.41) to ($1.52) per share forthe full year 2008, based on current shares outstanding. The Company expectsan Adjusted EBITDA loss in a range of $28 million to $31 million for the fullyear of 2008 (see the exhibits for a reconciliation of this non-GAAP measure).
The Company has reduced its projection for the number of its homehemodialysis patients at year end and now expects to end 2008 with 3100 to3500 patients on the System One(TM).
This release contains non-GAAP financial measures, a reconciliation of theCompany's non-GAAP financial measures to their most comparable GAAP financialmeasure is in the exhibits to this press release.
Conference Call and Webcast Featuring Synchronized Slide Presentation
NxStage will host a conference call and a webcast featuring a synchron