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Cytori Therapeutics Reports Preliminary 2008 Revenues and 2009 Revenue Guidance
Receives First Celution(R) Order from GE Healthcare Partnership
Key factors contributing to the 2009 sales forecast include: Celution System orders received in the first two months of 2009, the recent installation of a StemSource Cell Bank in Japan, 2009 sales expectations from Cytori's marketing and distribution partners and emerging customer consumable reorder trends. Revenues may also include contributions from anticipated StemSource Cell Bank orders and sales from complementary cosmetic and reconstructive surgery products to be introduced later this year.
Cytori's marketing and distribution partnership with GE Healthcare is active and contributing to 2009 sales. This quarter, Cytori received its opening order for Celution System devices and consumables from GE Healthcare, trained their European sales force, and both companies are broadly collaborating to grow 2009 sales in key European markets.
Cytori's preliminary and unaudited cash and cash equivalents at the end of 2008 was $12.6 million, compared to $11.5 million in cash and cash equivalents at the end of 2007. Full year preliminary and unaudited operating expenses were reduced in 2008 to $34.8 million compared to $37.0 million in 2007. Cost reductions in 2008 are mostly attributable to third and fourth quarter reductions in general and administrative and, to a lesser degree, research and development expenses. Cytori expects continued significant reduction in total operating expenses in 2009.
2009 milestones and goals for Cytori include the following:
-Exceed global Celution(R) System and StemSource sales targets
-Expand global distribution network and related sales impact
-Expand Celution(R) System product claims and reimbursement in Europe
-Complete enrollment and report preliminary results from the RESTORE II breast reconstruction study
-U.S. product launch of key complementary cosmetic and reconstructive surgery products
-Finalize U.S. regulatory and clinical development and regulatory strategy
-Complete enrollment in cardiovascular studies (PRECISE & APOLLO)
The 2008 financial numbers are disclosed in this release as preliminary while Cytori's management completes its review of year end results.
Cautionary Statement Regarding Forward-Looking Statements
This press release includes forward-looking statements regarding events, trends and business prospects, which may affect our future operating results and financial position. Such statements, including, but not limited to, those regarding our forecasts for 2009 product revenues, anticipated continued reduction in operating expenses for 2009, our product revenue drivers, our sales expectations from our marketing and distribution partners, customer consumable reorder trends, anticipated StemSource Cell Bank orders, and our ability to introduce complementary cosmetic and reconstructive surgery products in 2009, are subject to risks and uncertainties that could cause our actual results and financial position to differ materially. Some of these risks and uncertainties include our history of operating losses, the need for further financing, regulatory uncertainties regarding the collection and results of, clinical data, dependence on third party performance, and other risks and uncertainties described under the "Risk Factors" in Cytori's Securities and Exchange Commission Filings. We assume no responsibility to update or revise any forward-looking statements to reflect events, trends or circumstances after the date they are made.
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