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Fourth quarter 2008 revenue improved more than 40 percent to an expected quarterly record of approximately $3.8 million, compared with $2.7 million in the fourth quarter of 2007. Full year 2008 revenue is expected to be approximately $12.4 million, an annual record, compared with $9.1 million for the full year of 2007. Complete fourth quarter and year-end results will be finalized and reported in early March after completion of the annual audit.
In addition to strong revenue, the number of systems and catheters Alsius sold in the United States during the fourth quarter of 2008 also marked a new high. Sales in Europe increased solidly from the previous year, as well.
"The achievement of record revenue in each of the last three quarters, especially in today's tough capital spending environment, is a testament to two factors: quality products addressing a significant need and adept execution," said Bill Worthen, president and CEO of Alsius. "Expanding awareness among healthcare providers of our IVTM solutions is serving to increase U.S. demand. We are seeing temperature management increasingly incorporated into treatment protocols, as is evidenced by New York City's recent requirement that therapeutic cooling must be available to cardiac arrest victims transported in city ambulances. This growing recognition coupled with the hard work of the Alsius team served to deliver record results. In addition, we were able to build our pipeline of leads during the quarter, which further confirms our belief in the opportunity and we expect will lead to additional success in 2009."
Effective January 1, 2009, New York City ambulances can only transport cardiac arrest victims to hospitals that have therapeutic cooling equipment, such as Alsius systems. The requirement was announced in December 2008 by the Chief Medical Officer of New York City's Fire Department and Emergency Medical Service.
About Alsius
Alsius, headquartered in Irvine, Calif., is a medical device company that develops, manufactures and sells proprietary products to precisely control patient temperature in hospital critical care settings. Controlling body temperature, through cooling and warming, is becoming the standard of care for patients in select critical conditions and those undergoing a variety of surgical procedures. Alsius markets a comprehensive suite of catheter-based intravascular temperature management products that address the need for effective, accurate, easy-to-use and cost-effective control of body temperature in critical care patients. For more information, visit http://www.alsius.com.
Safe Harbor
This press release contains statements regarding plans and expectations for the future that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking. Such forward looking statements, based upon the current beliefs and expectations of Alsius' management, are subject to risks and uncertainties, which could cause actual results to differ materially from those described in the forward-looking statements. The information set forth herein should be read in light of such risks. Significant risks facing Alsius include, but are not limited to: (1) the fact that Alsius has not been able to finance operations with cash generated from its business, and must obtain additional financing by the end of the second quarter of 2009 to repay bank debt and fund operations, which may not be available or may be available only on unfavorable terms, (2) the long sales cycle for Alsius systems, which may cause revenue and operating results to vary significantly quarter to quarter and year to year, and (3) the fact that Alsius' regulatory clearances in the United States are limited to fever control in neuro-intensive care patients and temperature management in cardiac and neuro surgery patients, and do not include clearance for cardiac arrest, a major market for which use of the Alsius products is considered off label in the United States. Additional information concerning the risks and uncertainties Alsius faces are contained in Alsius' filings with the Securities and Exchange Commission, which can be accessed electronically on the Securities and Exchange Commission website at http://www.sec.gov or on the Investor Relations section of Alsius' website at http://www.alsius.com.
SOURCE Alsius Corporation
http://www.alsius.com
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