HUGE POTENTIAL4 Apr 2009 08:58
WHAT WE ALL SHOULD KNOW. EXCELLENT.
Spectator Live
The Spectator Business
Revenues surge at Lombard Medical
Wednesday, 1st April 2009
Lombard Medical Technologies said this morning that revenues increase by 94% to £1.95m in 2008 (2007: £1m) and it saw a significant improvement in gross margin to 43% (2007: 21%.) Investment in R&D increased to £7.5m (2007: £6.4m).
The year-end cash balance was £0.8m (2007: £2.7m) and the company has a current cash balance £4.8m after £0.3m restructuring costs in Q1 2009.
The medical device company said £8.1m (£7.3m net of expenses) was raised in October 2008 and January 2009 in addition to £7.6m (£7.1m net of expenses) fundraising completed January 2008.
Other operating expenses excluding investment related items reduced by 10% to £4.7m (2007: £5.2m).
Lombard said the number of patients treated with Aorfix™ more than doubled to 347 in 2008 (2007: 163) and total worldwide implantations now exceed 800.
Headcount was reduced to 88 at 31st December 2008 and reduced further in 2009 to 58.
Brian Howlett, CEO, commented: 'Despite challenging market conditions we succeeded in raising more than £15m which is testament to the growing clinical support for our lead product, the Aorfix™ stent graft. We also filed the ARBITER II trial data and significantly increased the number of patients recruited into the Aorfix™ US trial. Ad