Noticias

Noticias

  • Título: TriVascular Technologies, Inc. Reports First Quarter 2014 Financial Results and Provides 2014 Full Year Outlook
  • Fecha: 14-05-2014

  • SANTA ROSA, Calif., May 14, 2014 (GLOBE NEWSWIRE) -- TriVascular Technologies, Inc. (Nasdaq:TRIV) today reported financial results for the three months ended March 31, 2014.

    Recent Accomplishments:

    • Revenue of $7.0 million, up 139% over the first quarter of the prior year
    • Gross margin of 47.9%, an increase from 32.4% in the first quarter of the prior year
    • Completed initial public offering, receiving net proceeds of approximately $81.2 million
    • Received FDA approval of clarified indication statements for percutaneous endovascular aortic repair (EVAR) and proximal aortic neck
    • Received CE Mark for CustomSeal short cure fill polymer

    'We are pleased with our operational performance and financial results for the first quarter of 2014. Our initial public offering in April brought approximately $81.2 million in net proceeds to the company, providing us the capital resources to fund our growth,' said President and Chief Executive Officer, Chris Chavez. 'We believe TriVascular is well-positioned to continue our strong momentum and execute our strategic initiatives to expand patient access to the Ovation system and, in the process, create a market-leading EVAR growth franchise.'

    First Quarter Financial Results

    Revenue for the three months ended March 31, 2014 increased 139% to $7.0 million, from $2.9 million in the same period of the prior year. This increase is primarily attributable to the growth of our U.S. business as we expanded our commercial rollout of the Ovation platform. Geographically, revenue in the United States was $4.6 million, an increase of 389% from the three months ended March 31, 2013. International revenue totaled $2.4 million, an increase of 21.7% from the three months ended March 31, 2013.

    Gross margin for the first quarter of 2014 was 47.9%, up from 32.4% in the three months ended March 31, 2013. The increase in gross margin was primarily due to spreading our manufacturing costs over higher production volumes and higher average selling prices associated with the growth of our U.S. revenue.

    Operating expenses for the first quarter of 2014 were $16.0 million, an increase of 49.9% compared to the first quarter of 2013. The increase in operating expenses was driven primarily by an increase in selling, marketing and product development expenses.

    Loss from operations for the first quarter of 2014 was $12.6 million, compared to $9.7 million for the first quarter of 2013. Net loss for the first quarter of 2014 was $14.4 million, compared to $11.3 million for the first quarter of 2013. Adjusted EBITDA, a non-GAAP measure, was a loss of $12.0 million for the first quarter of 2014.

    Cash and cash equivalents were $31.4 million as of March 31, 2014. In April 2014, the Company completed our initial public offering raising net proceeds of approximately $81.2 million, after deducting underwriting discounts and commissions and offering expenses.

    2014 Outlook

    Management currently anticipates full year 2014 revenue will be in the range of $32.0 million to $36.0 million, representing an increase of 60% to 80% over 2013. Gross margin for the same period is currently expected to be in the range of 55% to 57%.

    Conference Call

    Management will host an investment community conference call today beginning at 1:30 p.m. PT / 4:30 p.m. ET. Individuals interested in listening to the conference call may dial (844) 831-3024 for domestic callers or (315) 625-6887 for international callers, or access the webcast on the 'Investors' section of the Company's Web site at: www.trivascular.com. The webcast will be available on the Company's Web site for 14 days following the completion of the call.

    Use of Non-GAAP Financial Measures

    This press release includes the non-GAAP financial measures of Adjusted EBITDA. We define EBITDA as net loss plus interest expense, income tax expense and depreciation and amortization. We define Adjusted EBITDA as EBITDA plus stock-based compensation expense and the change in value of our warrants. For a reconciliation of Adjusted EBITDA to the most comparable GAAP financial measure of net loss, please refer to the table appearing at the end of this press release. We present Adjusted EBITDA because we believe it is a useful indicator of our operating performance. Our management uses Adjusted EBITDA principally as a measure of our operating performance and believes that Adjusted EBITDA is useful to our investors because it is frequently used by securities analysts, investors and other interested parties in their evaluation of the operating performance of companies in industries similar to ours. Our management also uses Adjusted EBITDA for planning purposes, including the preparation of our annual operating budget and financial projections. Adjusted EBITDA should not be considered in isolation or as a substitute for a measure of our liquidity or operating performance prepared in accordance with U.S. GAAP, and is not indicative of net loss from operations as determined under GAAP. Adjusted EBITDA and other non-GAAP financial measures have limitations that should be considered before using these measures to evaluate our liquidity or financial performance. Adjusted EBITDA does not include certain expenses that may be necessary to review our operating results and liquidity requirements. Our definition and calculation of Adjusted EBITDA may differ from that of other companies. In addition, to facilitate the explanation of the earnings per share calculation for the three months ended March 31, 2014 and 2013, we are also providing a pro forma calculation reflecting conversion of our convertible preferred stock in connection with the closing of our initial public offering in April 2014.



  • Fuente: endovascular.es