4:49PM Given Imaging beats by $0.05; guides up for H1 (GIVN) 25.60 -1.40: Reports Q4 (Dec) loss of $0.02 per share, $0.05 better than the Reuters Research consensus of ($0.07); revenues rose 38.5% year/year to $12.5 mln vs the $12.5 mln consensus. Co expects to "reach breakeven and achieve sustainable profitability during first of of 2004", Reuters consensus is a loss of $0.09 and expects Y04 (Dec) revenues of approx $56.7 mln, Reuters consensus is $56.2 mln.
Given Imaging Announces Record Sales and Positive Cash Flow in the Fourth Quarter of 2003
Tuesday February 10, 4:44 pm ET
YOQNEAM, Israel, Feb. 10 /PRNewswire-FirstCall/ -- Given Imaging Ltd. (Nasdaq: GIVN - News) today announced fourth quarter and full year results for the period ended December 31,2003.
Worldwide sales of the Given® Diagnostic System and M2A® capsule reached a record level of $12.5 million in the fourth quarter of 2003 representing a 38.5% increase over sales in the fourthquarter of 2002. Gross profit was a record 69.8% of revenues compared to 66.3% in the fourth
quarter of 2002. Net loss for the fourth quarter was $0.6 million or $(0.02) per share, a substantial improvement compared to a net loss of $3.7 million or $(0.15) per share in the fourth quarter of 2002. In the fourth quarter of 2003, the company generated a positive cash flow for the first time in its history with a cash balance at the end of the quarter of $25.4 million, up $0.9 million from the
balance at the end of the previous quarter.
For the year ended December 31, 2003, sales were $40.5 million reflecting a 40.3% increase over the year 2002. Gross profit increased to 66.6% of revenues compared to 58.8% in 2002. Operating expenses were $37.9 million in 2003 compared to $36 million in 2002. Net loss for the full year
of 2003 was $9.6 million or $(0.38) per share, compared to a net loss of $18.3 million or $(0.73)per share for the year in 2002.
"During 2003, we built a solid foundation for future growth and our strong results confirm the financial momentum we are generating," said Gavriel D. Meron, President and CEO of Given Imaging. "Central to our success was the removal of the 'adjunctive tool' qualifier from our label enabling us to market capsule endoscopy to physicians and payers as a first line tool in diagnosing small bowel disorders. We also made substantive progress in improving reimbursement for
capsule endoscopy through expanding the number of covered lives, broadening indications, increasing payment rates and the assignment of a permanent CPT code. "
Truth is stranger than fiction, because fiction has to make sense
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