MediCor Ltd. Reports First Quarter Operating Results
02 November 2006 - 10:15PM
PR Newswire (US)
Revenues Increase 68% LAS VEGAS, Nov. 2 /PRNewswire-FirstCall/ --
MediCor Ltd. (OTC:MDCR) (BULLETIN BOARD: MDCR) , a leading
manufacturer and distributor of breast implants worldwide, today
announced its results for the first quarter ended September 30,
2006. Sales for the quarter were $9.5 million, an increase of $3.8
million, or 68%, versus the same period a year ago. Of the
increase, $2.9 million was attributable to the acquisition of
Biosil Limited and related supplier, Nagor Limited, at the end of
April 2006. Excluding the effect of the acquisition, revenue
increased approximately 15% in the quarter as compared to the same
period in the prior year. The growth rate was negatively impacted
by foreign exchange rates by approximately 4%. Net loss
attributable to common stockholders for the quarter increased to
$12.8 million from $4.0 million for the previous period. The
increase was largely attributable to higher interest expense. Basic
and diluted loss per share for the three months ended September 30,
2006 was $0.54 as compared to $0.19 for the three months ended
September 30, 2005. According to Jim J. McGhan, Chief Operating
Officer, "We continue to experience double-digit growth in our
top-line breast implant sales. Based on our evaluation of this
growth and generally lower growth rates reported by our
competitors, we believe we are accomplishing one of our near-term
goals of capturing market share. The European and Latin American
markets are actively responding to our aggressive sales and
marketing initiatives there, and that is leading to sales volume
increases across those key markets. Our direct selling efforts are
also resulting in significant sales increases in targeted markets."
About MediCor Ltd. MediCor was founded by Chairman of the Board
Donald K. McGhan, a pioneer of the breast implant industry. The
Company acquires, develops, manufactures and markets products for
medical specialties in the aesthetic, plastic and reconstructive
surgery and dermatology markets. Products include surgically
implantable prostheses for aesthetic, plastic and reconstructive
surgery and scar management products. Its products are sold
worldwide to hospitals, surgery centers and physicians through
various distributors and direct sales personnel. MediCor's strategy
is to be the leading integrator of selected international medical
device markets, technologies and businesses. To achieve this
strategy, MediCor intends to build upon and expand its business
lines, primarily in the aesthetic, plastic and reconstructive
surgery and dermatology markets. MediCor intends to both expand
existing product lines and offerings and acquire companies and
other assets, including intellectual property rights or
distribution rights. Forward-Looking Statements This release
contains forward-looking statements. Such statements are based upon
the current beliefs and expectations of MediCor's management and
are subject to significant risks and uncertainties. Actual results
may differ from those set forth in the forward-looking statements.
The following factors, among others, could cause actual results to
differ from those set forth in the forward-looking statements: our
ability to sustain continued losses and obtain requisite additional
financing to continue operations; the acceptability to regulators
of our regulatory data and submissions; the ability to obtain
governmental approvals to market our products; the timing of our
and our competitors' approvals and entry to markets; the effect of
such timing and the related delays in revenues and continued
expenses and their affect on our ability to successfully and
profitably operate our businesses; increased competition and its
effect on pricing, spending, third-party relationships and
revenues; the risk that businesses we acquire will not be
integrated or operated successfully; the risk that cost savings or
other anticipated benefits from acquisition transactions may not be
realized or may take longer to realize than expected; disruption
from transactions making it more difficult to maintain
relationships with customers, employees or suppliers; the outcome
of legal proceedings; the risk of new and changing regulations in
the U.S. and internationally; the risk of instability in the
capital markets in the U.S. and internationally; and the ability to
effect acquisitions to continue to execute on our growth plans.
Additional factors that could cause MediCor's results to differ
materially from those described in the forward-looking statements
can be found in MediCor's Annual Report on Form 10-K for the year
ended June 30, 2006, subsequent quarterly filings on Form 10-Q, and
other announcements on Form 8-K, all of which have been filed with
the Securities and Exchange Commission and are available at the
Securities and Exchange Commission's Internet site
(http://www.sec.gov/). DATASOURCE: MediCor Ltd. CONTACT: Marc S.
Sperberg of MediCor Ltd., +1-702-932-4560, ext. 308
Copyright