Exhibit 99.1
     
(ENDOCARE LOGO)
  201 Technology Drive Irvine California 92618
Telephone: (949) 450-5400
Facsimile: (949) 450-5300
Email: IR@endocare.com
Website: www.endocare.com
FOR RELEASE on March 6, 2009 at 6:00 am (EST)
         
Investor Contact:
  Media Contact:   For Additional Information:
Matt Clawson
  Len Hall   Terrence A. Noonan, Interim CEO
Allen & Caron, Inc.
  Allen & Caron, Inc.   Michael R. Rodriguez, CFO
(949) 474-4300
  (949) 474-4300   Endocare, Inc.
matt@allencaron.com
  len@allencaron.com   (949) 450-5400
www.allencaron.com
  www.allencaron.com   www.endocare.com
ENDOCARE REPORTS 2008 ANNUAL AND FOURTH QUARTER FINANCIAL RESULTS
IRVINE, Calif. (March 6, 2009) . . . Endocare, Inc. (NASDAQ: ENDO), an innovative medical device company focused on the development of minimally invasive technologies used by urologists and interventional radiologists for tissue and tumor ablation, today reported results for the fourth quarter and year ended December 31, 2008. Highlights of the quarter included a 14 percent increase in revenue compared to the fourth quarter of 2007 and the announcement of a definitive merger agreement with privately-held Galil Medical Ltd.
Fourth Quarter Results
     Total revenues for the fourth quarter of 2008 were $7.9 million, compared to $6.9 million in the fourth quarter of 2007. Domestic probe sales, as well as the estimated number of domestic cryoablation procedures performed, in the fourth quarter and full year of 2008 and 2007 are summarized in the following table:
                                 
    Three Months Ended     Year Ended  
    December 31,     December 31,  
    2008     2007     2008     2007  
 
                               
Estimated domestic cryoablation procedures
    2,236       2,269       9,358       9,373  
 
                               
Number of cryoprobes sold:
                               
Straight probes
    9,012       9,057       37,029       38,909  
Right-angle probes
    2,055       1,671       8,113       6,308  
 
                       
 
                               
Total
    11,067       10,728       45,142       45,217  
 
                       
     Probe sales are reported in two categories: straight probes, which are typically, although not always, used in prostate procedures and right-angle probes, which are typically used in procedures other than prostate procedures.
     Gross margin in the fourth quarter of 2008 was 64.4 percent, compared to 67.1 percent in the fourth quarter of 2007. Gross margin was affected by approximately $315,000 in costs associated with reworking certain of the Company’s finished goods inventory to incorporate recent product enhancements and certain adjustments to inventory reserves. Operating expenses in the 2008 fourth quarter were $8.8 million, compared to $7.1 million in the 2007 fourth quarter and included more than $1.5 million in merger related expenses. Fourth quarter 2008 operating expenses also included $0.9 million of a loss from the impairment of an investment in Sanarus Medical, a privately-held minority investee, in connection with a strategic alliance formed in 2001.

 


The following information was filed by Endocare Inc on Friday, March 6, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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