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AGA Medical Reports 2009 Third Quarter Financial Results
Company Reports Record Net Sales of $50.2 Million; Gross Margins at 86.8%
Conference Call Scheduled for 5 p.m. Eastern Time Today
MINNEAPOLIS, Nov. 3, 2009 AGA Medical Holdings (NASDAQ: AGAM), a leading developer of interventional medical devices for the minimally invasive treatment of structural heart defects and vascular disease, today reported financial results for the third quarter ended September 30, 2009.
Highlights of the third quarter of 2009 and other recent developments include:
· Closed its initial public offering on October 26, 2009, raising net proceeds to AGA Medical of $88.2 million, with its stock beginning trading on the NASDAQ Global Select Market under the symbol AGAM;
· Received CE Mark in July 2008 for the AMPLATZER Vascular Plug 4, which can be delivered through standard diagnostic catheters with the advantage of no additional cost or time required to exchange from a diagnostic catheter to a therapeutic delivery catheter, meaningfully expanding the addressable market for the Vascular Plug family;
· Expanded the limited commercial launch of the AMPLATZER Cardiac Plug, which had received CE Mark in December 2008 for left atrial appendage occlusion, beyond Europe including completing the first cases in South America, Israel and Hong Kong and receiving device approval and reimbursement authorization in Australia;
· Continued enrollment in its pivotal RESPECT study designed to study whether patent foramen ovale (PFO) closure is superior to medical management in preventing recurrent stroke, with 632 patients enrolled in the study with 1,160 patient follow-up years as of October 30, 2009;
· Received approval to change the protocol in its PREMIUM study (designed to measure whether PFO closure can result in a meaningful reduction in the number and severity of migraine headaches in certain patients with a PFO) which broadens the inclusion criteria and reduces the number of patients to be enrolled in the trial from 470 to 230 patients.
The following information was filed by Aga Medical Holdings, Inc. on Tuesday, November 3, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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