March 7, 2013
Cytori Reports 2012 Business and Financial Results; Provides Outlook for 2013
- U.S. ATHENA trial on track for mid-2013 completion of enrollment with 1st data in 1H 2014 -
- BARDA: Contract activities underway -
- Achieved $9.1 million in product and contract revenue for 2012 -
- Recent approvals in Japan and EU to drive continued revenue growth in 2013 and beyond -

SAN DIEGO—Cytori Therapeutics (NASDAQ: CYTX) reports its 2012 business and financial results and provides an outlook for 2013. The Company achieved record total revenues for the year and fourth quarter ended December 31, 2012 of $14.5 million and $7.3 million, respectively, compared to $10.0 million and $2.8 million, respectively, for the same periods in 2011.
Milestone Highlights
Cytori’s 2012 and year-to-date milestones include the following:
Initiated enrollment in the ATHENA U.S. refractory heart failure trial; all six centers are actively screening patients, enrollment is on track to be complete mid-summer
Awarded contract with BARDA, a division of the U.S. Health and Human Services, worth up to $106 million to develop a novel cell-based treatment of thermal burns combined with radiation injury
Obtained Class I device clearance in Japan, opening the Japanese market and increasing fourth quarter revenues
Opened EU vascular market with CE Mark claims for intravascular delivery (Intravase®)
Expanded CE Mark claims for multiple indications including cryptoglandular fistulae and tissue ischemia
Amended and resumed enrollment in the ADVANCE European heart attack trial
Achieved $9.1 million in product and contract revenue, including a record $4.3 million in the fourth quarter
Grew Celution® and StemSource® System shipments by 46% year-over-year
Increased patent portfolio year-over-year by 36% with the issuance of 15 patents worldwide, bringing the total number of global patents to 57 with 75 additional applications under review
Recruited Steven Kesten, M.D., as Executive Vice President and Chief Medical Officer
Raised $21.4 million in net proceeds from public offering of shares, including $2.8 million in net proceeds in January 2013 from the exercise of the full over-allotment option

“We made substantial progress in 2012 across three key areas of our business: our cardiac pipeline, our recently awarded government contract and our commercial operations,” said Chris Calhoun, Chief Executive Officer of Cytori. “The specific developments include the initiation of the ATHENA trial, a significant contract with the Biomedical Advanced Research Authority (BARDA) related to thermal burns, and growing revenue opportunities through important European and Japanese regulatory approvals, which was reflected in strong fourth quarter sales and which we see significantly contributing to revenue growth in 2013 and beyond.
“These three areas will be the priorities we intend to focus on in the next 12 to 18 months. We believe these objectives provide the greatest potential to impact shareholder value and make the most efficient use of our capital. Given the platform nature of our products, there are several other compelling medical applications and geographies in which we have made progress. We expect to move these opportunities forward as additional resources become available with an emphasis on grant and contract funding, organic customer demand or partnerships.”
Financial Performance and Guidance
Product and contract revenues more than doubled in the fourth quarter of 2012 to $4.3 million compared to $2.1 million for the same period in 2011. For the full year 2012, we saw 14% growth in product and contract revenues to $9.1 million as compared to $8.0 million for the prior year. The increase in product revenue in the fourth quarter ($4.0 million in 2012 compared to $2.1 million in 2011) was primarily a result of sales under the Class I device clearance in Japan achieved in September 2012.

The following information was filed by Cytori Therapeutics, Inc. (CYTX) on Thursday, March 7, 2013 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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