Cytori Looks for Fat Profits

Yet Brozak believes that Cytori could also chase a breast-augmentation market that is nearly three times as large. For its part, the company plans to do just that.

"The breast [application] is a $100 million to $300 million opportunity" overall, Calhoun says. "That's probably a realistic, reachable revenue number for us. ... We could absolutely serve that size of a market."

Still, Cytori expects to pursue an even bigger opportunity down the road. Right now, the company is enrolling patients in a study designed to test its stem cell treatment for cardiac ischemia, a common ailment characterized by poor blood flow. That therapy, unlike current drugs on the market, aims to regenerate heart tissue rather than simply slow its deterioration.

Cytori plans to first examine the safety of its cardiac therapy -- with data available for presentation in the second half of next year -- and follow up with pivotal studies to determine its effectiveness after that. Those tests, involving full-blown randomized trials, will take some time to complete. But if all goes well, the company hopes to secure regulatory approval of its cardiac application in Europe within three years and in the U.S. within four.

Calhoun believes the results could be worth the wait.

"It depends on how good the data is," he admits. "But if we can get 3% to 4% of the market share (for cardiac ischemia), that would be $1.5 billion in revenue even at our price point ... That's an enormous market."