Cytori Therapeutics Posts Narrower Loss In 1Q

SAN DIEGO (AP) — Cytori Therapeutics Inc., which makes products used in adult stem cell harvesting and research, on Monday reported a narrower loss for the first quarter of the year.

Cytori said it lost $6.1 million, or 20 cents per share, compared with a loss of $8.3 million, or 34 cents per share, a year earlier. Revenue climbed more than tenfold to $1.9 million from $153,000.

Analysts expected a loss of 18 cents per share and $1.9 million in revenue, according to Thomson Reuters.

The company makes a line of products called StemSource, which are used to extract, freeze and apply adult stem cells taken from fat tissue. Cytori also makes the Celbrush needle.

Cytori sharply cut its operating costs because it cut general and development spending. The company began marketing its products in the first quarter of 2008, and as a result, advertising spending increased. Cytori reported $1.3 million in third party revenue this year, compared with $153,000 in the year-earlier quarter. It also had $564,000 in related party revenue.

The company said it is on track to meet its goal of $10 million in revenue this year. Analysts expect $15.4 million.