Cytori Reports Second Quarter & First Half 2010 Results; Product Sales Up 64% And Gross Profit Up 141%

SAN DIEGO, Aug. 6, 2010 (GLOBE NEWSWIRE) -- Cytori Therapeutics (Nasdaq:CYTX) reports second quarter and first half 2010 financial results. Further details, including progress of the Company's commercial activities and product development pipeline, are provided in the 'August 2010 Shareholder Letter', which may be accessed at http://ir.cytoritx.com .

Year-to-date, the Company has executed on the following stated business goals and objectives:

• Grew system installed-base in Europe, Asia and U.S., bringing cumulative revenue-generating units worldwide to 122;  
• Achieved highest level of quarterly consumable shipments to date at 392, including 304 consumable re-orders in Q2;  
• Expanded European Celution® regulatory approval includes multiple medical indications and improves sales opportunities to hospitals;  
• Received regulatory approval for and launched PureGraft™ into the U.S. and European plastic and reconstructive surgery markets; and  
• Reported positive results in two cardiac cell therapy trials; plans underway to begin a European approval trial for heart attack patients.

Financial Results

Product revenues were $2.1 million for the quarter and $4.4 million for the first six months in 2010, compared to $1.3 million and $3.2 million for the same time periods, respectively, in 2009. Gross margin was 58% with a gross profit of $1.2 million for the second quarter of 2010 and 58% and $2.5 million for the first half of 2010. This compares with a gross margin of 39% and a gross profit of $0.5 million for the second quarter of 2009, and a gross margin of 42% and a gross profit of $1.3 million for the first six months of 2009. Product revenues and gross profit grew 64% and 141% respectively comparing second quarter 2010 with the second quarter of 2009, due largely to increased direct sales and reduced reliance on distributors.