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TheStreet Open House

EDAP Reports Third Quarter 2010 Financial Results

At September 30, 2010, cash and cash equivalents, including short-term treasury investments, were EUR 8.0 million (USD 10.9 million). The Company deployed its cash during the third quarter 2010 to replenish its device inventories.

Conference Call

EDAP will hold a conference call on Wednesday, November 17, 2010 at 8:30 a.m. EST to discuss the results. The dial-in numbers are (877) 407-4134 for domestic callers and (201) 689-8430 for international. The conference ID number for both is 359599. A live Webcast of the conference call will be available online from the investor relations page of the Company's corporate Website at www.edap-tms.com .

After the live Webcast, the call will remain available on EDAP's Website, www.edap-tms.com , through December 17, 2010. In addition, a telephonic replay of the call will be available until November 24, 2010. The replay dial-in numbers are 877-660-6853 for domestic callers and 201-612-7415 for international callers. Please use account number 356 and event ID number 359599. 

About EDAP TMS SA

EDAP TMS SA develops and markets Ablatherm, the most advanced and clinically proven choice for high-intensity focused ultrasound (HIFU) treatment of localized prostate cancer. HIFU treatment is shown to be a minimally invasive and effective treatment option with a low occurrence of side effects. Ablatherm-HIFU is generally recommended for patients with localized prostate cancer (stages T1-T2) who are not candidates for surgery or who prefer an alternative option, or for patients who failed radiotherapy treatment. Approved in Europe as a treatment for prostate cancer, Ablatherm-HIFU (High Intensity Focused Ultrasound) is currently undergoing evaluation in a multi-center U.S. Phase II/III clinical trial under an Investigational Device Exemption granted by the FDA, the ENLIGHT U.S. clinical study. The Company also is developing this technology for the potential treatment of certain other types of tumors. EDAP TMS SA also produces and commercializes medical equipment for treatment of urinary tract stones using extra-corporeal shockwave lithotripsy (ESWL). For more information on the Company, please visit http://www.edap-tms.com , and http://www.hifu-planet.com .

Forward-Looking Statements

In addition to historical information, this press release contains forward-looking statements that involve risks and uncertainties. These include statements regarding the Company's growth and expansion plans, the conclusiveness of the results of and success of its Ablatherm-HIFU clinical trials and expectations regarding the IDE submission to and approval by the FDA of the Ablatherm-HIFU device. Such statements are based on management's current expectations and are subject to a number of uncertainties, including the uncertainties of the regulatory process, and risks that could cause actual results to differ materially from those described in these forward-looking statements. Factors that may cause such a difference include, but are not limited to, those described in the Company's filings with the Securities and Exchange Commission and in particular, in the sections "Cautionary Statement on Forward-Looking Information" and "Risk Factors" in the Company's Annual Report on Form 20-F. Ablatherm-HIFU treatment is in clinical trials, but not FDA-approved or marketed in the United States.

 
 
EDAP TMS S.A.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(Amounts in thousands of Euros and U.S. Dollars, except per share data)
 
  Three Months Ended: Three Months Ended:
  September 30,  September 30,  September 30,  September 30, 
  2010 2009 2010 2009
  Euros Euros $US $US
Sales of goods 2,823 2,100 3,706 3,030
Net Sales of RPP and Leases 1,090 1,160 1,431 1,675
Sales of spare parts and services  1,432  1,365 1,879  1,970
TOTAL NET SALES 5,345 4,625 7,015 6,674
Other revenues 3 3 3 4
TOTAL REVENUES 5,348 4,628 7,019 6,678
Cost of goods (1,502) (1,420) (1,971) (2,049)
Cost of RPP and Leases (583) (558) (765) (805)
Cost of spare parts and services (1,036) (953) (1,360) (1,376)
Cost of sales (3,121) (2,931) (4,096) (4,230)
GROSS PROFIT 2,227 1,697 2,923 2,448
Research & development expenses (692) (964) (909) (1,392)
Marketing & Sales expenses  (1,500) (1,304) (1,969) (1,882)
G & A expenses  (832) (939) (1,091) (1,355)
Total operating expenses (3,024) (3,208) (3,969) (4,629)
OPERATING PROFIT (LOSS) (797) (1,511) (1,046) (2,181)
Interest (expense) income, net (569) (4,362) (747) (6,295)
Currency exchange gains (loss), net (491) 57 (644) 82
Other income (loss), net -- 1 -- 1
INCOME (LOSS) BEFORE TAXES AND MINORITY INTEREST (1,857) (5,816) (2,438) (8,395)
Income tax (expense) credit (29) 48 (38) 69
NET INCOME (LOSS)  (1,886) (5,768) (2,476) (8,326)
         
Earning per share – Basic (0.17) (0.55) (0.22) (0.80)
Average number of shares used in computation of EPS 11,284,837 10,413,985 11,284,837 10,413,985
Earning per share – Diluted (0.17) (0.55) (0.22) (0.80)
Average number of shares used in computation of EPS for positive net income 11,320,262 10,467,966 11,320,262 10,467,966
         
         
NOTE: Translated for convenience of the reader to U.S. dollars at the 2010 average three months noon buying rate of 1 Euro = 1.3125 USD, and 2009 average three months noon buying rate of 1 Euro = 1.4430 USD.
 
 
EDAP TMS S.A.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(Amounts in thousands of Euros and U.S. Dollars, except per share data)
 
  Nine Months Ended: Nine Months Ended:  
  September 30,  September 30,  September 30,  September 30,  
  2010 2009 2010 2009  
  Euros Euros $US $US  
           
Sales of goods 7,464 8,638 9,818 11,834  
Net Sales of RPP and Leases 3,625 4,008 4,768 5,490  
Sales of spare parts and services 4,076 4,177 5,361 5,640  
TOTAL NET SALES 15,165 16,763 19,948 22,963  
Other revenues 506 42 665 58  
TOTAL REVENUES 15,670 16,805 20,614 23,021  
Cost of goods (4,277) (5,079) (5,627) (6,958)  
Cost of RPP and Leases (1,931) (2,008) (2,540) (2,751)  
Cost of spare parts and services (3,032) (2,721) (3,989) (3,727)  
Cost of sales (9,241) (9,808) (12,156) (13,436)  
           
GROSS PROFIT 6,430 6,997 8,458 9,586  
Research & development expenses (2,593) (2,963) (3,411) (4,059)  
Marketing & Sales expenses  (4,709) (4,391) (6,194) (6,015)  
G & A expenses  (2,575) (2,944) (3,387) (4,033)  
           
Total operating expenses (9,877) (10,298) (12,992) (14,107)  
OPERATING PROFIT (LOSS) (3,447) (3,300) (4,534) (4,521)  
Interest (expense) income, net (1,993) (5,823) (2,622) (7,976)  
Currency exchange gains (loss), net 803 (256) 1,056 (351)  
Other income (loss), net (2) -- (2) --  
           
INCOME (LOSS) BEFORE TAXES AND MINORITY INTEREST (4,639) (9,379) (6,103) (12,852)  
Income tax (expense) credit (854) (15) (1,123) (21)  
NET INCOME (LOSS)  (5,493) (9,395) (7,226) (12,872)  
           
Earning per share – Basic (0.49) (0.90) (0.64) (1.24)  
Average number of shares used in computation of EPS 11,284,837 10,413,985 11,284,837 10,413,985  
Earning per share – Diluted (0.49) (0.90) (0.64) (1.24)  
Average number of shares used in computation of EPS for positive net income 11,355,075 10,422,816 11,355,075 10,422,816  
           
           
NOTE: Translated for convenience of the reader to U.S. dollars at the 2010 average nine months noon buying rate of 1 Euro = 1.3154 USD, and 2009 average nine months noon buying rate of 1 Euro = 1.3699 USD.  
 
 
EDAP TMS S.A.
CONSOLIDATED BALANCE SHEETS HIGHLIGHTS (UNAUDITED)
(Amounts in thousands of Euros and U.S. Dollars)
         
         
         
         
  Sept. 30,  June 30,  Sept. 30,  June 30, 
  2010 2010 2010 2010
  Euros Euros $US $US
         
Cash, cash equivalents and short term investments  8,012 11,380 10,898 13,987
Total current assets 29,085 32,564 38,922 39,447
Total current liabilities 13,730 15,244 18,675 18,737
Shareholders' Equity  9,540 10,431 12,976 12,821
         
NOTE: Translated for convenience of the reader to U.S. dollars at the noon buying rate of 1 Euro = 1.3602 USD, on September 30, 2010 and at the noon buying rate of 1 Euro = 1.2291 USD, on June 30, 2010.
 
 
EDAP TMS S.A.
CONDENSED STATEMENTS OF OPERATIONS BY DIVISION
NINE MONTHS ENDED SEPTEMBER 30, 2010
(Amounts in thousands of Euros)
           
          Total After
  HIFU Division UDS Division FDA Trials Corporate  Consolidation
           
Sales of goods 1,104 6,360     7,464
Sales of RPPs and Leases 2,728 897     3,625
Sales of spare parts and services 1,080 2,995     4,076
TOTAL NET SALES 4,912 10,253     15,165
           
Other revenues 5 500     506
           
TOTAL REVENUES 4,917 10,753     15,670
GROSS PROFIT 2,672 3,758     6,430
(as a % of Net Sales) 54.4% 36.6%     42.4%
           
           
Research & Development (461) (619) (1,512)   (2,593)
Total SG&A plus depreciation (2,586) (3,498) (149) (1,051) (7,284)
           
OPERATING PROFIT (LOSS) (375) (359) (1,661) (1,051) (3,447)
CONTACT:  EDAP TMS SA
          Investor Relations / Legal Affairs
          Blandine Confort
          +33 4 72 15 31 72
          bconfort@edap-tms.com

          The Ruth Group
          Investors:
          Stephanie Carrington 
          646-536-7017
          scarrington@theruthgroup.com

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