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Oxygen Biotherapeutics Reports Financial Results For Third Quarter FY2011

Third Quarter Results

Oxygen Biotherapeutics reported net revenue of $26,589 for the third quarter of fiscal 2011, compared to $12,165 for the comparable quarter the previous year due primarily to sales of DERMACYTE products to DSL. Gross margin was 51% as compared to 40% for the three months ended January 31, 2011 and 2010 respectively.

Net revenue for the nine months ended January 31, 2011 was $58,825 compared to net revenue of $18,726 for the same period in fiscal year 2010. This was primarily due to the addition of two new DERMACYTE products and direct-to-consumer sales. Gross margin as a percent of revenue was 62% compared with 50% for the comparable nine-month period year over year. 

For the third-quarter ended January 31, 2011, we reported a net loss of approximately $2,544,187, or $0.11 per share, compared to a net loss of approximately $2,753,712, or $0.13 per share for the same period in the prior year. We reported a net loss of approximately $7,598,423, or $0.33 per share for the nine month period ended January 31, 2011, compared to a net loss of $7,739,602, or $0.41 per share for the same period in fiscal year 2010.

Total operating expenses for the quarter ended January 31, 2011 were $2,781,344 compared to $2,764,776 for the same period in 2010. For the nine-month period ended January 31, 2011 the company had total operating expenses of $7,893,518 compared to $7,648,362 for the same period last year. The increase in operating expenses for the three-months ended January 31, 2011 was due to increases of approximately $200,000 and $325,000 in sales and marketing costs and general and administrative costs, respectively, partially offset by a decrease in research and development costs of approximately $510,000. The increase in operating expenses for the nine-months ended January 31, 2011 was due to increases of approximately $415,000 and $47,000 in sales and marketing costs and research and development costs, respectively, partially offset by a decrease in general and administrative costs of approximately $215,000.

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