This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Kips Bay Medical Reports Second Quarter 2011 Results & FDA Update

Kips Bay Medical, Inc. (NASDAQ: KIPS) today announced financial results for the second quarter and six months ended July 2, 2011.

Financial Results

Net sales were $48,000 in the second quarter of 2011 and 2010 while gross profit was down 6.9% or $2,000 in the second quarter of 2011 as compared to the second quarter of 2010. Net loss in the second quarter of 2011 was $1.0 million, or $0.07 per diluted share, compared to a net loss of $5.9 million, or $0.43 per diluted share, in the second quarter of 2010. During the second quarter of 2011, the Company initiated sales with one new independent distributor, and realized a gross margin of 56.3% compared to 60.4% in the second quarter of 2010. The decline in gross margin during the current quarter resulted from changes in the distributor sales mix and the effects of reduced manufacturing volumes on the cost of sales. Net loss for the second quarter of 2010 included a $5.0 million non-cash charge for the first milestone payment payable to Medtronic, Inc. triggered by the first commercial sale of the eSVS MESH. This milestone was paid in June 2011 on the one-year anniversary of the first commercial sale.

Net sales increased to $158,000 for the six months ended July 2, 2011, up from $48,000 for the same period in the prior year. The net loss in the first half of 2011 was $2.0 million, or $0.13 per diluted share, compared to a net loss of $9.4 million, or $0.70 per diluted share, in the first half of 2010. The Company achieved a gross margin of 63.3% compared to 60.4% for the first half of 2011 and 2010, respectively. The net loss for the first half of 2010 included both the charge for the $5.0 million milestone obligation payable to Medtronic and a $2.3 million non-cash charge for an increase in the estimated fair value of an investor stock purchase option liability.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $94.02 0.00%
FB $104.07 0.00%
GOOG $683.57 0.00%
TSLA $162.60 0.00%
YHOO $27.97 0.00%


Chart of I:DJI
DOW 16,204.97 -211.61 -1.29%
S&P 500 1,880.05 -35.40 -1.85%
NASDAQ 4,363.1440 -146.4150 -3.25%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs