This Day On The Street
Continue to site right-arrow
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
TheStreet Open House

Kips Bay Medical Reports Fourth Quarter And Full Year 2011 Results, Provides Clinical Update & Announces Patent Grants

Kips Bay Medical, Inc. (NASDAQ: KIPS) today announced financial results for fourth quarter and year ended December 31, 2011.

Financial Results

Net sales increased to $252,000 for the year ended December 31, 2011, up from $223,000 for the same period in the prior year. The net loss in the year was $4.3 million, or $0.27 per diluted share, compared to a net loss of $10.9 million, or $0.81 per diluted share, for the prior year. The Company achieved a gross margin of 63.9% compared to 65.5% for the full year 2011 and 2010, respectively. The net loss for 2010 included a $5.0 million non-cash charge for the first milestone payment payable to Medtronic, Inc. which was triggered by the first commercial sale of the eSVS ® MESH and a $2.3 million non-cash charge for an increase in the estimated fair value of an investor stock purchase option liability.

In the fourth quarter of 2011, net sales were $94,000, down from $116,000 in the fourth quarter of 2010. Gross profit was $61,000 and $80,000 in the fourth quarter of 2011 and 2010, respectively. Net loss in the fourth quarter of 2011 was $1.1 million, or $0.07 per diluted share, compared to a net loss of $803,000, or $0.06 per diluted share, in the fourth quarter of 2010. The decrease in net sales during the current quarter is due to limited availability of reimbursement to hospitals moderating the usage of the Company’s eSVS MESH. The Company expects sales to continue at modest levels until additional clinical study data is available.

Balance Sheet and Cash Flow

Cash, cash equivalents and short-term investments increased to $9.2 million at December 31, 2011 from $3.8 million at December 31, 2010. Total current assets increased to $10.2 million at December 31, 2011, up from $5.7 million at December 31, 2010. These increases were driven by the Company’s Initial Public Offering (“IPO”) completed in February 2011, from which the Company realized net proceeds of approximately $13.6 million, partially offset by cash used in operations during 2011.

1 of 5

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
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

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
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,712.66 +34.43 0.19%
S&P 500 2,061.02 +4.87 0.24%
NASDAQ 4,891.2190 +27.8570 0.57%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs