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

Cytori Provides Business Update And Reports Third Quarter And Nine Month 2012 Results

   

CYTORI THERAPEUTICS, INC.

CONSOLIDATED CONDENSED BALANCE SHEETS
(UNAUDITED)
 
As of September 30, 2012 As of December 31, 2011
Assets
Current assets:
Cash and cash equivalents $ 17,628,000 $ 36,922,000
Accounts receivable, net of reserves of $455,000 and of $474,000 in 2012 and 2011, respectively 1,463,000 2,260,000
Inventories, net 3,411,000 3,318,000
Other current assets   1,090,000   837,000
 
Total current assets 23,592,000 43,337,000
 
Property and equipment, net 2,242,000 1,711,000
Restricted cash and cash equivalents 350,000 350,000
Investment in joint venture 122,000 250,000
Other assets 1,756,000 1,772,000
Intangibles, net 26,000 192,000
Goodwill   3,922,000   3,922,000
 
Total assets $ 32,010,000 $ 51,534,000
 
Liabilities and Stockholders’ Equity (Deficit)
Current liabilities:
Accounts payable and accrued expenses $ 5,588,000 $ 5,334,000
Current portion of long-term obligations   9,767,000   2,487,000
 
Total current liabilities 15,355,000 7,821,000
 
Deferred revenues, related party 1,107,000 3,520,000
Deferred revenues 5,147,000 5,244,000
Warrant liability 1,871,000 627,000
Option liability 2,400,000 1,910,000
Long-term deferred rent 684,000 504,000
Long-term obligations, net of discount, less current portion   15,178,000   21,962,000
 
Total liabilities 41,742,000 41,588,000
 
Commitments and contingencies
Stockholders’ equity (deficit):
Preferred stock, $0.001 par value; 5,000,000 shares authorized; -0- shares issued and outstanding in 2012 and 2011
Common stock, $0.001 par value; 95,000,000 shares authorized; 58,720,627 and 56,594,683 shares issued and outstanding in 2012 and 2011, respectively 59,000 57,000
Additional paid-in capital 261,113,000 252,338,000
Accumulated deficit   (270,904,000 )   (242,449,000 )
 
Total stockholders’ equity (deficit)   (9,732,000 )   9,946,000
 
Total liabilities and stockholders’ equity (deficit) $ 32,010,000 $ 51,534,000
 
   
CYTORI THERAPEUTICS, INC.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(UNAUDITED)
 
For the Three Months

Ended September 30,

For the Nine Months

Ended September 30,

2012   2011 2012   2011
 
Product revenues $ 1,314,000 $ 2,134,000 $ 4,741,000 $ 5,908,000
 
Cost of product revenues 703,000 942,000 2,588,000 2,893,000
 
Gross profit 611,000 1,192,000 2,153,000 3,015,000
 
Development revenues:
Development, related party 2,413,000 1,231,000
Research grant and other 2,000 5,000 21,000 19,000
2,000 5,000 2,434,000 1,250,000
Operating expenses:
Research and development 3,555,000 2,830,000 9,615,000 8,948,000
Sales and marketing 2,450,000 3,618,000 7,406,000 10,560,000
General and administrative 3,777,000 3,538,000 11,489,000 11,230,000
Change in fair value of warrant liability 863,000 (1,536,000 ) 1,244,000 (3,714,000 )
Change in fair value of option liability 300,000 570,000 490,000 680,000
 
Total operating expenses 10,945,000 9,020,000 30,244,000 27,704,000
 
Operating loss (10,332,000 ) (7,823,000 ) (25,657,000 ) (23,439,000 )
 
Other income (expense):
Interest income 3,000 3,000 7,000
Interest expense (857,000 ) (489,000 ) (2,582,000 ) (1,923,000 )
Other income (expense), net (17,000 ) 25,000 (91,000 ) (36,000 )
Equity loss from investment in joint venture (42,000 ) (51,000 ) (128,000 ) (153,000 )
 
Total other income (expense) (916,000 ) (512,000 ) (2,798,000 ) (2,105,000 )
 
Net loss $ (11,248,000 ) $ (8,335,000 ) $ (28,455,000 ) $ (25,544,000 )
 
Basic and diluted net loss per common share $ (0.19 ) $ (0.15 ) $ (0.49 ) $ (0.48 )
 
Basic and diluted weighted average common shares 58,713,036 53,900,250 58,292,911 52,775,861
 
 
CYTORI THERAPEUTICS, INC.
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(UNAUDITED)
 
For the Nine Months Ended September 30,
  2012     2011
Cash flows from operating activities:
Net loss $ (28,455,000 ) $ (25,544,000 )
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization 712,000 621,000
Amortization of deferred financing costs and debt discount 706,000 471,000
Provision for doubtful accounts 99,000 274,000
Change in fair value of warrant liability 1,244,000 (3,714,000 )
Change in fair value of option liability 490,000 680,000
Share-based compensation expense 2,907,000 2,578,000
Equity loss from investment in joint venture 128,000 153,000
Increases (decreases) in cash caused by changes in operating assets and liabilities:
Accounts receivable 698,000 (168,000 )
Inventories (93,000 ) (775,000 )
Other current assets (253,000 ) 132,000
Other assets 16,000 (764,000 )
Accounts payable and accrued expenses 254,000 (396,000 )
Deferred revenues, related party (2,413,000 ) (1,231,000 )
Deferred revenues (97,000 ) 189,000
Long-term deferred rent   180,000   70,000
 
Net cash used in operating activities   (23,877,000 )   (27,424,000 )
 
Cash flows from investing activities:
Purchases of property and equipment   (1,077,000 )   (458,000 )
 
Net cash used in investing activities   (1,077,000 )   (458,000 )
 
Cash flows from financing activities:
Principal payments on long-term debt (210,000 ) (4,460,000 )
Proceeds from long-term debt 9,444,000
Debt issuance costs and loan fees (719,000 )
Proceeds from exercise of employee stock options and warrants 988,000 2,849,000
Proceeds from sale of common stock 4,946,000 9,038,000
Costs from sale of common stock   (64,000 )   (135,000 )
 
Net cash provided by financing activities   5,660,000   16,017,000
 
Net decrease in cash and cash equivalents (19,294,000 ) (11,865,000 )
 
Cash and cash equivalents at beginning of period   36,922,000   52,668,000
 
Cash and cash equivalents at end of period $ 17,628,000 $ 40,803,000
 




4 of 5

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
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 17,279.74 +13.75 0.08%
S&P 500 2,010.40 -0.96 -0.05%
NASDAQ 4,579.7890 -13.6380 -0.30%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

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