Ventracor 2006 results
Ventracor Limited (ASX: VCR) today reported revenues of $1.10 million (2005: $nil) for the 2006 financial year from sales of its VentrAssist implantable cardiac assist system to leading transplant centres in the United States, Britain, Norway and Australia.
When combined with interest earned on cash deposits and bank bills, total revenue was $2.65 million (2005: $2.7 million) for the year ended 30 June 2006.
The net loss of $30.07 million (2005: $28.31 million) was in line with expectations and reflects the increase in the company's global clinical trial activity and expansion into markets outside Australia and is inclusive of the impacts of Australian equivalents to International Financial Reporting Standards (AIFRS).
Ventracor had cash reserves at 30 June 2006 of $51.87 million (2005: $32.95 million) following the successful recent completion of an institutional placement and rights issue.
Ventracor Chief Executive Officer Peter Crosby said: "We expect revenues will continue to grow as our business develops.
"Ventracor has made substantial progress over the last year towards our strategic goal of building a profitable, sustainable, global, scalable business.
"The medical procedure for implanting a left ventricular assist device (LVAD) is reimbursed in the USA, even during clinical trials, so devices implanted under our US clinical trial are billed and contribute revenue.
"Once we achieve CE Mark approval, we expect revenues from sales in Europe will make a growing contribution to our future revenues.
"With over 60 VentrAssist LVADs implanted (more than all other third generation centrifugal pumps from all competitor companies combined), we are building momentum towards gaining significant market share in the global LVAD industry," Mr Crosby said.
Ventracor is a global medical device company which has developed a blood pump, the VentrAssist left ventricular assist device (LVAD) for patients in heart failure.
Further information, visit www.ventracor.com or contact: Andrew Geddes Manager, Investor Relations Ventracor Limited +61 2 9406 3086
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