EDAP TMS SA (EDAP) Posts Stronger Q1 Financials Driven by Device Sales

QualityStocks would like to highlight EDAP TMS SA (NASDAQ: EDAP). The company develops and markets Ablatherm, the most advanced and clinically proven choice for high-intensity focused ultrasound (HIFU) treatment of localized prostate cancer.

In the company’s news yesterday,

EDAP TMS SA announced financial results for the first quarter ended March 31, 2011, demonstrating growth across the board. All financial figures are expressed in U.S. dollar amounts.

Total revenue for the first quarter 2011 increased by 12.1 percent to $6.8 million compared to $5.9 million reported for the first quarter of 2010, reflecting strong lithotripsy device sales.

“Our innovative lithotripsy product line continues to be well received by the global urology community as exemplified by the strong reception received at the recent EAU, JUA and AUA meetings. During the first quarter, we sold seven lithotripsy devices as we continue to increase market share. At the beginning of the second quarter 2011, we have a strong pipeline of projects and continue to promote and penetrate new markets with our innovative and unique range of lithotripters,” Marc Oczachowski, EDAP’s CEO stated in the press release.

Gross profit for the first quarter 2011 increased by 15.2 percent to $2.7 million compared to $2.3 million reported for the comparable quarter of 2010. Gross profit margin was 40.7 percent in the first quarter 2011, compared to 39.6 percent in the year ago period.

Operating expenses were $3.7 million for the first quarter 2011, down 14.6 percent from $4.2 million reported for the same period 2010. EDAP reported an operating loss of $932,000 for the first quarter 2011, compared to $1.9 million in the first quarter of 2010.

Net income for the first quarter of 2011 was $295,000, or $0.02 per share, compared to a net loss of $3.5 million, or $(0.33) per share in the first quarter of 2010.

At March 31, 2011, EDAP reported cash and cash equivalents, including short-term treasury investments, of $8.6 million.

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Forward-Looking Statement:

This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. Risks and uncertainties applicable to the company and its business could cause the company's actual results to differ materially from those indicated in any forward-looking statements.