Tutogen grows top-line by 42% for 2007:
This article was originally published in Clinica
Trading in Tutogen Medical shares began the week on a positive note after the Alachua, Florida-based biological implants manufacturer announced solid results for its fiscal year 2007. Revenues soared 42% to $53.8m, helped by a 92% increase in sales of spinal products and a 65% increase in sales of surgical specialty products. The firm also benefited from a $4.2m tax benefit, which boosted net income to $6.8m. Excluding this one-off gain, net earnings were $2.6m, compared to a loss of $0.6m in the previous year. Tutogen is currently in a pending merger agreement with fellow biologics implant company Regeneration Technologies (see Clinica No 1283, p 14). Completion of the stock-for-stock transaction, valued at $263m, is expected in March 2008.
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