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breaking out all of the cliches here
he won't pump it, unless he's getting paid
wow, all this ROSV hype has me thinking that the crew here is heavily frontloaded and ready to dump
nFinanSeMusic.com Releases Volume 2 of Free Music Downloads
Artist with No. 1 Hit in Germany, Van Risseghem, Heads List of Eight Cutting-Edge Acts
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{"s" : "nfse.ob","k" : "a00,a50,b00,b60,c10,g00,h00,l10,p20,t10,v00","o" : "","j" : ""}
Press Release Source: nFinanSe Inc. On Tuesday May 11, 2010, 8:00 am
TAMPA, Fla.--(BUSINESS WIRE)--nFinanSe Inc. (OTCBB: NFSE - News), a leading reloadable prepaid card provider, in conjunction with its entertainment partner, Inspire, today released Volume 2 on its online music site, www.nFinanSeMusic.com, which provides free downloads by new artists and is intended to appeal to young adults ages 18 to 25.
“Music is an integral part of each of our lives and we want to use it to connect the nFinanSe brand with everyone who loves new, cutting-edge songs,” said Jerry R. Welch, Chairman and CEO of nFinanSe. “We’ve identified eight new, exciting artists, all with an interesting story to tell. Their sounds are all unique, distinctive and fresh for today’s music lovers.”
“We’re proud of our innovative approach to promoting emerging artists and fortifying great American brands like nFinanSe,” said Jimmy Dunne, President of Inspire. “There’s so much amazing talent out there and this is a fantastic way to provide artists with meaningful exposure to a broad, new audience.”
“We have connected the nFinanSe brand with thousands of young music lovers in a very powerful way that is familiar and comfortable for them,” according to Mr. Welch. “We will continue to build on what we have learned with Volume 1 to further expose our brand with this demographic.”
Volume 2 features songs spanning a wide variety of musical artists from country and contemporary Christian to rock and jazz.
Featured artists include:
* Van Risseghem’s career has exploded with critical acclaim from Relevant Magazine and College News Magazine. His single, “The Motions” debuted at No. 1 on the top-40 German radio station BigFM. He was selected as one of the top 100 artists on MTV’s Ourstage.com and most recently was filmed for a 30 minute Cox Cable “ON DEMAND” special.
* Press Play’s debut album “Life Is Beautiful” was No. 45 on the Billboard 200, No. 2 on Christian charts, and they also made the independent record charts at No. 6. All proceeds from the sale of their CD go directly to the Los Angeles Dream Center, which provides shelter, life rehabilitation, education, basic needs, job training and numerous resources to Los Angeles' most impoverished neighborhoods.
* Say It Twice blends the European influences of U2 and Coldplay with American acts like The Killers and Kings of Leon to create their own unique sound. They recently released their self-titled EP and have received positive reviews. According to one reviewer, “The music is honest, unadorned, inoffensive pop-rock...a bevy of soaring vocals, swelling choruses and a mid-tempo simplicity.”
* Tim Halperin’s piano-based pop music has a touch of jazz and hints of his biggest influences such as Ben Folds and Elton John. Fans will tell you that Tim’s way with catchy melodies and his unmistakable rhythmic piano vibe are his most distinctive traits. Currently, Tim is on the “Sorority Tour,” traveling to universities near and far performing for sorority meetings. He’s been featured on AOL Music Main page, XM Radio’s Radar Report, NBC’s Kansas City Live and showcased in Austin’s Red Gorilla Music Festival.
“We view nFinanSeMusic.com as a revolutionary new approach to brand marketing,” Mr. Welch said. “Simply put, it is event marketing meets technology and social media.”
Artists may submit CDs for consideration in care of nFinanSe through Inspire at 9800 Wilshire Blvd., Beverly Hills, California 90212, or at JS@InspireEntertainment.com.
About Inspire
Inspire is America’s leading full-service music branding company, having created many of the most celebrated campaigns in the past decade; including campaigns for Whole Foods Market, JC Penney, UPS, Staples, Coffee Bean & Tea Leaf, CB Richard Ellis, Legg Mason, Claire’s Accessories, Visa, InterCall, Buca di Beppo, Kimberly Clark, NFL, Bell Telephone, St. Joseph’s Aspirin, Caruso Affiliated, Coldwater Creek and many, many more.
Through strong, trusted relationships with all the major music distributors and labels, the leading independent labels; the global publishing companies; personal relationships with managers, music producers and artists – Inspire has access to all leading artists and songs. Inspire executes a broad range of music and entertainment initiatives that create new revenue streams, emotionally fortifies their brands and draw customers.
About nFinanSe Inc.
nFinanSe Inc. (OTC Bulletin Board: NFSE - News) is an innovative financial services company and provider of stored value and prepaid card solutions headquartered in Tampa, Florida. nFinanSe has developed the nFinanSe Network™, a secure, reliable value load and activation platform that connects with retail merchants and other value load stations located throughout the United States. For more information, visit www.nfinanse.com.
Contact:
nFinanSe Inc.
Clare Morgan, 813-367-4400 ext. 2110
cmorgan@nfinanse.com
or
Olmstead Williams Communications, Inc.
Ashton Uytengsu, 310-4797055
auytengsu@olmsteadwilliams.com
NEWS!!!!!!!!!
nFinanSeMusic.com Releases Volume 2 of Free Music Downloads
Artist with No. 1 Hit in Germany, Van Risseghem, Heads List of Eight Cutting-Edge Acts
businesswire
o
Buzz up! 0
o Print
*
Companies:
o nFinanSe Inc
Related Quotes
Symbol Price Change
NFSE.OB 0.18 0.00
Chart for NFINANSE INC
{"s" : "nfse.ob","k" : "a00,a50,b00,b60,c10,g00,h00,l10,p20,t10,v00","o" : "","j" : ""}
Press Release Source: nFinanSe Inc. On Tuesday May 11, 2010, 8:00 am
TAMPA, Fla.--(BUSINESS WIRE)--nFinanSe Inc. (OTCBB: NFSE - News), a leading reloadable prepaid card provider, in conjunction with its entertainment partner, Inspire, today released Volume 2 on its online music site, www.nFinanSeMusic.com, which provides free downloads by new artists and is intended to appeal to young adults ages 18 to 25.
“Music is an integral part of each of our lives and we want to use it to connect the nFinanSe brand with everyone who loves new, cutting-edge songs,” said Jerry R. Welch, Chairman and CEO of nFinanSe. “We’ve identified eight new, exciting artists, all with an interesting story to tell. Their sounds are all unique, distinctive and fresh for today’s music lovers.”
“We’re proud of our innovative approach to promoting emerging artists and fortifying great American brands like nFinanSe,” said Jimmy Dunne, President of Inspire. “There’s so much amazing talent out there and this is a fantastic way to provide artists with meaningful exposure to a broad, new audience.”
“We have connected the nFinanSe brand with thousands of young music lovers in a very powerful way that is familiar and comfortable for them,” according to Mr. Welch. “We will continue to build on what we have learned with Volume 1 to further expose our brand with this demographic.”
Volume 2 features songs spanning a wide variety of musical artists from country and contemporary Christian to rock and jazz.
Featured artists include:
* Van Risseghem’s career has exploded with critical acclaim from Relevant Magazine and College News Magazine. His single, “The Motions” debuted at No. 1 on the top-40 German radio station BigFM. He was selected as one of the top 100 artists on MTV’s Ourstage.com and most recently was filmed for a 30 minute Cox Cable “ON DEMAND” special.
* Press Play’s debut album “Life Is Beautiful” was No. 45 on the Billboard 200, No. 2 on Christian charts, and they also made the independent record charts at No. 6. All proceeds from the sale of their CD go directly to the Los Angeles Dream Center, which provides shelter, life rehabilitation, education, basic needs, job training and numerous resources to Los Angeles' most impoverished neighborhoods.
* Say It Twice blends the European influences of U2 and Coldplay with American acts like The Killers and Kings of Leon to create their own unique sound. They recently released their self-titled EP and have received positive reviews. According to one reviewer, “The music is honest, unadorned, inoffensive pop-rock...a bevy of soaring vocals, swelling choruses and a mid-tempo simplicity.”
* Tim Halperin’s piano-based pop music has a touch of jazz and hints of his biggest influences such as Ben Folds and Elton John. Fans will tell you that Tim’s way with catchy melodies and his unmistakable rhythmic piano vibe are his most distinctive traits. Currently, Tim is on the “Sorority Tour,” traveling to universities near and far performing for sorority meetings. He’s been featured on AOL Music Main page, XM Radio’s Radar Report, NBC’s Kansas City Live and showcased in Austin’s Red Gorilla Music Festival.
“We view nFinanSeMusic.com as a revolutionary new approach to brand marketing,” Mr. Welch said. “Simply put, it is event marketing meets technology and social media.”
Artists may submit CDs for consideration in care of nFinanSe through Inspire at 9800 Wilshire Blvd., Beverly Hills, California 90212, or at JS@InspireEntertainment.com.
About Inspire
Inspire is America’s leading full-service music branding company, having created many of the most celebrated campaigns in the past decade; including campaigns for Whole Foods Market, JC Penney, UPS, Staples, Coffee Bean & Tea Leaf, CB Richard Ellis, Legg Mason, Claire’s Accessories, Visa, InterCall, Buca di Beppo, Kimberly Clark, NFL, Bell Telephone, St. Joseph’s Aspirin, Caruso Affiliated, Coldwater Creek and many, many more.
Through strong, trusted relationships with all the major music distributors and labels, the leading independent labels; the global publishing companies; personal relationships with managers, music producers and artists – Inspire has access to all leading artists and songs. Inspire executes a broad range of music and entertainment initiatives that create new revenue streams, emotionally fortifies their brands and draw customers.
About nFinanSe Inc.
nFinanSe Inc. (OTC Bulletin Board: NFSE - News) is an innovative financial services company and provider of stored value and prepaid card solutions headquartered in Tampa, Florida. nFinanSe has developed the nFinanSe Network™, a secure, reliable value load and activation platform that connects with retail merchants and other value load stations located throughout the United States. For more information, visit www.nfinanse.com.
Contact:
nFinanSe Inc.
Clare Morgan, 813-367-4400 ext. 2110
cmorgan@nfinanse.com
or
Olmstead Williams Communications, Inc.
Ashton Uytengsu, 310-4797055
auytengsu@olmsteadwilliams.com
i see a notation for NEWS on my ticker, but nothing comes up
let's face it, Capstar...there has been zero dilution with this company as evidenced by the volume
need to up the bid here...some more volume would help too
ROHI hod !!!!!!!!!!!!!
NFSE !!!!!!!!!!!!!!!!!
Rotech Healthcare Reports First Quarter 2010 Financial Results
Last update: 5/10/2010 1:59:00 PM
ORLANDO, Fla., May 10, 2010 (BUSINESS WIRE) -- Rotech Healthcare Inc. (ROHI) (the "Company") today announced financial results for the first quarter ended March 31, 2010.
Highlights for the first quarter include:
-- Net revenues excluding nebulizer medications of $110.6 million, an increase of $9.3 million (9%) compared to first quarter 2009
-- Net revenues from non-Medicare payors increased to 59.0% from 56.5% in first quarter 2009
-- Adjusted EBITDA(1) increased to $25.2 million from $21.2 million in first quarter 2009
-- Cash and cash equivalents of $58.7 million at March 31, 2010
-- Core oxygen and CPAP patient growth of 8% over first quarter 2009
"First quarter results demonstrated solid growth in net revenues and patient counts," said Philip Carter, President and Chief Executive Officer. "Our success in 2009 in reducing SG&A by more than $45 million compared to 2008 has positioned us in 2010 to better address our upcoming debt maturities. We intend to refinance part or all of our debt prior to maturity, subject, of course, to continued favorable performance and market conditions," added Mr. Carter.
Liquidity and Debt
As of March 31, 2010, the Company had $58.7 million in cash. The Company has continued its election to pay cash interest on its payment-in-kind term loan since September 2009. As of March 31, 2010, the Company had approximately $514.6 million of long-term debt outstanding consisting of $225.8 in its senior credit facility which matures in September 2011, and $287.0 million in senior subordinated notes which mature in April 2012. The Company's ratio of net debt to Adjusted EBITDA as of March 31, 2010 is 4.8 times, based upon annualized first quarter 2010 Adjusted EBITDA of $100.8 million and excess cash of $28.7 million.
About Rotech Healthcare Inc.
Rotech Healthcare Inc. is one of the largest providers of home medical equipment and related products and services in the United States, with a comprehensive offering of respiratory therapy and durable home medical equipment and related services. The Company provides home medical equipment and related products and services principally to older patients with breathing disorders, such as chronic obstructive pulmonary diseases (COPD), which include chronic bronchitis, emphysema, obstructive sleep apnea and other cardiopulmonary disorders. The Company provides equipment and services in 48 states through approximately 450 operating locations located primarily in non-urban markets.
Forward-Looking Statements
This press release contains certain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of section 21E of the Securities Exchange Act of 1934, as amended, and section 27A of the Securities Act of 1933, as amended. These forward-looking statements include all statements regarding the intent, belief or current expectations regarding matters discussed in this press release and all statements which are not statements of historical fact. Words such as "expects," "anticipates," "intends," "plans," "believes," "estimates," "projects," "may," "will," "could," "should," "would," variations of such words and similar expressions are intended to identify such forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties, contingencies and other factors that could cause results, performance or achievements to differ materially from those stated or implied in this press release. The following are some but not all of such risks, uncertainties, contingencies, assumptions and other factors, many of which are beyond the control of the Company, that could cause results, performance or achievements to differ materially from those anticipated: general economic, financial and business conditions; changes in reimbursement policies, the timing of reimbursements and other legislative initiatives aimed at reducing health care costs associated with Medicare and Medicaid; issues relating to reimbursement by government and third-party payors for the Company's products and services generally; the costs associated with government regulation of the health care industry; health care reform and the effect of changes in federal and state health care regulations generally; whether the Company will be subject to additional regulatory restrictions or penalties; issues relating to our ability to maintain effective internal control over financial reporting and disclosure controls and procedures; compliance with federal and state regulatory agencies, as well as accreditation standards and confidentiality requirements with respect to patient information; the effects of competitions, industry consolidation and referral sources; compliance with various settlement agreements and corporate compliance programs; the costs and effects of legal proceedings; the Company's ability to meet our working capital, capital expenditures and other liquidity needs, our ability to maintain compliance with the covenants contained in our credit agreement; our ability to refinance all or part of our outstanding debt obligations on or prior to maturity; our ability to successfully transition and retain patients associated with equipment purchases; our ability to maintain current levels of collectibility on our accounts receivable; and other factors as described in the Company's filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date thereof. The Company does not undertake any obligation to publicly release any revisions to any forward-looking statements to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events.
Descriptions of Adjusted EBITDA and reconciliations to our GAAP results are included in the tables and notes attached to this press release.
R OTECH HEALTHCARE INC. AND SUBSIDIARIES FINANCIAL HIGHLIGHTS (In millions, except per share data) UNAUDITEDSchedule 1Condensed Consolidated Statements of Operations T hree months ended March 31, ---------------------- 2010 2009 -------------- --------------Net revenues $ 123.4 $ 118.6Costs and expenses: Cost of net revenues 40.8 44.4 Selling, general and administrative 66.5 63.0 Provision for doubtful accounts 9.3 4.0 Depreciation and amortization 2.0 2.6 ----- ----- Total costs and expenses 118.6 114.0 ----- ----- Operating income 4.8 4.6 ----- -----Other expense (income): Interest expense, net 11.1 11.4 Other expense (income), net 0.1 (0.3 ) ----- ----- -Total other expense 11.2 11.1 ----- ----- Loss before income taxes (6.4 ) (6.5 )Federal and state income tax expense (benefit) 0.1 0.0 ----- ----- Net loss (6.5 ) (6.5 )Accrued dividends on convertible redeemable preferred stock 0.1 0.1 ----- ----- Net loss attributable to common stockholders $ (6.6 ) $ (6.6 ) ===== ===== = ===== ===== =Net loss per common share: Basic and Diluted $ (0.26 ) $ (0.26 )
R OTECH HEALTHCARE INC. AND SUBSIDIARIES FINANCIAL HIGHLIGHTS (In millions, except per share data) UNAUDITEDSchedule 2Reconciliations of Net (Loss) Earnings to Adjusted EBITDAUse of Non-GAAP MeasuresWe present Adjusted EBITDA as a supplemental measure of ourperformance that is not required by, or presented in accordancewith, generally accepted accounting principles (GAAP) in theUnited States of America. We define Adjusted EBITDA as net lossadjusted for (i) income tax benefit, (ii) interest expense and(iii) depreciation and amortization, as further adjusted toeliminate the impact of certain items that we do not considerindicative of our ongoing operating performance. These furtheradjustments are itemized below. You are encouraged to evaluatethese adjustments and the reasons we consider them appropriate forsupplemental analysis. We believe Adjusted EBITDA assistsinvestors and securities analysts in comparing our performanceacross reporting periods on a consistent basis by excluding itemsthat we do not believe are indicative of our core operatingperformance. In addition we use Adjusted EBITDA: (i) to evaluatethe effectiveness of our business strategies and (ii) because ourcredit agreement uses measures similar to Adjusted EBITDA (definedtherein as Consolidated EBITDA) to measure our compliance withcertain covenants. In evaluating Adjusted EBITDA, you should beaware that in the future we may incur expenses that are the sameas or similar to some of the adjustments in this presentation. Ourpresentation of Adjusted EBITDA should not be construed as aninference that our future results will be unaffected by unusual ornon-recurring items. F F or the quarter ended or the year ended March 31, December 31, (dollars in millions) 2010 2009 2009 2008 2007 2006 2005------------------------------------------------------------------ ----------- ----------- ------------ ------------- ------------ ------------- ------------Adjusted EBITDA(1)Net (loss) earnings $ (6.5 ) $ (6.5 ) $ (21.1 ) $ (246.9 ) $ (46.3 ) $ (534.0 ) $ 5.5Federal and state income tax expense (benefit) 0.2 -- -- (0.4 ) (4.8 ) (38.8 ) 3.6Interest expense 11.2 11.6 45.6 50.4 48.9 36.2 31.5Depreciation and amortization, including patient service equipment 15.1 16.0 63.4 66.9 62.8 62.1 65.5depreciationAdjustments to EBITDA:Goodwill and long-lived asset impairments (A) -- -- -- 207.0 -- 533.0 --Loss on extinguishment of debt (B) -- -- -- -- 12.2 1.2 --Accounts receivable adjustments (C) 5.0 -- -- -- -- 17.5 --Restructuring expense (D) 0.1 -- -- 4.1 -- -- 0.3Settlement costs (E) -- -- -- -- 3.7 0.3 0.1Strategic transaction fees (F) -- -- -- -- -- 3.2 --Non-cash equity-based compensation expense (G) 0.1 0.1 0.5 0.5 0.2 -- --Other adjustments (H) -- -- 0.3 -- -- -- (1.5 ) ---- ---- ----- ------ ----- ------ ----- -- $ 25.2 $ 21.2 $ 88.7 $ 81.6 $ 76.7 $ 80.7 $ 105.0 Adjusted EBITDA (1) == ==== == == ==== == == ===== == == ====== == == ===== == == ====== == == ===== ==
(1) Non-GAAP Measure
(A) Reflects non-cash charges related to impairment of intangible and other long-lived assets.
(B) Loss on extinguishment of debt associated with refinancing activities.
(C) Accounts receivable adjustments associated with specific collection issues that are not considered indicative of our ongoing operating performance. During 2009, we transitioned all patient-related collection activities to a third-party vendor. We experienced extended delays and implementation issues associated with this transition. During the quarter ended March 31, 2010, we completed the initial collection phases associated with the early patient balances most impacted by these transition issues and have determined that an additional provision for doubtful accounts in the amount of $5.0 million is required to allow for a lower percentage of collection on patient receivables resulting from these transition issues. Management believes that these transition issues have been fully resolved and the increased provision for doubtful accounts recorded during the three months ended March 31, 2010 is not indicative of expected future rates of patient collections. During fiscal year 2006, the Company recorded a $17.5 million dollar charge to net revenue associated with accounts receivable collection issues which is reflected as an adjustment to EBITDA as an extraordinary, unusual or non-recurring item as provided under our credit agreement.
(D) Restructuring expense generally consists of severance costs.
(E) Settlement costs incurred outside our ordinary course of business which we do not believe reflect the current and ongoing cash charges related to our operating cost structure.
(F) Strategic transaction fees represent legal and consulting fees associated with a proposed strategic transition that was not consummated which is reflected as an adjustment to EBITDA as an extraordinary, unusual or non-recurring item as provided under our credit agreement.
(G) Non-cash equity-based employee compensation expense provided as an explicit adjustment to EBITDA under our credit agreement.
(H) Other adjustments allowed in calculating our debt covenant in our credit agreement.
Schedule 3
Selected Balance Sheet Data
R OTECH HEALTHCARE INC. AND SUBSIDIARIES FINANCIAL HIGHLIGHTS (In millions, except per share data) UNAUDITED M D arch 31, 2010 ecember 31, 2009 -------------- ----------------Cash and cash equivalents $ 58.7 $ 58.9Accounts receivable, net 72.2 67.7Total current assets 145.9 142.7Total assets 294.0 298.5Total current liabilities 59.4 57.6Long-term debt, less current portion 512.8 512.9Total stockholders' deficiency (284.9 ) (278.4 )Total liabilities and stockholders' deficiency 294.0 298.5Selected Cash Flow Data F F or the three or the three months ended months ended March 31, 2010 March 31, 2009 -------------- ----------------Net cash provided by operating activities $ 11.3 $ 2.4Net cash used in investing activities (11.2 ) (7.0 )Net cash used in financing activities (0.3 ) (0.3 )
(1) See accompanying tables for reconciliation to net loss.
SOURCE: Rotech Healthcare Inc.
Rotech Healthcare Inc. Philip L. Carter, President & Chief Executive Officer, 407-822-4600
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Rotech Healthcare Reports First Quarter 2010 Financial Results
Last update: 5/10/2010 1:59:00 PM
ORLANDO, Fla., May 10, 2010 (BUSINESS WIRE) -- Rotech Healthcare Inc. (ROHI) (the "Company") today announced financial results for the first quarter ended March 31, 2010.
Highlights for the first quarter include:
-- Net revenues excluding nebulizer medications of $110.6 million, an increase of $9.3 million (9%) compared to first quarter 2009
-- Net revenues from non-Medicare payors increased to 59.0% from 56.5% in first quarter 2009
-- Adjusted EBITDA(1) increased to $25.2 million from $21.2 million in first quarter 2009
-- Cash and cash equivalents of $58.7 million at March 31, 2010
-- Core oxygen and CPAP patient growth of 8% over first quarter 2009
"First quarter results demonstrated solid growth in net revenues and patient counts," said Philip Carter, President and Chief Executive Officer. "Our success in 2009 in reducing SG&A by more than $45 million compared to 2008 has positioned us in 2010 to better address our upcoming debt maturities. We intend to refinance part or all of our debt prior to maturity, subject, of course, to continued favorable performance and market conditions," added Mr. Carter.
Liquidity and Debt
As of March 31, 2010, the Company had $58.7 million in cash. The Company has continued its election to pay cash interest on its payment-in-kind term loan since September 2009. As of March 31, 2010, the Company had approximately $514.6 million of long-term debt outstanding consisting of $225.8 in its senior credit facility which matures in September 2011, and $287.0 million in senior subordinated notes which mature in April 2012. The Company's ratio of net debt to Adjusted EBITDA as of March 31, 2010 is 4.8 times, based upon annualized first quarter 2010 Adjusted EBITDA of $100.8 million and excess cash of $28.7 million.
About Rotech Healthcare Inc.
Rotech Healthcare Inc. is one of the largest providers of home medical equipment and related products and services in the United States, with a comprehensive offering of respiratory therapy and durable home medical equipment and related services. The Company provides home medical equipment and related products and services principally to older patients with breathing disorders, such as chronic obstructive pulmonary diseases (COPD), which include chronic bronchitis, emphysema, obstructive sleep apnea and other cardiopulmonary disorders. The Company provides equipment and services in 48 states through approximately 450 operating locations located primarily in non-urban markets.
Forward-Looking Statements
This press release contains certain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of section 21E of the Securities Exchange Act of 1934, as amended, and section 27A of the Securities Act of 1933, as amended. These forward-looking statements include all statements regarding the intent, belief or current expectations regarding matters discussed in this press release and all statements which are not statements of historical fact. Words such as "expects," "anticipates," "intends," "plans," "believes," "estimates," "projects," "may," "will," "could," "should," "would," variations of such words and similar expressions are intended to identify such forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties, contingencies and other factors that could cause results, performance or achievements to differ materially from those stated or implied in this press release. The following are some but not all of such risks, uncertainties, contingencies, assumptions and other factors, many of which are beyond the control of the Company, that could cause results, performance or achievements to differ materially from those anticipated: general economic, financial and business conditions; changes in reimbursement policies, the timing of reimbursements and other legislative initiatives aimed at reducing health care costs associated with Medicare and Medicaid; issues relating to reimbursement by government and third-party payors for the Company's products and services generally; the costs associated with government regulation of the health care industry; health care reform and the effect of changes in federal and state health care regulations generally; whether the Company will be subject to additional regulatory restrictions or penalties; issues relating to our ability to maintain effective internal control over financial reporting and disclosure controls and procedures; compliance with federal and state regulatory agencies, as well as accreditation standards and confidentiality requirements with respect to patient information; the effects of competitions, industry consolidation and referral sources; compliance with various settlement agreements and corporate compliance programs; the costs and effects of legal proceedings; the Company's ability to meet our working capital, capital expenditures and other liquidity needs, our ability to maintain compliance with the covenants contained in our credit agreement; our ability to refinance all or part of our outstanding debt obligations on or prior to maturity; our ability to successfully transition and retain patients associated with equipment purchases; our ability to maintain current levels of collectibility on our accounts receivable; and other factors as described in the Company's filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date thereof. The Company does not undertake any obligation to publicly release any revisions to any forward-looking statements to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events.
Descriptions of Adjusted EBITDA and reconciliations to our GAAP results are included in the tables and notes attached to this press release.
R OTECH HEALTHCARE INC. AND SUBSIDIARIES FINANCIAL HIGHLIGHTS (In millions, except per share data) UNAUDITEDSchedule 1Condensed Consolidated Statements of Operations T hree months ended March 31, ---------------------- 2010 2009 -------------- --------------Net revenues $ 123.4 $ 118.6Costs and expenses: Cost of net revenues 40.8 44.4 Selling, general and administrative 66.5 63.0 Provision for doubtful accounts 9.3 4.0 Depreciation and amortization 2.0 2.6 ----- ----- Total costs and expenses 118.6 114.0 ----- ----- Operating income 4.8 4.6 ----- -----Other expense (income): Interest expense, net 11.1 11.4 Other expense (income), net 0.1 (0.3 ) ----- ----- -Total other expense 11.2 11.1 ----- ----- Loss before income taxes (6.4 ) (6.5 )Federal and state income tax expense (benefit) 0.1 0.0 ----- ----- Net loss (6.5 ) (6.5 )Accrued dividends on convertible redeemable preferred stock 0.1 0.1 ----- ----- Net loss attributable to common stockholders $ (6.6 ) $ (6.6 ) ===== ===== = ===== ===== =Net loss per common share: Basic and Diluted $ (0.26 ) $ (0.26 )
R OTECH HEALTHCARE INC. AND SUBSIDIARIES FINANCIAL HIGHLIGHTS (In millions, except per share data) UNAUDITEDSchedule 2Reconciliations of Net (Loss) Earnings to Adjusted EBITDAUse of Non-GAAP MeasuresWe present Adjusted EBITDA as a supplemental measure of ourperformance that is not required by, or presented in accordancewith, generally accepted accounting principles (GAAP) in theUnited States of America. We define Adjusted EBITDA as net lossadjusted for (i) income tax benefit, (ii) interest expense and(iii) depreciation and amortization, as further adjusted toeliminate the impact of certain items that we do not considerindicative of our ongoing operating performance. These furtheradjustments are itemized below. You are encouraged to evaluatethese adjustments and the reasons we consider them appropriate forsupplemental analysis. We believe Adjusted EBITDA assistsinvestors and securities analysts in comparing our performanceacross reporting periods on a consistent basis by excluding itemsthat we do not believe are indicative of our core operatingperformance. In addition we use Adjusted EBITDA: (i) to evaluatethe effectiveness of our business strategies and (ii) because ourcredit agreement uses measures similar to Adjusted EBITDA (definedtherein as Consolidated EBITDA) to measure our compliance withcertain covenants. In evaluating Adjusted EBITDA, you should beaware that in the future we may incur expenses that are the sameas or similar to some of the adjustments in this presentation. Ourpresentation of Adjusted EBITDA should not be construed as aninference that our future results will be unaffected by unusual ornon-recurring items. F F or the quarter ended or the year ended March 31, December 31, (dollars in millions) 2010 2009 2009 2008 2007 2006 2005------------------------------------------------------------------ ----------- ----------- ------------ ------------- ------------ ------------- ------------Adjusted EBITDA(1)Net (loss) earnings $ (6.5 ) $ (6.5 ) $ (21.1 ) $ (246.9 ) $ (46.3 ) $ (534.0 ) $ 5.5Federal and state income tax expense (benefit) 0.2 -- -- (0.4 ) (4.8 ) (38.8 ) 3.6Interest expense 11.2 11.6 45.6 50.4 48.9 36.2 31.5Depreciation and amortization, including patient service equipment 15.1 16.0 63.4 66.9 62.8 62.1 65.5depreciationAdjustments to EBITDA:Goodwill and long-lived asset impairments (A) -- -- -- 207.0 -- 533.0 --Loss on extinguishment of debt (B) -- -- -- -- 12.2 1.2 --Accounts receivable adjustments (C) 5.0 -- -- -- -- 17.5 --Restructuring expense (D) 0.1 -- -- 4.1 -- -- 0.3Settlement costs (E) -- -- -- -- 3.7 0.3 0.1Strategic transaction fees (F) -- -- -- -- -- 3.2 --Non-cash equity-based compensation expense (G) 0.1 0.1 0.5 0.5 0.2 -- --Other adjustments (H) -- -- 0.3 -- -- -- (1.5 ) ---- ---- ----- ------ ----- ------ ----- -- $ 25.2 $ 21.2 $ 88.7 $ 81.6 $ 76.7 $ 80.7 $ 105.0 Adjusted EBITDA (1) == ==== == == ==== == == ===== == == ====== == == ===== == == ====== == == ===== ==
(1) Non-GAAP Measure
(A) Reflects non-cash charges related to impairment of intangible and other long-lived assets.
(B) Loss on extinguishment of debt associated with refinancing activities.
(C) Accounts receivable adjustments associated with specific collection issues that are not considered indicative of our ongoing operating performance. During 2009, we transitioned all patient-related collection activities to a third-party vendor. We experienced extended delays and implementation issues associated with this transition. During the quarter ended March 31, 2010, we completed the initial collection phases associated with the early patient balances most impacted by these transition issues and have determined that an additional provision for doubtful accounts in the amount of $5.0 million is required to allow for a lower percentage of collection on patient receivables resulting from these transition issues. Management believes that these transition issues have been fully resolved and the increased provision for doubtful accounts recorded during the three months ended March 31, 2010 is not indicative of expected future rates of patient collections. During fiscal year 2006, the Company recorded a $17.5 million dollar charge to net revenue associated with accounts receivable collection issues which is reflected as an adjustment to EBITDA as an extraordinary, unusual or non-recurring item as provided under our credit agreement.
(D) Restructuring expense generally consists of severance costs.
(E) Settlement costs incurred outside our ordinary course of business which we do not believe reflect the current and ongoing cash charges related to our operating cost structure.
(F) Strategic transaction fees represent legal and consulting fees associated with a proposed strategic transition that was not consummated which is reflected as an adjustment to EBITDA as an extraordinary, unusual or non-recurring item as provided under our credit agreement.
(G) Non-cash equity-based employee compensation expense provided as an explicit adjustment to EBITDA under our credit agreement.
(H) Other adjustments allowed in calculating our debt covenant in our credit agreement.
Schedule 3
Selected Balance Sheet Data
R OTECH HEALTHCARE INC. AND SUBSIDIARIES FINANCIAL HIGHLIGHTS (In millions, except per share data) UNAUDITED M D arch 31, 2010 ecember 31, 2009 -------------- ----------------Cash and cash equivalents $ 58.7 $ 58.9Accounts receivable, net 72.2 67.7Total current assets 145.9 142.7Total assets 294.0 298.5Total current liabilities 59.4 57.6Long-term debt, less current portion 512.8 512.9Total stockholders' deficiency (284.9 ) (278.4 )Total liabilities and stockholders' deficiency 294.0 298.5Selected Cash Flow Data F F or the three or the three months ended months ended March 31, 2010 March 31, 2009 -------------- ----------------Net cash provided by operating activities $ 11.3 $ 2.4Net cash used in investing activities (11.2 ) (7.0 )Net cash used in financing activities (0.3 ) (0.3 )
(1) See accompanying tables for reconciliation to net loss.
SOURCE: Rotech Healthcare Inc.
Rotech Healthcare Inc. Philip L. Carter, President & Chief Executive Officer, 407-822-4600
Copyright Business Wire 2010
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ROHI financials out 58 million in cash !!!
Rotech Healthcare Reports First Quarter 2010 Financial Results
Last update: 5/10/2010 1:59:00 PM
ORLANDO, Fla., May 10, 2010 (BUSINESS WIRE) -- Rotech Healthcare Inc. (ROHI) (the "Company") today announced financial results for the first quarter ended March 31, 2010.
Highlights for the first quarter include:
-- Net revenues excluding nebulizer medications of $110.6 million, an increase of $9.3 million (9%) compared to first quarter 2009
-- Net revenues from non-Medicare payors increased to 59.0% from 56.5% in first quarter 2009
-- Adjusted EBITDA(1) increased to $25.2 million from $21.2 million in first quarter 2009
-- Cash and cash equivalents of $58.7 million at March 31, 2010
-- Core oxygen and CPAP patient growth of 8% over first quarter 2009
"First quarter results demonstrated solid growth in net revenues and patient counts," said Philip Carter, President and Chief Executive Officer. "Our success in 2009 in reducing SG&A by more than $45 million compared to 2008 has positioned us in 2010 to better address our upcoming debt maturities. We intend to refinance part or all of our debt prior to maturity, subject, of course, to continued favorable performance and market conditions," added Mr. Carter.
Liquidity and Debt
As of March 31, 2010, the Company had $58.7 million in cash. The Company has continued its election to pay cash interest on its payment-in-kind term loan since September 2009. As of March 31, 2010, the Company had approximately $514.6 million of long-term debt outstanding consisting of $225.8 in its senior credit facility which matures in September 2011, and $287.0 million in senior subordinated notes which mature in April 2012. The Company's ratio of net debt to Adjusted EBITDA as of March 31, 2010 is 4.8 times, based upon annualized first quarter 2010 Adjusted EBITDA of $100.8 million and excess cash of $28.7 million.
About Rotech Healthcare Inc.
Rotech Healthcare Inc. is one of the largest providers of home medical equipment and related products and services in the United States, with a comprehensive offering of respiratory therapy and durable home medical equipment and related services. The Company provides home medical equipment and related products and services principally to older patients with breathing disorders, such as chronic obstructive pulmonary diseases (COPD), which include chronic bronchitis, emphysema, obstructive sleep apnea and other cardiopulmonary disorders. The Company provides equipment and services in 48 states through approximately 450 operating locations located primarily in non-urban markets.
Forward-Looking Statements
This press release contains certain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of section 21E of the Securities Exchange Act of 1934, as amended, and section 27A of the Securities Act of 1933, as amended. These forward-looking statements include all statements regarding the intent, belief or current expectations regarding matters discussed in this press release and all statements which are not statements of historical fact. Words such as "expects," "anticipates," "intends," "plans," "believes," "estimates," "projects," "may," "will," "could," "should," "would," variations of such words and similar expressions are intended to identify such forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties, contingencies and other factors that could cause results, performance or achievements to differ materially from those stated or implied in this press release. The following are some but not all of such risks, uncertainties, contingencies, assumptions and other factors, many of which are beyond the control of the Company, that could cause results, performance or achievements to differ materially from those anticipated: general economic, financial and business conditions; changes in reimbursement policies, the timing of reimbursements and other legislative initiatives aimed at reducing health care costs associated with Medicare and Medicaid; issues relating to reimbursement by government and third-party payors for the Company's products and services generally; the costs associated with government regulation of the health care industry; health care reform and the effect of changes in federal and state health care regulations generally; whether the Company will be subject to additional regulatory restrictions or penalties; issues relating to our ability to maintain effective internal control over financial reporting and disclosure controls and procedures; compliance with federal and state regulatory agencies, as well as accreditation standards and confidentiality requirements with respect to patient information; the effects of competitions, industry consolidation and referral sources; compliance with various settlement agreements and corporate compliance programs; the costs and effects of legal proceedings; the Company's ability to meet our working capital, capital expenditures and other liquidity needs, our ability to maintain compliance with the covenants contained in our credit agreement; our ability to refinance all or part of our outstanding debt obligations on or prior to maturity; our ability to successfully transition and retain patients associated with equipment purchases; our ability to maintain current levels of collectibility on our accounts receivable; and other factors as described in the Company's filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date thereof. The Company does not undertake any obligation to publicly release any revisions to any forward-looking statements to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events.
Descriptions of Adjusted EBITDA and reconciliations to our GAAP results are included in the tables and notes attached to this press release.
R OTECH HEALTHCARE INC. AND SUBSIDIARIES FINANCIAL HIGHLIGHTS (In millions, except per share data) UNAUDITEDSchedule 1Condensed Consolidated Statements of Operations T hree months ended March 31, ---------------------- 2010 2009 -------------- --------------Net revenues $ 123.4 $ 118.6Costs and expenses: Cost of net revenues 40.8 44.4 Selling, general and administrative 66.5 63.0 Provision for doubtful accounts 9.3 4.0 Depreciation and amortization 2.0 2.6 ----- ----- Total costs and expenses 118.6 114.0 ----- ----- Operating income 4.8 4.6 ----- -----Other expense (income): Interest expense, net 11.1 11.4 Other expense (income), net 0.1 (0.3 ) ----- ----- -Total other expense 11.2 11.1 ----- ----- Loss before income taxes (6.4 ) (6.5 )Federal and state income tax expense (benefit) 0.1 0.0 ----- ----- Net loss (6.5 ) (6.5 )Accrued dividends on convertible redeemable preferred stock 0.1 0.1 ----- ----- Net loss attributable to common stockholders $ (6.6 ) $ (6.6 ) ===== ===== = ===== ===== =Net loss per common share: Basic and Diluted $ (0.26 ) $ (0.26 )
R OTECH HEALTHCARE INC. AND SUBSIDIARIES FINANCIAL HIGHLIGHTS (In millions, except per share data) UNAUDITEDSchedule 2Reconciliations of Net (Loss) Earnings to Adjusted EBITDAUse of Non-GAAP MeasuresWe present Adjusted EBITDA as a supplemental measure of ourperformance that is not required by, or presented in accordancewith, generally accepted accounting principles (GAAP) in theUnited States of America. We define Adjusted EBITDA as net lossadjusted for (i) income tax benefit, (ii) interest expense and(iii) depreciation and amortization, as further adjusted toeliminate the impact of certain items that we do not considerindicative of our ongoing operating performance. These furtheradjustments are itemized below. You are encouraged to evaluatethese adjustments and the reasons we consider them appropriate forsupplemental analysis. We believe Adjusted EBITDA assistsinvestors and securities analysts in comparing our performanceacross reporting periods on a consistent basis by excluding itemsthat we do not believe are indicative of our core operatingperformance. In addition we use Adjusted EBITDA: (i) to evaluatethe effectiveness of our business strategies and (ii) because ourcredit agreement uses measures similar to Adjusted EBITDA (definedtherein as Consolidated EBITDA) to measure our compliance withcertain covenants. In evaluating Adjusted EBITDA, you should beaware that in the future we may incur expenses that are the sameas or similar to some of the adjustments in this presentation. Ourpresentation of Adjusted EBITDA should not be construed as aninference that our future results will be unaffected by unusual ornon-recurring items. F F or the quarter ended or the year ended March 31, December 31, (dollars in millions) 2010 2009 2009 2008 2007 2006 2005------------------------------------------------------------------ ----------- ----------- ------------ ------------- ------------ ------------- ------------Adjusted EBITDA(1)Net (loss) earnings $ (6.5 ) $ (6.5 ) $ (21.1 ) $ (246.9 ) $ (46.3 ) $ (534.0 ) $ 5.5Federal and state income tax expense (benefit) 0.2 -- -- (0.4 ) (4.8 ) (38.8 ) 3.6Interest expense 11.2 11.6 45.6 50.4 48.9 36.2 31.5Depreciation and amortization, including patient service equipment 15.1 16.0 63.4 66.9 62.8 62.1 65.5depreciationAdjustments to EBITDA:Goodwill and long-lived asset impairments (A) -- -- -- 207.0 -- 533.0 --Loss on extinguishment of debt (B) -- -- -- -- 12.2 1.2 --Accounts receivable adjustments (C) 5.0 -- -- -- -- 17.5 --Restructuring expense (D) 0.1 -- -- 4.1 -- -- 0.3Settlement costs (E) -- -- -- -- 3.7 0.3 0.1Strategic transaction fees (F) -- -- -- -- -- 3.2 --Non-cash equity-based compensation expense (G) 0.1 0.1 0.5 0.5 0.2 -- --Other adjustments (H) -- -- 0.3 -- -- -- (1.5 ) ---- ---- ----- ------ ----- ------ ----- -- $ 25.2 $ 21.2 $ 88.7 $ 81.6 $ 76.7 $ 80.7 $ 105.0 Adjusted EBITDA (1) == ==== == == ==== == == ===== == == ====== == == ===== == == ====== == == ===== ==
(1) Non-GAAP Measure
(A) Reflects non-cash charges related to impairment of intangible and other long-lived assets.
(B) Loss on extinguishment of debt associated with refinancing activities.
(C) Accounts receivable adjustments associated with specific collection issues that are not considered indicative of our ongoing operating performance. During 2009, we transitioned all patient-related collection activities to a third-party vendor. We experienced extended delays and implementation issues associated with this transition. During the quarter ended March 31, 2010, we completed the initial collection phases associated with the early patient balances most impacted by these transition issues and have determined that an additional provision for doubtful accounts in the amount of $5.0 million is required to allow for a lower percentage of collection on patient receivables resulting from these transition issues. Management believes that these transition issues have been fully resolved and the increased provision for doubtful accounts recorded during the three months ended March 31, 2010 is not indicative of expected future rates of patient collections. During fiscal year 2006, the Company recorded a $17.5 million dollar charge to net revenue associated with accounts receivable collection issues which is reflected as an adjustment to EBITDA as an extraordinary, unusual or non-recurring item as provided under our credit agreement.
(D) Restructuring expense generally consists of severance costs.
(E) Settlement costs incurred outside our ordinary course of business which we do not believe reflect the current and ongoing cash charges related to our operating cost structure.
(F) Strategic transaction fees represent legal and consulting fees associated with a proposed strategic transition that was not consummated which is reflected as an adjustment to EBITDA as an extraordinary, unusual or non-recurring item as provided under our credit agreement.
(G) Non-cash equity-based employee compensation expense provided as an explicit adjustment to EBITDA under our credit agreement.
(H) Other adjustments allowed in calculating our debt covenant in our credit agreement.
Schedule 3
Selected Balance Sheet Data
R OTECH HEALTHCARE INC. AND SUBSIDIARIES FINANCIAL HIGHLIGHTS (In millions, except per share data) UNAUDITED M D arch 31, 2010 ecember 31, 2009 -------------- ----------------Cash and cash equivalents $ 58.7 $ 58.9Accounts receivable, net 72.2 67.7Total current assets 145.9 142.7Total assets 294.0 298.5Total current liabilities 59.4 57.6Long-term debt, less current portion 512.8 512.9Total stockholders' deficiency (284.9 ) (278.4 )Total liabilities and stockholders' deficiency 294.0 298.5Selected Cash Flow Data F F or the three or the three months ended months ended March 31, 2010 March 31, 2009 -------------- ----------------Net cash provided by operating activities $ 11.3 $ 2.4Net cash used in investing activities (11.2 ) (7.0 )Net cash used in financing activities (0.3 ) (0.3 )
(1) See accompanying tables for reconciliation to net loss.
SOURCE: Rotech Healthcare Inc.
Rotech Healthcare Inc. Philip L. Carter, President & Chief Executive Officer, 407-822-4600
Copyright Business Wire 2010
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News provided by Dow Jones NewswiresSM, PR News Wire™ and Business Wire™. Dow Jones Newswires is a service mark of Dow Jones & Company. PR News Wire is a Trademark of PR Newswire Association, Inc. Business Wire is a registered trademark and service mark of Business Wire.
Ameritrade is not responsible for the quality and suitability of third party financial or investment information or services. Please consult other sources of information and consider your individual financial position and goals before making an investment decision. Ameritrade, Division of Ameritrade, Inc., member NASD/SIPC. Ameritrade and Ameritrade logos are trademarks or registered trademarks of Ameritrade IP Company, Inc. 2002 Ameritrade IP Company, Inc. All rights reserved. Used with permission.
cableguy, i ain't laughing, i suspected that from day 1
surprised the Obama regime hasn't tried to blame it on Bush
.21 is surely within reach this week, even with a little volume..
dude, if you didn't make $$$ the day the market crashed, you better close your accounts
as if any of these otc/pinkies have a remote shot of getting involved on a monetary basis with any of the big guys on the clean up
a Pump and Dump, on IHUB...????????
NO WAYYYYYYYYYYYYYYYY
up 30% Friday to .13, easy runner here on some volume
NFSE very , very cheap at .13
paid promo, i'm sure
NFSE gonna run like a beeeeotch very soon
CYTX roaring back, watch for after hours run over 6
NFSE up 30% HOD
lemme tell ya, all those $ signs are make me go run right out and buy it
screw that, you're a breath of fresh air in this place
gotta love those video charts...they're kinda like the Madden jinx
NFSE .10 x .13 now, then .19 is next
NFSE .10s are gone on the ask, should run fast on some volume, thin thin thin
CYTX...should see a nice bump after halt
CYTX news...
Cytori Reports Stem & Regenerative Cells from Body Fat Improve Outcomes in Heart Attack Clinical Trial; Plans Underway for European Multicenter Pivotal Trial
Last update: 5/7/2010 7:46:59 AM
SAN DIEGO, May 07, 2010 (BUSINESS WIRE) -- The first clinical trial of adipose (fat) tissue-derived stem and regenerative cells for the treatment of heart attacks showed a substantial reduction in the size of injury to the heart, an improvement in the amount of blood supply to the heart muscle, and a corresponding functional improvement in the amount of blood the heart can pump. Based on positive safety and feasibility outcomes, and the biological, physiological and functional effects from this pilot study, plans are underway by Cytori Therapeutics (CYTX), the trial sponsor, to initiate a European medical device approval study for the Celution(R) System, the cell processing system used in the study. More detailed information on this study and the results from a separate study in chronic heart disease patients may be found at the following link: cytoritx.presslift.com/cardiacdata.
Six-month results from the 14 patient, double-blind, placebo controlled study, referred to as the APOLLO trial, were reported today by Henrickus J. Duckers, M.D., Ph.D., Interventional Cardiologist, Head of Molecular Cardiology, Thoraxcentre, Erasmus University Hospital and co-Principal Investigator for the trial, at the 7th International Symposium on Stem Cell Therapy & Cardiovascular Innovation in Madrid, Spain. Highlights of the study's six month outcomes are as follows:
-- The Celution(R) System-based procedure could be safely performed in an acute setting with no side effects from cell delivery, and no increase in arrhythmias
-- The study showed a 13.3% absolute reduction in the left ventricular infarct size (the portion of the heart not receiving blood to support pumping) in the treated group versus 8.2% in the placebo group from baseline to six months, based on blinded assessment of MRI data by an independent core laboratory. These data represent matched-pair analysis and exclude two patients whose follow up MRIs were not available. For the entire cohort of patients, mean infarct size improved from 31.6% at baseline to 15.4% at 6 months in cell-treated patients, and remained unchanged at 24.7% in the placebo group. The relevance of this reduction is that based on published literature, patients with an infarct size below 18% have a significantly lower risk of major adverse cardiac events (MACE) than those who are above this level
-- There was a 3.5 fold greater improvement in perfusion within the left ventricle in the cell treated group (6.0) compared to the placebo group (1.7), as measured by SPECT Visual Rest Scores (nuclear imaging of the heart)
-- Ejection fraction was measured by four imaging modalities. The greatest absolute change was found in the SPECT (single photon emission computed tomography) analysis, which showed a 5.7% absolute improvement in the cell treated group (+4.0%) compared to placebo (-1.7%)
"Improvements in infarct size, perfusion and ejection fraction are reflective of improvement in the overall cardiovascular health of a patient," said Dr. Duckers. "Infarct size in particular, based on emerging consensus by the medical community and literature, is what we believe to be the most important predictor of re-hospitalization for heart failure, subsequent infarct, and death. The outcomes from this study are very exciting and warrant moving into a pivotal trial for European approval."
"The clinical data from APOLLO is consistent with Cytori's comprehensive preclinical data, reinforcing that improved blood flow and reduction of infarct size are how these cells are believed to impart benefit," said Marc H. Hedrick, M.D., president of Cytori. "Compared to other cell sources, adipose tissue, using the Celution(R) System, is the only approach whereby a patient can access a meaningful number of their own cells at the point-of-care. This is especially critical for heart attack patients, where successful outcomes are dependent on immediate coronary intervention."
As part of the novel procedure, a small amount of fat tissue was removed from each patient's abdomen shortly after his or her heart attack. Using a proprietary medical device, the Celution(R) System, developed by Cytori, stem and regenerative cells were quickly separated from each patient's fat tissue and concentrated at the point-of-care in the catheter laboratory. The cells were then immediately injected into the patient's coronary artery. Liposuction, processing, and cell delivery all took place within the same procedure.
The APOLLO study is led by co-Principal Investigators Patrick W. Serruys, MD, PhD, Professor of Interventional Cardiology at the Thoraxcentre, Erasmus University Hospital and Henrickus J. Duckers, M.D., Ph.D., Interventional Cardiologist, Head of Molecular Cardiology, Thoraxcentre, Erasmus University Hospital. Hospital General Universitario Gregorio Maranon in Madrid, led by Francisco F. Aviles M.D., PhD, Professor of Medicine and Chief of Department of Cardiology, also participated in this study.
"We would like to thank the patients, the investigators, and all who collaborated with us on this trial," added Alex Milstein, M.D., Vice President of Clinical Development at Cytori. "We are working closely with our Notified Body in Europe to finalize the design and protocol for a pivotal heart attack study, which we expect to initiate in late 2010 to early 2011. This will be a European approval study that is expected to range in size from 150 to 250 patients."
About Cytori
Cytori is a leader in providing patients and physicians around the world with medical technologies that harness the potential of adult regenerative cells from adipose tissue. The Celution(R) System family of medical devices and instruments is being sold into the European and Asian cosmetic and reconstructive surgery markets but is not yet available in the United States. Our StemSource(R) product line is sold globally for cell banking and research applications.
Cautionary Statement Regarding Forward-Looking Statements
This press release includes forward-looking statements regarding events, trends, business prospects and particularly the APOLLO clinical study results, which may affect our future operating results and financial position. Such statements, including, but not limited to, those regarding improvements in patient outcomes, the significance of the physiological and functional effects from the pilot study, our ability to design and implement a protocol in potential subsequent studies, and other benefits believed to be imparted by the treatments discussed above, are all subject to risks and uncertainties that could cause the results of a more comprehensive clinical study to differ materially from those presented above. Some of these risks and uncertainties include, but are not limited to, risks related to the statistical power of the APOLLO study, the need for further clinical studies to confirm the above referenced outcomes, inherent risk and uncertainty in the costs and potential variability of outcomes of a pivotal heart attack study, regulatory uncertainties regarding the collection and results of clinical data, and dependence on third party performance, as well as other risks and uncertainties described under the "Risk Factors" in Cytori's Securities and Exchange Commission Filings on Form 10-K and Form 10-Q. We assume no responsibility to update or revise any forward-looking statements to reflect events, trends or circumstances after the date they are made.
Photos/Multimedia Gallery Available:
SOURCE: Cytori Therapeutics
Cytori Therapeutics Investor Contact: Tom Baker 858-875-5258 tbaker@cytori.com or Media Contact: Terri Clevenger 203-227-0209 tclevenger@continuumhealthcom.com
Copyright Business Wire 2010
Terms & Conditions. Powered and implemented by Interactive Data Managed Solutions.
News provided by Dow Jones NewswiresSM, PR News Wire™ and Business Wire™. Dow Jones Newswires is a service mark of Dow Jones & Company. PR News Wire is a Trademark of PR Newswire Association, Inc. Business Wire is a registered trademark and service mark of Business Wire.
Ameritrade is not responsible for the quality and suitability of third party financial or investment information or services. Please consult other sources of information and consider your individual financial position and goals before making an investment decision. Ameritrade, Division of Ameritrade, Inc., member NASD/SIPC. Ameritrade and Ameritrade logos are trademarks or registered trademarks of Ameritrade IP Company, Inc. 2002 Ameritrade IP Compan
NEWS !!!!!!!!
Cytori Reports Stem & Regenerative Cells from Body Fat Improve Outcomes in Heart Attack Clinical Trial; Plans Underway for European Multicenter Pivotal Trial
Last update: 5/7/2010 7:46:59 AM
SAN DIEGO, May 07, 2010 (BUSINESS WIRE) -- The first clinical trial of adipose (fat) tissue-derived stem and regenerative cells for the treatment of heart attacks showed a substantial reduction in the size of injury to the heart, an improvement in the amount of blood supply to the heart muscle, and a corresponding functional improvement in the amount of blood the heart can pump. Based on positive safety and feasibility outcomes, and the biological, physiological and functional effects from this pilot study, plans are underway by Cytori Therapeutics (CYTX), the trial sponsor, to initiate a European medical device approval study for the Celution(R) System, the cell processing system used in the study. More detailed information on this study and the results from a separate study in chronic heart disease patients may be found at the following link: cytoritx.presslift.com/cardiacdata.
Six-month results from the 14 patient, double-blind, placebo controlled study, referred to as the APOLLO trial, were reported today by Henrickus J. Duckers, M.D., Ph.D., Interventional Cardiologist, Head of Molecular Cardiology, Thoraxcentre, Erasmus University Hospital and co-Principal Investigator for the trial, at the 7th International Symposium on Stem Cell Therapy & Cardiovascular Innovation in Madrid, Spain. Highlights of the study's six month outcomes are as follows:
-- The Celution(R) System-based procedure could be safely performed in an acute setting with no side effects from cell delivery, and no increase in arrhythmias
-- The study showed a 13.3% absolute reduction in the left ventricular infarct size (the portion of the heart not receiving blood to support pumping) in the treated group versus 8.2% in the placebo group from baseline to six months, based on blinded assessment of MRI data by an independent core laboratory. These data represent matched-pair analysis and exclude two patients whose follow up MRIs were not available. For the entire cohort of patients, mean infarct size improved from 31.6% at baseline to 15.4% at 6 months in cell-treated patients, and remained unchanged at 24.7% in the placebo group. The relevance of this reduction is that based on published literature, patients with an infarct size below 18% have a significantly lower risk of major adverse cardiac events (MACE) than those who are above this level
-- There was a 3.5 fold greater improvement in perfusion within the left ventricle in the cell treated group (6.0) compared to the placebo group (1.7), as measured by SPECT Visual Rest Scores (nuclear imaging of the heart)
-- Ejection fraction was measured by four imaging modalities. The greatest absolute change was found in the SPECT (single photon emission computed tomography) analysis, which showed a 5.7% absolute improvement in the cell treated group (+4.0%) compared to placebo (-1.7%)
"Improvements in infarct size, perfusion and ejection fraction are reflective of improvement in the overall cardiovascular health of a patient," said Dr. Duckers. "Infarct size in particular, based on emerging consensus by the medical community and literature, is what we believe to be the most important predictor of re-hospitalization for heart failure, subsequent infarct, and death. The outcomes from this study are very exciting and warrant moving into a pivotal trial for European approval."
"The clinical data from APOLLO is consistent with Cytori's comprehensive preclinical data, reinforcing that improved blood flow and reduction of infarct size are how these cells are believed to impart benefit," said Marc H. Hedrick, M.D., president of Cytori. "Compared to other cell sources, adipose tissue, using the Celution(R) System, is the only approach whereby a patient can access a meaningful number of their own cells at the point-of-care. This is especially critical for heart attack patients, where successful outcomes are dependent on immediate coronary intervention."
As part of the novel procedure, a small amount of fat tissue was removed from each patient's abdomen shortly after his or her heart attack. Using a proprietary medical device, the Celution(R) System, developed by Cytori, stem and regenerative cells were quickly separated from each patient's fat tissue and concentrated at the point-of-care in the catheter laboratory. The cells were then immediately injected into the patient's coronary artery. Liposuction, processing, and cell delivery all took place within the same procedure.
The APOLLO study is led by co-Principal Investigators Patrick W. Serruys, MD, PhD, Professor of Interventional Cardiology at the Thoraxcentre, Erasmus University Hospital and Henrickus J. Duckers, M.D., Ph.D., Interventional Cardiologist, Head of Molecular Cardiology, Thoraxcentre, Erasmus University Hospital. Hospital General Universitario Gregorio Maranon in Madrid, led by Francisco F. Aviles M.D., PhD, Professor of Medicine and Chief of Department of Cardiology, also participated in this study.
"We would like to thank the patients, the investigators, and all who collaborated with us on this trial," added Alex Milstein, M.D., Vice President of Clinical Development at Cytori. "We are working closely with our Notified Body in Europe to finalize the design and protocol for a pivotal heart attack study, which we expect to initiate in late 2010 to early 2011. This will be a European approval study that is expected to range in size from 150 to 250 patients."
About Cytori
Cytori is a leader in providing patients and physicians around the world with medical technologies that harness the potential of adult regenerative cells from adipose tissue. The Celution(R) System family of medical devices and instruments is being sold into the European and Asian cosmetic and reconstructive surgery markets but is not yet available in the United States. Our StemSource(R) product line is sold globally for cell banking and research applications.
Cautionary Statement Regarding Forward-Looking Statements
This press release includes forward-looking statements regarding events, trends, business prospects and particularly the APOLLO clinical study results, which may affect our future operating results and financial position. Such statements, including, but not limited to, those regarding improvements in patient outcomes, the significance of the physiological and functional effects from the pilot study, our ability to design and implement a protocol in potential subsequent studies, and other benefits believed to be imparted by the treatments discussed above, are all subject to risks and uncertainties that could cause the results of a more comprehensive clinical study to differ materially from those presented above. Some of these risks and uncertainties include, but are not limited to, risks related to the statistical power of the APOLLO study, the need for further clinical studies to confirm the above referenced outcomes, inherent risk and uncertainty in the costs and potential variability of outcomes of a pivotal heart attack study, regulatory uncertainties regarding the collection and results of clinical data, and dependence on third party performance, as well as other risks and uncertainties described under the "Risk Factors" in Cytori's Securities and Exchange Commission Filings on Form 10-K and Form 10-Q. We assume no responsibility to update or revise any forward-looking statements to reflect events, trends or circumstances after the date they are made.
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SOURCE: Cytori Therapeutics
Cytori Therapeutics Investor Contact: Tom Baker 858-875-5258 tbaker@cytori.com or Media Contact: Terri Clevenger 203-227-0209 tclevenger@continuumhealthcom.com
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CYTX halted pre market, news pending on Precise !!!
would be great before the bell...Precise news !
Halted, news pending...?
hey, you guys ever get the feeling that you've been had?
in the penny/pinky market, anything is possible
breaking out of what?
Bargain hunting time !!!!!