SurModics Inc (SRDX): EVVV (a Surmodics customer) Ev3 4Q Sa...

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Monday, 01/08/2007 4:52:15 PM

Monday, January 08, 2007 4:52:15 PM

EVVV (a Surmodics customer)

Ev3 4Q Sales Spike 41 Percent
Monday January 8, 9:59 am ET
Ev3 4th-Quarter Sales Spike 41 Percent, Receives FDA Approvable Letter for Protege Device

PLYMOUTH, Minn. (AP) -- Ev3 Inc., a maker of medical devices used to treat vascular diseases, said Monday its fourth-quarter sales matched its previous guidance and modestly topped analysts' expectations.
The company also said it received an approvable letter for its Protege Rx Cartoid Stent device. The letter indicates that the FDA may approve the premarket application for Protege, pending the completion of certain conditions, such as a satisfactory inspection of its manufacturing facilities, methods and controls.

Sales for the quarter ending Dec. 31, 2006, were $57.7 million, up 41 percent from $41 million last year, and in line with the company's guidance for sales of $55 million to $59 million. Ev3 said in a news release that the improved revenues were "broad-based and reflected a strong contribution from each of (its) cardio peripheral and neurovascular business segments as well as a strong contribution from both domestic and international markets."

For all of 2006, sales were $202.4 million, up 51 percent from $133.7 million in 2005.

Analysts polled by Thomson Financial expected the company to post, on average, fourth-quarter sales of $57.3 million, and full-year sales of $201.9 million.

Ev3 expects to provide full fourth-quarter and full-year results in mid-February.

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