Biotech Values

[genisi]

OMRI
(The stock fell 19% AH)
http://www.reuters.com/article/marketsNews/idUKBNG20163820070808?rpc=44

UPDATE 1-Omrix Biopharmaceuticals Q2 earnings fall, shares down
Wed Aug 8, 2007 7:35PM EDT

(Recasts; adds 2007 outlook, after-market share movement)

Aug 8 (Reuters) - Omrix Biopharmaceuticals Inc. (OMRI.O: Quote, Profile, Research) posted a 71 percent fall in quarterly profit partly hurt by certain unrecognized and deferred revenue and lowered its total product sales view for 2007, pushing shares down 20 percent.

The uncertainty related to future shipment of Intravenous Immunoglobulin (IVIG) to an European Union country, as well as related unrecognized revenue resulted in the company cutting its full-year product sales view, it said.

The biosurgical and passive immunotherapy products maker said it was facing administrative issues over about $3.0 million of IVIG shipments to the EU country, which it did not name.

Omrix said it was not certain as to when it could record the revenue or if it could even continue to sell the product in that country in 2007.

The company said it had to defer the shipment of about $1 million worth of Evicel, a sealant to control surgical bleeding, to the third quarter due to a delay in expected regulatory approval.

The company expects total product sales, which comprises of revenue from its biosurgery and immunotherapy product lines, of $42 million to $47 million for 2007, down from its prior view of $50 million to $55 million.

For the second quarter, Omrix posted net income of $1.5 million, or 9 cents a share, compared with $5.3 million, or 38 cents a share, last year.

Total revenue fell 31 percent to $11.2 million.

Analysts on average expected the company to earn 21 cents a share, before exceptional items, on revenue of $12.8 million, for the quarter, according to Reuters Estimates.

Shares of the company were trading at $23.95 in late electronic trade, after closing at $29.98 Wednesday on the Nasdaq. (Reporting by Dilipp S. Nag in Bangalore)