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Stock option benefit narrows Cytori 1Q loss

Fri, 05/07/2010 - 7:30am
The Associated Press

Cytori Therapeutics, which makes products used in adult stem cell harvesting and research, reported Thursday that its losses narrowed, largely due to a change in the value of stock options.

The company lost $2.4 million, or 6 cents per share, compared with $6.1 million, or 20 cents per share a year earlier. Revenue ticked up to $2.3 million from $1.9 million as the company sold more Celution and StemSource systems.

Analysts had expected a loss of 16 cents per share, but also $2.9 million in revenue, according to a poll by Thomson Reuters.

Cytori said it sold 9 Celution and StemSource systems during the quarter. As of March 31, it has sold a total of 110 systems, including 51 that were sold over the previous year. It shipped 342 orders of consumable products, up from 241 a year ago. The company said 261 of those orders were repeat orders from previous customers, compared with 164 a year earlier.

Cytori said it recorded a gain of $2.2 million due to a change in the fair value of its warrant and option liabilities. It took a similar gain of $1 million a year ago. The company trimmed its research and development costs, but that was offset by greater sales and marketing and general and administrative spending.

Shares of Cytori Therapeutics Inc. were unchanged at $5.89 Thursday in premarket trading.

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