Continued sales expansion across its peripheral vascular and neurovascular businesses powered ev3 to greater net sales in 2008. The gain, however, was not enough to offset a higher net loss last year.
The Plymouth, MN, interventional device firm's net sales increased 49% in 2008 to $422.1 million, compared with $284.2 million in 2007. The firm's annual net loss increased to $335.6 million, compared with a net loss of $165 million in 2007.
In the fourth quarter of 2008, net sales increased 15% to $106.1 million, compared with $92.2 million in the same quarter of 2007. The fourth-quarter net loss rose to $291.1 million, compared with a net loss of $107.8 million in the same quarter a year ago.
The fourth-quarter and full-year 2008 net losses include noncash asset impairment charges related to goodwill and other intangible assets of $288.8 million and $299.3 million, respectively.
The fourth-quarter 2007 net loss reflects an acquired in-process research and development charge of $70.7 million and $10.3 million of merger-related integration expenses.
Related Reading
ev3 posts mixed Q2 results, halts Merck deal, July 29, 2008
ev3 announces FoxHollow merger terms, October 19, 2007
ev3 completes FoxHollow purchase, October 5, 2007
ev3 reports Q1 double-digit sales growth, secondary offering, April 3, 2007
ev3 gets FDA approval for Protege RX, January 25, 2007
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