Cytori Therapeutics Inc. (NASDAQ: CYTX) shares gained more than 1% this morning, moving on broader market momentum. The company last week announced its 2010 financial results and reviewed its business plans for 2011.
Cytori reported product revenue of $8.3 million for 2010, up from $5.8 million in 2009. The company�s gross profit increased from $2.4 million in 2009 to $4.3 million in 2010. The growth in product revenue was mainly due to increased sales of systems to private pay plastic surgery clinics, academic centers performing independent investigator-initiated studies and the sale of tow StemSource� Cell Banks.
Cytori added 48 revenue generating units in 2010, ending the year with 149 units. The company shipped 1,392 consumables in 2010, compared with 1,205 shipped in 2009.
Christopher J. Calhoun, CEO of Cytori, also provided an outlook for 2011. Calhoun said that the company�s key initiatives in 2011 will be to drive enrollment in the ADVANCE heart attack trial, seek approval for no option chronic myocardial ischemia patients in Europe, execute its U.S. regulatory and development strategy, and grow the commercial business. Calhoun added that the company expects the impact from recent RESTORE-2 data to have a greater effect on revenue growth toward the latter half of the year.
Since the announcement of 2010 financial results last week, Cytori Therapeutics shares gained 1.24%. Year-to-date the small cap stock gained 25.63%. In the last one year the stock gained 8.31%.
Cytori Therapeutics shares have a 52-week range off $3.15-$7.48. The stock is currently trading above its 50-day and 200-day moving averages.
Cytori Therapeutics is a San Diego, California-based developer, manufacturer and seller of medical products and devices to enable the practice of regenerative medicine.
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