Micrus delivers robust Q1 sales

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Interventional device developer Micrus Endovascular of San Jose, Calif., posted strong sales numbers for its fiscal 2008 first quarter (end-June 30) and trimmed its net losses for the period.

Micrus reported record quarterly revenues for the first quarter of fiscal 2008 of $16.8 million, an increase of 32 percent compared with revenues of $12.7 million for the first quarter of fiscal 2007. The firm said that higher revenues resulted primarily from an increase in sales of its microcoil and non-embolic products.

The net loss for the first quarter of fiscal 2008 was $1.4 million, a solid improvement compared with a net loss for the first quarter of fiscal 2007 of $3 million.

The company said it expects fiscal 2008 revenues to be in the range of $80 million to $85 million, reflecting growth of 36 percent to 45 percent, compared with fiscal 2007 revenues.