Daniel Pelak, chief executive officer at Closure Medical, made sure to stress his firm’s next product when touting the company’s quarterly earnings on Thursday.
“We are encouraged by the clinical performance of our (vascular) sealant and we expect to complete enrollment by the end of this year,” Pelak said in a statement. “Planning is currently underway for the launch of the product in Europe during the first half of 2005.”
Existing products Dermabond and the Dermabond ProPen produced a 33 percent increase in revenues to $11.3 million from the same period in 2003. So far this year, revenues are up 31 percent, to $21.7 million, the company said. For the quarter, Closure posted net income of $2.5 million or 17 cents a share, a 5-cent-per-share increase.
However, Closure (Nasdaq: CLSR) forecast revenues between $9.5 million and $10.5 million for the third quarter. Closure said it expected reduced revenues due to the entry of a “new lower-priced competitive product” in the liquid bandage market.