Possis Medical, Inc., develops, manufactures and markets pioneering medical devices used in endovascular procedures. The company's AngioJet® System is the world's leading mechanical thrombectomy system with FDA approval to remove large and small blood clots (thrombus) from coronary arteries, coronary bypass grafts, peripheral arteries and veins, A-V grafts and native fistulas. Possis' goal is simple: save the lives and limbs of patients who suffer from these circulation-blocking clots. Headquartered in Minneapolis, Possis employs more than 275 people and distributes its products through a dedicated sales force.

Fiscal 2007 Results

For the fiscal 2007 year, net sales increased approximately 8 percent to $66.7 million, versus $61.9 million in the prior year. Possis reported net income of $56,000, or $0.00 per diluted share, for the year, including stock-based compensation expense of $2.5 million, net of tax, or $0.14 per diluted share. For the prior fiscal year the Company reported net income of $809,000, or $0.05 per diluted share, including stock-based compensation expense of $3.0 million, net of tax, or $0.17 per diluted share. As adjusted to eliminate the effect of stock-based compensation expense, net income (non-GAAP) for fiscal 2007 was $2.6 million, or $0.15 per diluted share, compared to $3.8 million, or $0.21 per diluted share, for fiscal 2006. The company's proven business model and strong balance sheet -- cash reserves and marketable securities exceeding $42 million with no long-term debt -- allowed Possis to remain profitable in a challenging environment while investing aggressively in research and development (R&D) to provide a platform for sustained growth. During the fiscal year, average selling prices for all products were stable, and Possis' gross profit margins remained robust at approximately 68 percent of sales. The company also repurchased an additional 376,000 common shares -- to date Possis has bought back more than $31 million of stock.

Recent Highlights

Possis reported fiscal 2007 fourth-quarter sales of $19.0 million, an 18 percent increase from the prior year, marking a return to double-digit growth.