NMT Medical Inc. (NSDQ:NMTI) released preliminary sales figures for its fourth quarter and full year, saying it expects Q4 sales to be down 18.2 percent compared with the same period last year but full-year sales to meet its prior guidance.
The Boston-based cardiac implant maker said it expects to post sales of about $3.6 million for the three months ended Dec. 31, 2009, compared with $4.4 million during the same period in 2008. Full-year sales are expected to be roughly $13.2 million, within its previous forecast of $13 million to $14 million but down 26.3 percent compared with the $17.9 million NMT posted during 2008.
The company cautioned that the figures have yet to be audited and could be subject to change by the time of its full results release, slated for the week of March 22.
NMT said it expects to end the year with cash and equivalents of about $8.9 million, boosted by the settlement of its patent infringement suit against W.L. Gore & Associates, which yielded a $2.8 million cash payment during the fourth quarter.
President and CEO Frank Martin said the company will begin analyzing data from a clinical trial of its STARFlex cardiac implant in April; if the results are positive, NMT could submit a pre-market approval application to the Food & Drug Administration during the third quarter, Martin said.
Yesterday, the company registered for a $30 million public stock offering aimed at bolstering its balance sheet — NMT has amassed about $50 million in debt — and funding the STARFlex regulatory process.
