Net profit rose 5% to $3.4 million.
Omrix Biopharmaceuticals Ltd. (Nasdaq:OMRI) today published its financial report for the first quarter of 2007. The company posted $14.2 million revenue, up 25% on the $11.3 million posted for the corresponding quarter of 2006. Net profit rose 5% to $3.4 million ($0.20 per share) from $3.2 million ($0.29 per share) for the corresponding quarter.
R&D expenses rose to $788,000 for the first quarter from $691,000 for the corresponding quarter. The company had $83.7 million in cash, cash equivalents and short-term investments and $1 million in debts at the end of the first quarter.
Omrix reiterated its guidance of $50-55 million in product sales - not to be confused with total revenue - for 2007. The guidance assumes no sales of VIG (Vaccinia Immunoglobulin), a late launch of Thrombin, and no material effect from the General Hemostasis approval of Evicel. The company also predicts approval of Evicel for use in patients undergoing vascular surgery, and the launch of Phase I/II clinical trials for its anti-adhesion product, Adhexil.
Published by Globes [online], Israel business news - www.globes.co.il - on May 9, 2007
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