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Alsius Corporation Reports Record Third Quarter 2008 Financial Results and Business Progress

Third quarter revenues increase 65 percent versus third quarter last year

Conference Call at 4:30 p.m. Eastern Time Today

IRVINE, Calif., Nov. 6 /PRNewswire-FirstCall/ -- Alsius Corporation (Nasdaq: ALUS), the worldwide leader in intravascular temperature management (IVTM(TM)) therapies for critically ill patients, today reported on its financial results and business progress for the third quarter and nine months ended September 30, 2008.

Revenue for the third quarter of 2008 improved 65 percent to $3.1 million, compared with $1.9 million in the third quarter of 2007. The net loss for the third quarter of 2008 improved to $4.9 million, or $0.23 per share, from $5.3 million, or $0.29 per share, for the third quarter of 2007.

Cash and cash equivalents were $9.9 million at September 30, 2008, compared with $13.3 million at June 30, 2008, and $24.4 million at December 31, 2007. Cash used for operating activities during the third quarter of 2008 was $2.4 million. In addition, the company repaid $2.4 million of debt during the first nine months of 2008.

"We are proud to report the strongest quarter and nine months in Alsius history and to achieve back to back quarters of greater than $3 million of revenue. This progress is a direct result of our team's outstanding execution in bringing our leading IVTM solutions to patients and physicians," said Bill Worthen, President and CEO of Alsius. "We continue to manage our resources prudently while we are investing in the long-term for our business."

Recent Highlights and Accomplishments

"Continued U.S. growth during the third quarter, despite a difficult capital spending environment, coupled with a rebound in Europe, contributed to our results. We believe that both the growth in disposable revenue and the expansion of our U.S. pipeline of leads - the largest we have ever had - bode well for continued progress and reflects increasing awareness among critical care specialists of the importance and need for our IVTM solution," commented Mr. Worthen.

-- AHA Recognizes Use of IVTM Technology

-- The American Heart Association (AHA) and the International Liaison

Committee on Resuscitation (ILCOR) published an updated consensus

statement reiterating that therapeutic hypothermia should be part of

the standardized treatment strategy for comatose survivors of

cardiac arrest and, for the first time, cited intravascular

temperature management as a standard method for inducing

hypothermia. The statement appeared in the peer-reviewed journal

Circulation on October 28.

-- Regulatory Progress

-- Received clearance from the U.S. Food and Drug Administration to

market the Solex(TM) heat exchange catheter, which offers clinicians

maximum heat exchange power from a standard neck insertion, while

providing triple lumen central venous access.

-- Sales and Marketing Achievements

-- Increased the cumulative number of systems installed worldwide, with

more than 725 Alsius IVTM systems currently installed in

approximately 365 hospitals.

-- U.S. adoption of the newest IVTM system in Alsius' product line, the

Thermogard XP(TM), represented over 75 percent of systems sold

worldwide in the third quarter of 2008.

-- Revenue from European sales more than doubled during the third

quarter, compared to the same period last year.

-- Increased the percentage of revenues from sales of disposables.

-- Expanded customer financing options by providing short and long term

rental opportunities through an agreement with Universal Hospital

Services, Inc., a leading medical equipment lifecycle services

company. This agreement allows customers a bridge to capital

purchase of Alsius IVTM systems, while also providing for temporary

use of additional systems during peak periods.

-- Medical Meetings and Clinical Presentations

-- A leading peer-reviewed, intensive care journal published the

results of a 49-patient study comparing the efficacy of IVTM and

external cooling. The study investigators found that patients

cooled with IVTM reached target temperature significantly faster,

were controlled more effectively and had reduced intensive care unit

length of stay compared with the external method studied.

-- The use of the Thermogard XP in therapeutic warming during

challenging cardiac surgery cases was highlighted in four

presentations at the annual meeting of the American Society of


-- Attended medical conferences worldwide highlighting clinical

presentations using Alsius IVTM for therapeutic cooling and

re-warming , including the European Society of Intensive Care

Medicine, Therapeutic Temperature Management Conference, the Society

of Neurocritical Care Medicine and the Emergency Nurses Association.

Additional Third Quarter 2008 Financial Results

In the third quarter of 2008, gross profit was $0.5 million, compared with $0.6 million in the third quarter of 2007. Gross profit includes a non-cash $0.4 million charge to increase inventory reserves to reflect results of a physical inventory. Gross profit was $0.9 million before recording this charge. Total operating expenses in the third quarter of 2008 decreased to $5.3 million, compared with $5.8 million for the third quarter of 2007.

2008 Nine Months Financial Results

Revenue for the nine months ended September 30, 2008 increased 35 percent to $8.6 million, compared to $6.4 million for the same period in 2007. In the first nine months of 2008, gross profit was $2.1 million, compared to $1.0 million for the same period in 2007. Total operating expenses in the first nine months of 2008 were $16.9 million compared to $14.2 million for the same period in 2007. The net loss for the first nine months of 2008 decreased to $15.1 million, or $0.72 per share, from $16.6 million, or $1.21 per share, for the same period in 2007.

Conference Call Information

Alsius will hold a conference call today at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time) to discuss the Company's third quarter results and provide a corporate update. To participate in the live call by telephone, please dial 800-762-8779 from the U.S. or +1-480-629-9031. In addition, the live conference call is being webcast and can be accessed via the "Investor Relations" section of the Company's website at Beginning 90 minutes after the conference call concludes, a replay will be available on Alsius' website or by 800-406-7325 from the U.S. or +1-303-590-3030 internationally, and entering passcode 3938382 when prompted. The telephone replay will be available through November 14, 2008.

About Alsius

Alsius, headquartered in Irvine, Calif., is a medical device company that develops, manufactures and sells proprietary products to precisely control patient temperature in hospital critical care settings. Controlling body temperature, through cooling and warming, is becoming the standard of care for patients in select critical conditions and those undergoing a variety of surgical procedures. Alsius markets a comprehensive suite of catheter-based intravascular temperature management products that address the need for effective, accurate, easy-to-use and cost-effective control of body temperature in critical care patients. For more information, visit

Safe Harbor

This press release may contain statements regarding plans and expectations for the future that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking. Such forward looking statements, based upon the current beliefs and expectations of Alsius' management, are subject to risks and uncertainties, which could cause actual results to differ materially from those described in the forward-looking statements. The information set forth herein should be read in light of such risks. Additional information concerning such risks and uncertainties are contained in Alsius' filings with the Securities and Exchange Commission, which can be accessed electronically on the Securities and Exchange Commission website at or on the Investor Relations section of Alsius' website at



(Unaudited, in thousands, except share and per share data)

Three Months Ended Nine Months Ended

September 30, September 30,

2008 2007 2008 2007

Revenue $ 3,096 $ 1,880 $ 8,621 $ 6,405

Cost of revenue 2,574 1,272 6,550 5,386

Gross margin 522 608 2,071 1,019

Operating expenses:

Research and

development 1,176 1,002 3,355 2,595

Sales and marketing 2,892 2,723 9,441 7,755

General and

administrative 1,209 2,104 4,065 3,825

Total operating

expenses 5,277 5,829 16,861 14,175

Loss from operations (4,755) (5,221) (14,790) (13,156)

Interest income 43 385 230 438

Interest expense (150) (418) (533) (3,773)

Other income (expense) - 2 - (79)

Net loss $ (4,862) $ (5,252) $ (15,093) $ (16,570)

Net loss per share-

basic and diluted $ (0.23) $ (0.29) $ (0.72) $ (1.21)

Weighted average

shares outstanding-

basic and diluted 21,076,134 18,297,232 20,859,801 13,735,009



(Unaudited, in thousands, except share data)

September 30, December 31,

2008 2007


Current Assets:

Cash and cash equivalents $ 9,909 $ 24,427

Accounts receivable, net of

allowances of $58 and $44 1,921 2,162

Inventories 5,390 6,680

Prepaid expenses 279 284

Total current assets 17,499 33,553

Property and equipment, net 1,128 1,034

Evaluation equipment, net 1,112 673

Other assets 250 342

TOTAL $ 19,989 $ 35,602


Current Liabilities:

Accounts payable $ 1,058 $ 2,732

Accrued liabilities 2,040 1,916

Current portion of long-term debt 3,216 3,200

Current portion of capital lease

obligations 27 25

Total current liabilities 6,341 7,873

Long-term debt -less current portion 1,288 3,569

Capital lease obligations 62 82

Other liabilities 49 66

Total liabilities 7,740 11,590

Commitments and Contingencies

Shareholders' Equity:

Preferred stock, $0.0001 par

value -- 1,000,000 shares authorized;

no shares issued or outstanding - -

Common stock, $0.0001 par value --

75,000,000 shares authorized;

21,076,134 and 18,253,500 shares issued

and outstanding at September 30, 2008

and December 31, 2007, respectively 2 2

Additional paid-in capital 125,567 122,237

Accumulated deficit (113,320) (98,227)

Total shareholders' equity 12,249 24,012

TOTAL $ 19,989 $ 35,602

SOURCE Alsius Corporation
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