TSL's 2006 revenues up 5% to $21M

UK-based Tissue Science Laboratories released a trading statement for 2006 stating that revenues were about L10.7 million ($20.9 million), up 5%, though slightly below the L11.6 million forecast by analysts at Nomura Code.

TLS said its net income is expected to be in line with expectations, although urology/gynecology revenues from CR Bard were down about 40% on last year due to lower stocking orders, but general surgery revenues were up 61% as the company builds its own direct sales force in the USA, which saw a 70% improvement during the period.

The company has begun to market Permacol itself for use in the head and face surgery which, together with a recently agreed increase in Medicare reimbursement for porcine products, should help to further leverage the investment in its field force in 2007, said Nomura research analyst Michael King.