Fourth Quarter and Fiscal 2009 Financial Disclosures Articulate 2010 Opportunities and Objectives
Posted by | March 11, 2010
In our report for the period ended Dec. 31, 2009 that was released this morning, we updated investors on the significant progress achieved by Safeguard Scientifics and its partner companies in the fourth quarter and the full-year.
Our accomplishments have been remarkable given the headwinds of a slowing economy and tightening in the financial markets with which we had to contend. They’re all detailed in our press release and in our earnings conference call which you can find at safeguardscientifics.com/results.
More importantly, we’ve completed our strategic reviews and have established our objectives for fiscal 2010. Let me get right to some of the highlights:
- Our guidance on aggregate partner company revenue for 2010 is $300 million to $325 million, representing a 15 percent to 24 percent increase from reported revenue of $262 million in 2009. This growth is on top of the increases already achieved compared to $179 million in 2008 and $100 million in 2007.
- Partner company Clarient (NASDAQ: CLRT) just announced they are projecting revenue for their year ending Dec. 31, 2010 in the range of $108 million to $115 million, or an increase of 18 percent to 25 percent from 2009 revenues. Safeguard owns 28 percent of Clarient’s outstanding common shares on an as-converted basis.
- Partner company Avid Radiopharmaceuticals anticipates completion of Phase III clinical trials and an NDA submission later this year for its lead compound — Florbetapir — for imaging amyloid plaque in the brain related to Alzheimer’s.
- Partner company Advanced BioHealing had revenue of approximately $85 million in 2009, up almost 100 percent year-over-year. Driven by surging demand for its FDA-approved product for diabetic foot ulcers, DermagraftTM, ABH is experiencing exciting growth, aggressively expanding its U.S. commercial sales force and exploring new applications of its products in domestic and international markets.
- Partner company MediaMath was named to the AlwaysOn OnMedia Top 100, an annual listing of the hottest emerging companies in digital advertising. In addition, they won the Advertising Networks and Exchanges category.
- And with several products in the market, partner company Quinnova Pharmaceuticals grew revenue by 78 percent to $10 million in 2009 compared to 2008.
Clearly, we have partner companies that are growing rapidly and enjoying tremendous market success. Over the course of 2010, we will continue to support their growth objectives with the various resources we can offer as we look to build lasting value for our shareholders.
We invite you to listen to our earnings conference call we hosted this morning at the following link: safeguardscientifics.com/results.
