Spectral Medical (TSX:EDT) announced its unaudited financial results for the second quarter of 2017.
As quoted in the press release:
Revenue for the three months ended June 30, 2017 was $1,090,000 compared to $870,000 for the same period in the preceding year. For the six months ended June 30, 2017 revenues were $2,031,000 compared to $1,932,000 in the first half of 2016. Revenues for both the quarter and the year were consistent with prior year levels and this trend is expected to continue for the remainder of the year.
Operating costs for the quarter ended June 30, 2017 amounted to $2,205,000 compared to $4,393,000 in 2016. Operating costs for the six months ended were $4,108,000, a decrease of $4,354,000 from $8,462,000 for the first six months of 2016. The decrease is almost entirely attributable to lower costs for the EUPHRATES trial. The fourth and final module of the PMA submission was provided to the U.S. FDA in the second quarter of 2017 and accepted for substantive review on July 20, 2017. The Company continues to maintain a low cost operating structure for its base business operations.