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Trimedyne Reports Financial Results for the First Quarter and Six Months Ended March 31, 2015
May. 20, 2015 04:00PM PST
Life Science Investing NewsTrimedyne Inc. (OTCMKTS:TMED) announced its financial results from the first quarter an the six month period ending March 31, which showed revenues of $1,193,000 and $2,545,000, respectively.
Trimedyne Inc. (OTCMKTS:TMED) announced its financial results from the first quarter an the six month period ending March 31, which showed revenues of $1,193,000 and $2,545,000, respectively.
As quoted in the press release:
Revenues for the current quarter were $1,193,000, a decrease of 14% from revenues of $1,382,000 for the prior year’s quarter. The $189,000 decrease in revenues as compared to the prior year three-month period was primarily due a decrease of $295,000 in sales of delivery and disposable devices offset by a $159,000 increase in sales of Lasers and accessories. The Company had a net loss of $202,000 or $0.01 per share for the current quarter, compared to net loss of $11,000 or $0.001 per share for the prior year quarter.
For the six month period ended March 31, 2015, revenues were $2,545,000, a decrease of 8% from $2,781,000 for the same period of 2014. For the six months ended March 31, 2015, the Company’s net loss was $369,000 or $0.02 per share, compared to our net loss of $270,000 or $0.015 per share for the same six month period of 2014.
All of the above per share numbers are based on a weighted average of 18,396,960 and 18,365,960 shares outstanding as of March 31, 2015 and 2014, respectively.
Glenn Yeik, chairman of Trimedyne, commented:
We continue to support Dr. Loeb in his previously announced efforts to raise at least $10 million of capital for Gastromedix, to finance the performance of “pilot” clinical trials and, if successful, larger randomized, controlled clinical trials of Trimedyne’s lasers and patented Side-Firing Fibers for the treatment of type II diabetes, obesity and GERD. Further, we continue to cooperate with our distributors to open up new markets for our products in other countries and are working to develop new products. We are also carefully controlling our costs while navigating through these challenges.
Click here to read the full Trimedyne Inc. (OTCMKTS:TMED) press release.