- Entered into a non-exclusive license and material supply agreement in
November 2007 with Bio-Rad Pasteur S.A., a leader in the manufacturing
and distribution of products for the life science research and
clinical diagnostics markets. Spectral will provide Bio-Rad with its
proprietary single chain Troponin I reagents, which are now being sold
by five major international reagent supply and instrumentation
- Upgraded manufacturing facilities to be self sufficient for the
manufacture of its EAA(TM) product and its proprietary reagent
The financial statements apply to the year ended December 31, 2007 and the nine months ended December 31, 2006.
For the year ended December 31, 2007, the Company reported sales of $2,993,000 compared to $2,169,000 for the nine month period in 2006. Sales in 2007 were primarily comprised of the Company's EAA(TM) product and its Troponin I reagents. On an annualized basis there was a marginal increase in sales levels, however, three significant EAA(TM) distribution agreements were signed in the last half of 2007 that management anticipates will positively affect revenues going forward.
Operating expenses of $3,915,000 were closely managed in 2007 and remained consistent with spending levels for the nine months ended December 31, 2006, reflecting the Company's low cost operating structure.
The Company reported a Fiscal 2007 loss of $1,666,000 ($0.07 per share) compared to net income of $3,730,000 ($0.16 per share) for the nine months ended December 31, 2006. Net Income for the nine month period last year included a one time gain of $5,363,000 ($0.23 cents per share) on the settlement of certain convertible notes payable.
At December 31, 2007, the Company had cash and short-term investments
|SOURCE Spectral Diagnostics Inc.|
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