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Spectral announces first quarter 2009 results
Date:5/14/2009

March. - A preliminary meeting was held with the US FDA.

Financial Review

For the three months ended March 31, 2009, Spectral reported sales of $842,000, compared to $664,000 for the corresponding period in 2008. This represents a 27% increase. Sales in all product categories were higher due to improved EAA(TM) diagnostic sales and the consistency of royalty revenues and reagent sales related to the Company's proprietary Troponin I products.

Operating expenses for the three months ended March 31, 2009 were $1,043,000, compared to $976,000 for the corresponding period in 2009, due to the continued maintenance of a low cost operating structure. These expenses included $100,000 of costs related to the development of the Toraymyxin(TM) clinical pathway.

For the three months ended March 31, 2009, the Company reported a loss of $404,000, or ($0.02) per share, compared to a loss of $448,000 or ($0.02) per share for the corresponding period in 2008.

Cash and short term investments as at March 31, 2009 totaled $4,053,000, compared to $4,297,000 as at December 31, 2008. Management expects that the Company will maintain a minimum cash and short term investment balance of $3,000,000 for the rest of 2009.

About Spectral Diagnostics

Spectral is a leader in the battle against sepsis. Spectral's lead product is its Endotoxin Activity Assay (EAA(TM)), the only FDA cleared assay for the measurement of endotoxin. With the growing awareness for the role of endotoxemia in sepsis and the increasing number of therapies being developed to treat endotoxemia, Spectral is well-positioned to promote the adoption of the EAA(TM), which can be used to identify patients, enable therapeutics and monitor treatment. Spectral is listed on TSX under the symbol SDI.

Forward-looking statement

Information in this news release that is not current or historical factual
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SOURCE Spectral Diagnostics Inc.
Copyright©2009 PR Newswire.
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