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Nuvo announces second quarter 2008 financial results
Date:7/31/2008

30, 2008, compared to $1.3 million and $2.8 million for the three and six-months ended June 30, 2007. The decrease is primarily attributable to activities undertaken during the third and fourth quarters of 2007 including the closure of the Company's international marketing office in Barbados and staff reductions at the corporate head office.

For the three-months ended June 30, 2008 the net loss declined slightly to $2.9 million from $3.0 million for the three-months ended June 30, 2007. The Company was able to reduce the net loss as higher research and development expenditures and foreign exchange losses were more than offset by the increased gross margin generated from higher product sales and a reduction in SG&A costs. For the six-months ended June 30, 2008 the net loss declined by 21% to $5.1 million from $6.5 million for the six-months ended June 30, 2007.

Cash used in operations was $2.6 million for the three-months ended June 30, 2008 compared to $2.8 million for the three-months ended June 30, 2007. The decrease of 9% was primarily the result of the reduced net loss during the quarter. Overall, cash used in operating activities decreased to $2.3 million for the three-months ended June 30, 2008 versus $3.5 million for the three-months ended June 30, 2007 as the Company's investment in non-cash working capital improved significantly. For the six-month period ended June 30, 2008 funds used in operating activities decreased to $5.2 million from $6.5 million for the six-month period ended June 30, 2007 primarily due to the smaller loss in the period.

Net cash used in investing activities totaled $57,000 and $56,000 for the three and six-months ended June 30, 2008 compared with $189,000 for both the three and six-months ended June 30, 2007. The investment in the quarter relates to the acquisition of a new data management and biostatistics computer system. The Company also invested $191,000 in new laboratory equipment during the quarter at its S
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SOURCE Nuvo Research Inc.
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