FRANKLIN, Mass., May 7 /PRNewswire-FirstCall/ -- PLC Systems Inc. (OTC Bulletin Board: PLCSF), a company focused on innovative cardiac and vascular medical device-based technologies, today reported financial results for the three month period ended March 31, 2009.
First quarter 2009 total revenues were $1,567,000, up from $1,168,000 in the first quarter of 2008. The net loss for the first quarter of 2009 was $358,000, or $0.01 per diluted share, compared to a net loss of $762,000, or $0.03 per diluted share, in the first quarter of 2008.
Mark R. Tauscher, president and chief executive officer of PLC Systems Inc., stated, "Our first quarter financial results reflect the positive impact we experienced from increased international revenues this past quarter stemming from our first CO2 Heart Laser (HL2) sale in Bangladesh. In addition we benefited in the first quarter this year from our ongoing cost containment efforts which resulted in lower overall operating expenses, most notably a reduction in U.S. clinical trial-related expenditures for our RenalGuard(R) technology due to the delay in commencing the next phase of the trial."
PLC announced on May 4, 2009, that it had entered into a five-year exclusive agreement with IZASA Distribuciones Tecnicas S.A., headquartered in Barcelona, Spain, for the distribution of its RenalGuard System(TM) in Spain. IZASA is one of Spain's leading distributors of interventional cardiology-related medical devices, and a part of the Werfen Group, a privately owned international healthcare corporation. IZASA joins Artech Spa, the Company's exclusive distributor for RenalGuard products in Italy, in PLC's European launch of RenalGuard.
During the first quarter of 2009, PLC recorded one new HL2 sale internationally; there were no domestic laser sales. In the same quarter of 2008, PLC recorded one new HL2 sale to a U.S. hospital through Novadaq Technologies, PLC's
|SOURCE PLC Systems Inc.|
Copyright©2009 PR Newswire.
All rights reserved