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PLC Systems Reports First Quarter 2012 Results
Date:5/15/2012

MILFORD, Mass., May 15, 2012 /PRNewswire/ -- PLC Systems Inc. (OTCBB: PLCSF), a company focused on innovative medical device technologies, today reported financial results for the three-month period ended March 31, 2012. These results only include the company's RenalGuard® operations, since PLC completed the sale of its transmyocardial revascularization (TMR) business to Novadaq Corp. during the first quarter of 2011.  Results from the TMR business are reflected as discontinued operations for all periods presented.

First quarter 2012 total revenues were $20,000, compared to $57,000 in the first quarter of 2011.  The net loss from continuing operations for the first quarter of 2012 was $6.8 million, or $0.22 per basic share, compared to a net loss from continuing operations of $3.8 million, or $0.12 per basic share, in the first quarter of 2011. Of this $6.8 million net loss, $5.5 million or 81% of the total net loss was attributable to the change in fair value of the investor warrants and convertible notes issued during 2011.  This increase is a result of, among other assumptions, the increase in the closing price of the Company's Common Stock as of the close of the first quarter of 2012.  In addition, PLC has deferred $285,000 in revenue related to shipments made in the fourth quarter of 2011 to its distributor in Italy, Artech, because not all revenue recognition criteria have been met; monies received related to such shipments during the second quarter of 2012 will be recognized as revenue for that period.

Mark R. Tauscher, President and Chief Executive Officer of PLC Systems Inc., stated, "Results for the past quarter reflect the lumpiness of RenalGuard sales in Europe, as orders shift between reporting periods. We are confident that we will regain a stronger level of RenalGuard sales in the second quarter and beyond this year. The major medical conference for our sector in Europe, EuroPCR, is currently underway, an
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