PLC Systems Reports Fourth Quarter 20... ( FRANKLIN Mass. March 5 /- PLC Sys...)

PLC Systems Reports Fourth Quarter 2007 Results

Date:3/5/2008

FRANKLIN, Mass., March 5 /PRNewswire-FirstCall/ -- PLC Systems Inc. (Amex: PLC), a company focused on innovative cardiac and vascular medical device-based technologies, today reported financial results for the three and twelve month periods ended December 31, 2007.

Fourth quarter 2007 total revenues were $1,248,000 compared with $1,747,000 in the fourth quarter of 2006. The net loss for the fourth quarter of 2007 was $819,000, or $0.03 per diluted share, compared to net income of $36,000, or $0.00 per diluted share, in the fourth quarter of 2006. For the full year 2007, PLC reported total revenues of $6,004,000 compared to $7,146,000 in 2006. The net loss for 2007 was $2,367,000, or $0.08 per diluted share, compared to net income of $1,319,000, or $0.04 per diluted share, in 2006, a period that also included a $1.4 million gain on the sale of PLC's Optiwave disposable manufacturing rights to Edwards Lifesciences Corporation. Cash and short term investments at the end of the fourth quarter of 2007 totaled $8,060,000, down from $10,034,000 at the end of December 2006.

Mark R. Tauscher, president and chief executive officer of PLC Systems, Inc., stated, "We are very pleased with our substantial progress on our RenalGuard(TM) product development efforts in the fourth quarter of 2007. We successfully concluded our pilot clinical safety trial after enrolling 23 patients, and we secured a CE Mark for RenalGuard in Europe. We recently announced that we had filed an IDE supplement with the U.S. Food & Drug Administration to begin our U.S. multi-center pivotal trial to study the effectiveness of RenalGuard in reducing the incidence of Contrast-Induced Nephropathy (CIN). This pivotal clinical trial is expected to continue through 2009.
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SOURCE PLC Systems Inc.
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