MILFORD, Mass., March 30, 2012 /PRNewswire/ -- PLC Systems Inc. (OTCBB: PLCSF), a company focused on innovative medical device technologies, today reported financial results for the three- and twelve month periods ended December 31, 2011. These results only include the company's RenalGuard(R) 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.
Fourth quarter 2011 total revenues were $189,000, compared to $59,000 in the fourth quarter of 2010, and higher than the $27,000 reported in the third quarter of 2011. The net loss from continuing operations for the fourth quarter of 2011 was $1,028,000, or $0.03 per basic and diluted share, compared to a net loss from continuing operations of $437,000, or $0.01 per basic and diluted share, in the fourth quarter of 2010. In addition, the company reported $277,000 in deferred revenue in the fourth quarter of 2011, representing orders received for which payments were not completed in a timely manner.
Mark R. Tauscher, President and Chief Executive Officer of PLC Systems Inc., stated, "In the fourth quarter of 2011, RenalGuard sales demonstrated increased traction in Europe, as we had anticipated. While these sales represent a marked improvement from earlier in the year, we are working closely with our distributor in Italy, where that country's economic conditions are affecting the timing of payment and thus our recognition of these revenues on a timely manner. Accordingly, we believe that our results in 2012 will benefit from the inclusion of additional revenues from orders placed during the fourth quarter of 2011, as well as our continuing progress in accelerating adoption of RenalGuard in markets where it is available."
He continued, "As a company, we have made major progress on achieving critic
|SOURCE PLC Systems Inc.|
Copyright©2010 PR Newswire.
All rights reserved