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PLC Systems Reports Third Quarter 2011 Results
Date:11/14/2011

MILFORD, Mass., Nov. 14, 2011 /PRNewswire/ -- PLC Systems Inc. (OTCBB: PLCSF), a company focused on innovative medical device technologies, today reported financial results for the three and nine month periods ended September 30, 2011. 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 in discontinued operations for all periods presented.

Third quarter 2011 total revenues were $27,000, compared to $17,000 in the third quarter of 2010. The net loss from continuing operations for the third quarter of 2011 was $401,000, or $0.01 per basic and diluted share, compared to a net loss from continuing operations of $5,000, or $0.00 per basic and diluted share, in the third quarter of 2010.  

Mark R. Tauscher, President and Chief Executive Officer of PLC Systems Inc., stated, "While we are disappointed with third quarter revenues, which reflects some seasonality in Europe, our primary market, we had one order at the very end of the quarter that could not be shipped before the quarter's close. That order and the increasing traction we are seeing in Europe already this quarter make us very optimistic about significantly stronger fourth quarter RenalGuard revenues."

He continued, "Over the last quarter, we achieved the following milestones:

  • First and most importantly, we signed Bracco Group subsidiary ACIST as our distributor in France and Germany, the largest European markets;
  • Results from the investigator-sponsored REMEDIAL II clinical trial of RenalGuard were published in the peer-reviewed Circulation;
  • We received final approval from FDA to commence our U.S. pivotal trial of RenalGuard; and
  • We secured additional patents to strengthen our intellectual property position.

  • All of these developments are
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