Sales, General and Administrative costs continued to decline sequentially this year, to $591,000 in the third quarter of 2011 from $667,000 in the second quarter this year, but increased slightly from $545,000 in the third quarter of 2010. Research & Development expenses were $312,000 in the third quarter of 2011, an increase from $116,000 in the third quarter of 2010 that reflects higher costs associated with preparations for the Company's U.S. pivotal clinical trial of RenalGuard.
Nine Months ResultsFor the nine months period in 2011, PLC reported revenues of $482,000, compared to $533,000 in the same period of 2010. Net loss from continuing operations for the first nine months of 2011 was $4,729,000, or a loss of $0.16 per basic and diluted share, compared to a net loss from continuing operations of $764,000, or a loss of $0.03 per basic and diluted share, in the same period last year.
New CFOOn October 3, 2011, the Company appointed Gregory W. Mann as its Chief Financial Officer. Mr. Mann most recently served as Business Unit CFO at Virtusa Corporation, a global information technology services company. At Virtusa, Mr. Mann held a variety of finance roles during seven years with the company. He has also held finance and accounting positions at companies including Acusphere, BeFree, and Intergen Energy.
Added Mr. Tauscher, "I am very pleased that we were able to attract someone with Greg's experience and background to PLC. He will bring to PLC a fresh vision for our finance operation and his management experience will be a strong skill for us as we go forward."
About PLC Systems Inc.PLC Systems Inc., headquartered in Milford, Mass., is a medical device company focused on innovative tech
|SOURCE PLC Systems|
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