PLC Systems Inc. (PLC Systems), a nephrology and cardiovascular devices company, has reported total revenues of $5.3 million for the full year of 2008, compared with the total revenues of $6 million in the previous year-end. It has also reported net loss of $1.9 million, or $0.06 per share, for the full year of 2008, compared with net loss of $2.3 million, or $0.08 per share, in the previous year-end.
Fourth quarter 2008 total revenues were $1,254,000, slightly higher than the $1,248,000 reported in the fourth quarter of 2007. The net loss for the fourth quarter of 2008 was $222,000, or $0.01 per diluted share, compared to a net loss of $819,000, or $0.03 per diluted share, in the fourth quarter of 2007. Cash and cash equivalents at the end of the fourth quarter of 2008 totaled $5,026,000, down from $8,060,000 at the end of the fourth quarter of 2007.
Mark R. Tauscher, president and chief executive officer of PLC Systems stated, “We are pleased with the steps we took to reduce our net loss in the past quarter, compared to the same period in 2007; this largely reflects our decision this past summer to postpone the U.S. pivotal trial for RenalGuard® and focus instead on our European launch. We look forward to receiving the results of the investigator-sponsored clinical trial at the Cardiologico Centrino Monzino (CCM)-University of Milan later this year, and hope that these results will assist us in both the EU launch and in raising additional funding for the U.S. clinical trial to investigate the efficacy of RenalGuard in preventing Contrast Induced Nephropathy (CIN).”
Tauscher added, “Our core TMR business in the U.S. continues to provide a base level of revenues, primarily through kit sales and ongoing service revenues, offsetting some of our expenses associated with the RenalGuard launch. We are also cautiously pleased by our continued progress internationally, where revenues associated with both TMR and RenalGuard increased for both the fourth quarter and year of 2008 compared with the same periods in 2007. The international increase reflects laser system sales earlier in 2008, as well as additional RenalGuard sets sold in the fourth quarter to our Italian distributor.”
During the fourth quarter of 2008, 473 disposable TMR kits were shipped, consisting of 466 to hospitals in the U.S. by Novadaq Technologies Inc., PLC’s US marketing and distribution partner for its TMR products, in addition to 7 kits shipped internationally by PLC. In comparison, a total 372 disposable TMR kits were shipped worldwide during the fourth quarter of 2007.
During the fourth quarter of 2008, no new or redeployed laser systems were sold, compared to seven HL2s shipped in the fourth quarter of 2007, of which three were new systems and four were redeployed units. PLC ended the fourth quarter of 2008 with 172 HL2 CO2 Heart Lasers located at heart centers throughout the US.