Revenues up 104% year over year!
biz.yahoo.com
PLC Systems Announces Fourth Quarter and Year End Financial Results
FRANKLIN, Mass., Feb. 23 /PRNewswire/ -- PLC Systems Inc. (Amex: PLC - news), a leader in carbon dioxide (CO2) transmyocardial revascularization (TMR), today announced financial results for the fourth quarter and year ended December 31, 1999.
Total revenues for the fourth quarter of 1999 were $2,756,000 compared with $2,453,000 in the fourth quarter of 1998. The net loss for the fourth quarter of 1999 decreased by 61 percent to $1,256,000, or $.06 per share, compared with a fourth quarter of 1998 net loss of $3,259,000, or $.17 per share.
For the year ended December 31, 1999, PLC reported total revenues of $11,636,000, an increase of approximately 104 percent from total revenues of $5,693,000 in 1998. The net loss for 1999 was $6,555,000, or $.32 per share, compared to a 1998 net loss of $16,603,000, or $.86 per share.
``During 1999, PLC faced many changes, including the restructuring of the staff, and the departure of the Company's Chief Executive Officer and its Chief Financial Officer. In spite of these challenges, the Company was able to post positive trends for its fourth-quarter and year-end financial results,' stated PLC Systems' President and Chief Executive Officer Mark Tauscher. ``The people of PLC have worked vigorously to make The Heart Laser System the standard of care for TMR in the new millennium. PLC's Heart Laser System continues to demonstrate clinical leadership in the areas of pain relief, perfusion, long-term efficacy and tissue integrity.'
``Our top priorities for 2000 and beyond are to focus on increasing the Company's market share and building shareholder value. I am confident we now have the management team in place that will provide the necessary leadership to enable us to achieve these goals,' concluded Tauscher.
Last month, PLC was honored by Popular Science Magazine with -- The Best of What's New for Science and Technology Award.``
PLC is a leader in the development of products for performing a new surgical procedure known as transmyocardial revascularization (TMR). TMR offers a new medical treatment option for patients who suffer from severe coronary artery disease. Coronary artery disease, the leading cause of death in the United States and Europe, is expected to increase as the worldwide population continues to age.
Working with leading researchers and premier heart surgery centers around the world, PLC developed the world's first FDA-approved TMR device, a high-powered laser known as The Heart Laser System. Designed to perform TMR in the safest manner possible, The Heart Laser System was approved by the U.S. Food and Drug Administration in August of 1998 for treatment of the estimated 80,000 domestic patients each year who suffer from severe coronary artery disease but cannot be treated with conventional coronary revascularization techniques such as bypass surgery or angioplasty.
For more information on PLC and its products, please visit the Company's Web site at www.bloodlinelaser.com or www.plcmed.com.
Note: Certain of the above statements are forward-looking statements that involve risks and uncertainties. Actual results could differ materially from those indicated by such forward-looking statements as a result of a variety of factors, including operational changes, competitive developments, regulatory approval requirements, the ability to convince health care professionals and third party payers of the medical and economic benefits of The Heart Laser System, no assurance that all payers will reimburse health care providers who perform TMR procedures or that reimbursement, if provided, will be adequate, and risk factors described in the Company's annual report, SEC form 10-K for fiscal year ended December 31, 1998, and the Company's other SEC reports.
PLC SYSTEMS INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
Three Months Ended Year Ended
December 31, December 31,
1999 1998 1999 1998
Revenues:
Product sales $ 1,933 $1,527 $ 8,400 $3,088
Placement and
service fees 823 926 3,236 2,605
Total revenues 2,756 2,453 11,636 5,693
Cost of revenues:
Product sales 857 910 3,615 1,945
Placement and service
fees 375 643 2,061 2,622
Total cost of
revenues 1,232 1,553 5,676 4,567
Gross profit 1,524 900 5,960 1,126
Operating expenses:
Selling, general and
administrative 2,253 3,397 10,054 13,718
Research and
development 558 875 2,672 4,468
Total operating
expenses 2,811 4,272 12,726 18,186
Loss from operations (1,287) (3,372) (6,766) (17,060)
Other income, net 31 113 211 457
Net loss $(1,256) $(3,259) $(6,555) $(16,603)
Basic and diluted
loss per share $(0.06) $(0.17) $(0.32) $(0.86)
Shares used to compute
basic and diluted
loss per share 21,223 19,635 20,675 19,218
CONDENSED BALANCE SHEET
December 31, December 31,
1999 1998
Cash and cash equivalents $4,467 $4,846
Total current assets 9,811 10,608
Total assets 15,319 16,257
Total current liabilities,
excluding Convertible
Debentures 4,352 4,625
Shareholders' equity 8,885 10,661
SOURCE: PLC Systems Inc. |
