Jean this should help...
FRANKLIN, Mass., April 26 /PRNewswire/ -- PLC Systems Inc. (Amex: PLC),
the leader in carbon dioxide (CO2) transmyocardial revascularization (TMR),
today announced financial results for the first quarter ended March 31, 1999.
First quarter total revenues were $1,742,000 compared with $2,846,000 in the
first quarter of 1999. The net loss for the first quarter of 2000 was
$2,183,000, or $.10 per share, compared with a first quarter of 1999 net loss
of $2,199,000, or $.11 per share.
"The first quarter results reflect PLC's increased emphasis on a
procedural based business model, which is designed to provide a recurring
revenue stream that can offer long-term benefits," stated Mark R. Tauscher,
president and chief executive officer of PLC Systems. "The current healthcare
business climate is one that is avoiding capital-intensive commitment. This
move to a procedural based model is perfectly aligned with our strategy of
training physicians and educating patients. We believe targeting these key
audiences can provide an increase in the utilization of The Heart Laser
System. I am pleased to report a 39 percent increase in kit shipments
compared to the fourth quarter of 1999 kit shipments."
During the first quarter of 2000, PLC shipped eight lasers and 411
disposable kits to customers, which compares to five lasers and 295 kits in
the fourth quarter of 1999 as well as five lasers and 217 kits in the first
quarter of 1999.
Tauscher continued, "In February, PLC began implementing its corporate
strategy, which has demonstrated positive results very quickly. Therefore, it
is essential to continue to foster the development of these initiatives that
we started in the quarter. More specifically, we believe that the additional
physician training programs coupled with innovative patient outreach programs
such as the live TMR webcast will assist PLC in promoting the utilization of
The Heart Laser System."
Tauscher concluded, "I also was pleased to announceduring the quarter
that PLC's first TMR patient, Eroll Taylor, had celebrated his 93rd birthday
and has experienced the last 10 years free from angina pain. I believe Mr.
Taylor's result and similar outcomes are providing the distinguishable long-
term results of CO2 TMR over other laser technologies. The CO2 Heart Laser is
still the only laser to demonstrate an increase in perfusion. It is PLC's
mission to clearly communicate this message to the cardiac community, both
patient and physician."
PLC is the global leader in the development of products for performing a
surgical procedure known as carbon dioxide (CO2) transmyocardial
revascularization (TMR). CO2 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 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 on Form 10-K filed
with the Securities and Exchange Commission on March 30, 2000.
PLC SYSTEMS INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
Three Months Ended
March 31,
2000 1999
Revenues:
Product sales $894 $2,159
Placement and service fees 848 687
Total revenues 1,742 2,846
Cost of revenues:
Product sales 300 991
Placement and service fees 686 371
Total cost of revenues 986 1,362
Gross profit 756 1,484
Operating expenses:
Selling, general and administrative 2,580 2,642
Research and development 456 1,048
Total operating expenses 3,036 3,690
Loss from operations (2,280) (2,206)
Other income (97) (7)
Net loss $(2,183) $(2,199)
Basic and diluted loss per share $(.10) $(.11)
Shares used to compute basic
and diluted loss per share21,341 19,934
CONDENSED BALANCE SHEET
March 31, December 31,
2000 1999
Cash and cash equivalents $8,085 $4,467
Total current assets 12,736 9,811
Total assets 18,642 15,539
Total current liabilities 4,744 4,352
Shareholders' equity 11,801 8,885
SOURCE PLC Systems Inc
-0- 04/26/2000
/CONTACT: John Jordan, Manager of Investor Relations of PLC Systems Inc.,
508-541-8800, ext. 145/
/Web site: plcmed.com
(PLC)
CO: PLC Systems Inc.
ST: Massachusetts
IN: MTC
SU: ERN
CP
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