Xillix Technologies Corp -
3mo financial results
Xillix Technologies Corp XLXShares issued 284000001998-04-24 close $2.25Friday Apr 24 1998Mr Pierre Leduc reports Financial results for the first quarter ended March 31 1998 with product revenues were in line with the company's expectations for the first quarter. The nature of medical devices sales is cyclical with the second half of the year being traditionally stronger than the first half. Olympus Optical of Tokyo presented to Xillix a forecast schedule that will project an increase in sales of the Xillix LIFE-Lung Fluorescence Endoscopy System in 1998. The company anticipates that its product revenues will grow progressively with each quarter. The company's sales strategy is to continue targeting leading medical institutions around the world. Highlights for the first quarter include: Olympus projects to increase annual sales of the Xillix LIFE-Lung Fluorescence Endoscopy System by 100% in 1998; publication of the Xillix LIFE-Lung Fluorescence Endoscopy System multi-centre clinical trial data in the American College of Chest Physician's publication, Chest indicating a 530% increase in the ability of physicians to localize lung cancer with Xillix technology versus conventional white light bronchoscopy alone; the appointment of Michael Perri to the position of vice-president and CFO. The company's AGM will be held on June 3 1998.
STATEMENT OF LOSS
Three months ended March 31
1998 1997
Revenue
Product sales $ 611,443 $ 824,171
Contract revenue 43,018 985,459
Interest income 50,978 37,087
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705,439 1,846,717
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Expenses
Cost of sales 549,509 700,116
Research and
development 766,837 777,233
Marketing, sales
and support 163,348 271,843
General and admin 430,809 412,629
Depreciation and
amortization 220,346 231,310
Other 16,689 (16,190)
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2,147,538 2,376,941
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Net loss $1,442,099 $ 530,224
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Loss per share $0.05 $0.02 |
