To Thread:
Saw a short article in Business Week that discussed pending FDA approval this summer for DIAGF cardiac diagnostic product.
Retrieved following from earnings news on Excite:
Spectral Diagnostics Inc. Reports Results For the Fiscal Year Ended March 31, 1998
Tuesday, July 14, 1998 04:56 PM
Direct Sales and Marketing Initiative in the United States Pushes Revenues Above $5 Million As Spectral's Cardiac Point-Of-Care Products are Now Used Regularly by Hundreds of Hospitals and Acute Care Settings in the US, Canada and Europe
Fourth Quarter Revenues Are $2,185,000 Or 34% Ahead of Third Quarter Revenues
TORONTO, July 14 /PRNewswire/ -- Spectral Diagnostics Inc. (TSE: SDI; Nasdaq: DIAGF), developers of the Cardiac STATus(TM) line of rapid format cardiac diagnostic panel test kits including the three-marker Cardiac Panel(TM) and Controls, reported today its financial results for the fiscal year ended March 31, 1998. Revenues for fiscal year 1998 are $5,330,000 representing an increase of $3,807,000 or 250% above fiscal year 1997 revenues of $1,523,000. Revenues for the three months ended March 31, 1998 were $2,185,000 compared to $1,628,000 for the three months ended December 31, 1997 an increase of $557,000 or thirty four percent.
The net loss for fiscal 1998 was $12,876,000 ($1.33 per Common Share) compared to $13,580,000 ($1.65 per Common Share) for fiscal 1997. At March 31, 1998, the Company had total assets of $30,255,000, $14,451,000 of which was cash and short term securities.
In making the announcement, Douglas C. Ball, Chairman and CEO said, "Revenues of more than $5 million in fiscal 1998 are a tangible result of our determination to commercially validate our products and approach to cardiac diagnostics. The market for our products is substantial and continues to grow with the addition of hospitals and other acute care settings."
Commenting on the financial results, Mr. Ball said, "Throughout fiscal 1998 we invested substantially in building Spectral's direct sales and marketing initiative in our single most important market, the United States. Spectral USA continues to demonstrate its skill and expertise in positioning our point-of-care cardiac diagnostics in that country. We remain committed to our investment in sales and marketing activities in the US, Canada and Europe and expect that these expenses will diminish as a percentage of growing revenues in fiscal 1999 and beyond."
"Our research and product development continued its commercial focus in 1998," Mr. Ball added, "and we expect both further efficiencies in 1999 along with significant product developments and introductions. We are investing in our scientific operations in order that our customers can expect the finest in new product offerings, as well as opening for Spectral the opportunity to partner its core technologies and other promising scientific developments."
The following is a brief summary of financial information:
SPECTRAL DIAGNOSTICS INC.
Year Ended March 31, Year Ended March 31, 1998 ($CDN) 1997 ($CDN) Revenues $5,330,000 $1,523,000 Loss $12,876,000 $13,580,000 Net Loss Per Common Share $1.33 $1.65 Cash and Short Term Investments $14,451,000 $29,050,000 Total Assets $30,255,000 $42,504,000 Stockholder's Equity $26,311,000 $39,108,000 Weighted Average Number of 9,691,253 8,210,014 Common Shares Outstanding
Located in Canada, the United States and Europe, Spectral's scientists, sales and marketing organizations and other professionals are focused on the development, manufacturing and commercialization of its Cardiac STATus(TM) line of Controls and diagnostic panel tests including the CK-MB/Myoglobin Panel Test, the Troponin I Panel Test and the patented Cardiac Panel(TM). Spectral's common shares are listed on The Toronto Stock Exchange (symbol SDI) and the Nasdaq Exchange (symbol DIAGF). |
