Press Release Source: Physiometrix, Inc.
Physiometrix, Inc. Announces Second-Quarter Financial Results
Wednesday July 28, 8:01 am ET
Momentum Continues with PSA 4000
NO. BILLERICA, Mass., July 28 /PRNewswire-FirstCall/ -- Physiometrix, Inc. (Nasdaq-SCM: PHYX) announced today financial results for the second quarter ended June 30, 2004. For the second quarter ended June 30, 2004, revenues were $831,123, a 314% increase compared with revenues of $200,524 for the same period in 2003. The net loss for the second quarter of 2004 was $(1,182,535), or $(0.09) per share, a 9% reduction from the prior year net loss of $(1,294,429), or $(0.15) per share. For the six months ended June 30, 2004, revenues were $1,028,317, a 134% increase compared with revenues of $439,268 for the same period in 2003. The net loss for the six months ended June 30, 2004 was $(3,662,534), or $(0.27) per share compared to a net loss of $(2,483,898), or $(0.29) per share for the same period in 2003. The increase in the net loss for the six months ended June 30, 2004 over the same period in 2003 was primarily due to the inclusion of a non-cash expense in the amount of $1.1 million in the first quarter of 2004 associated with a warrant derivative related to the registration of shares of Common Stock in connection with its' PIPE transaction. No additional accounting is required as the derivative was reclassified into permanent equity in the first quarter of 2004, as the shares were registered effective February 5, 2004.
"We are pleased and gratified by this quarters' results. Baxter shipments to hospitals in the second quarter reached record highs for both monitors and sensors and July has produced continued incremental sales," said John A. Williams, president and chief executive officer of Physiometrix. " Recent public testimonials by key thought leaders, acknowledging our technology advantages have been helpful. We continue to fund important new clinical studies to be submitted to peer review journals, with the belief that efficacious results will provide the necessary platform for growth in the critical-care markets (ICU), as well as, office based anesthesia," Williams added.
Physiometrix will hold a telephone conference call to discuss second- quarter 2004 financial results, as well as management's comments related to the Company's business, at 11:00 A.M. (Eastern) today, July 28, 2004. The call can be accessed at 800-465-7133 (conf. ID # 8769110). A replay of today's conference call will be available after conclusion of today's conference call until 11:59 P.M. (Eastern) on August 11, 2004. Replay callers in the U.S. must dial 800-642-1687 (conf. ID # 8769110).
Physiometrix Inc. designs, manufactures and markets noninvasive medical products -- based on novel gel materials, sophisticated signal-processing electronics technologies, and proprietary software -- for use in anesthesia- monitoring during surgical procedures. For more information, please visit the Company's Web site at physiometrix.com. |
