PLC Systems Reports First Quarter 2007 Results
2007年5月3日 - 10:00PM
PRニュース・ワイアー (英語)
FRANKLIN, Mass., May 3 /PRNewswire-FirstCall/ -- PLC Systems Inc.
(AMEX:PLC), a company focused on innovative cardiac and vascular
medical device-based technologies, today reported financial results
for the three months ended March 31, 2007. First quarter 2007 total
revenues were $1,493,000 compared with $1,889,000 in the first
quarter of 2006. The net loss for the first quarter of 2007 was
$686,000, or $0.02 per diluted share, compared to net income of
$1,291,000, or $.0.04 per diluted share, in the first quarter of
2006, a period which included a $1.4 million gain on the sale of
the company's Optiwave disposable manufacturing rights to Edwards
Lifesciences Corporation. "The first quarter of 2007 marked a
significant turning point for PLC, as we changed the exclusive
marketer and distributor for our TMR business in the U.S. from
Edwards to Novadaq Technologies, Inc., a public company listed on
the Toronto Stock Exchange," said Mark R. Tauscher, president and
chief executive officer of PLC Systems. "This transition occurred
late in the quarter, and obviously affected our first quarter
results to some degree. We are very pleased, however, with the
initial response from Novadaq's recently expanded US sales force to
our TMR business, and are encouraged by their integrated approach
to heart surgeons combining Novadaq's innovative SPY(R)
Intra-Operative Imaging System with TMR. Already, we have learned
that heart surgeons in the field are utilizing them together to
gain both the diagnostic and therapeutic benefits that they
provide. This market opportunity will be important in enabling
future sales growth in TMR by Novadaq's sales team, and we look
forward to working closely with Novadaq to capitalize on it." Mr.
Tauscher added, "Also during the first quarter of 2007, we
announced the treatment of the first patients enrolled in our pilot
trial for our RenalGuard Therapy(TM), which is designed to prevent
Contrast Induced Nephropathy (CIN). We remain very enthusiastic
about the market opportunity for RenalGuard(TM) in enabling at-risk
patients to avoid CIN. These at-risk patients are believed to
constitute some 15-20 percent of all patients undergoing the
approximately seven million imaging procedures worldwide each year.
We continue to make progress both in qualifying additional sites as
part of our pilot trial as well as in laying the groundwork for our
application to secure a CE Mark in Europe, which would allow us to
begin our initial distribution in that region later this year."
During the first quarter of 2007, PLC shipped 3 new CO2 Heart
Lasers (HL2) to U.S. hospitals through Novadaq. PLC ended the first
quarter of 2007 with 158 HL2 CO2 Heart Lasers located at heart
centers throughout the U.S. Also during the first quarter of 2007,
a total of 457 disposable kits were shipped worldwide by Edwards,
Novadaq and PLC. Edwards and Novadaq delivered 452 of these kits to
U.S. hospitals and PLC shipped five disposable kits to
international customers. In comparison, a total of 506 disposable
kits were delivered worldwide during the first quarter of 2006.
Cash and short term investments at the end of the first quarter of
2007 totaled $10,077,000, up from $10,034,000 at the end of
December 2006. PLC Systems will host a conference call today, May
3, at 11:00 a.m. Eastern Time to discuss these matters. The call
may be joined by dialing (866) 510-0711, or internationally, (617)
597-5379, at least five minutes prior to the start of the call. The
passcode is: 43136916. A live webcast of the call will be
accessible at the investor relations section of the Company's
website at http://www.plcmed.com/. An archived webcast of the
conference call will be available beginning one hour after the
completion of the call in the same location. A replay of the call
can also be accessed telephonically by dialing 888-286-8010, or
internationally 617-801-6888, using passcode 37331740, from 1 pm on
May 3, 2007 through midnight on May 10, 2007. About PLC Systems
Inc. PLC Systems Inc. (AMEX:PLC) is a medical technology company
specializing in innovative technologies for the cardiac and
vascular markets. Headquartered in Franklin, Mass., PLC pioneered
the CO2 Heart Laser System, which cardiac surgeons use to perform
CO2 transmyocardial revascularization (TMR) to alleviate symptoms
of severe angina. CO2 TMR offers a treatment option for angina
patients who suffer from severe coronary artery disease. The CO2
Heart Laser is the world's first TMR angina relief device approved
by both the U.S. Food and Drug Administration and Japanese Ministry
of Health, Labor and Welfare. The company recently initiated
clinical studies for its RenalGuard Therapy and RenalGuard
System(TM). RenalGuard's matched fluid replacement system is
designed for interventional cardiology and radiology patients
undergoing diagnostic and therapeutic imaging procedures where
contrast agents are administered. Additional company information
can be found at http://www.plcmed.com/. This press release contains
"forward-looking" statements. For this purpose, any statements
contained in this press release that relate to prospective events
or developments are deemed to be forward-looking statements. Words
such as "believes," "anticipates," "plans," "expects," "will" and
similar expressions are intended to identify forward-looking
statements. Our statements of our objectives are also
forward-looking statements. While we may elect to update
forward-looking statements in the future, we specifically disclaim
any obligation to do so, even if our estimates change, and you
should not rely on these forward-looking statements as representing
our views as of any date subsequent to the date of this press
release. Actual results could differ materially from those
indicated by such forward-looking statements as a result of a
variety of important factors, including Novadaq may be unsuccessful
in selling our products, the transition period following Novadaq's
new role as our exclusive US distributor may adversely affect our
revenues, we and Novadaq may be unable to convince health care
professionals and third party payers of the medical and economic
benefits of performing TMR, there can be no assurance that all
payers will reimburse health care providers who perform TMR
procedures or that reimbursement, if provided, will be adequate, we
may not receive necessary regulatory approvals to market our
RenalGuard product, the clinical trials for that product may not be
successful, the RenalGuard product may not be commercially
accepted, operational changes, competitive developments may affect
the market for our products, regulatory approval requirements may
affect the market for our products, and additional risk factors
described in our Report on Form 10-K for the year ended December
31, 2006, and our other SEC reports. PLC Systems, PLC Medical
Systems, PLC and CO2 Heart Laser, RenalGuard, RenalGuard Therapy
and RenalGuard System are trademarks of PLC Systems Inc. Edwards
Lifesciences is a trademark of Edwards Lifesciences Corporation.
Novadaq and SPY are trademarks of Novadaq Technologies, Inc. PLC
SYSTEMS INC. CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands,
except per share data) Three Months Ended March 31, 2007 2006
Revenues: Product sales - U.S. Distributor $900 $1,176 Product
sales - other 234 304 Service fees - U.S. Distributor 324 364
Service fees - other 35 45 Total revenues 1,493 1,889 Cost of
revenues: Product sales - U.S. Distributor 461 363 Product sales -
other 125 148 Service fees - U.S. Distributor 176 142 Service fees
- other 32 38 Total cost of revenues 794 691 Gross profit 699 1,198
Operating expenses: Selling, general and administrative 1,013 880
Research and development 491 533 Total operating expenses 1,504
1,413 Gain on the sale of manufacturing rights - 1,432 Income
(loss) from operations (805) 1,217 Other income, net 119 74 Net
income (loss) $(686) $1,291 Basic and diluted income (loss) per
share $(0.02) $0.04 Average shares outstanding: Basic 30,311 30,080
Diluted 30,311 30,592 CONDENSED BALANCE SHEET March 31, December
31, 2007 2006 Cash and short-term investments $10,077 $10,034 Total
current assets 12,148 12,802 Total assets 12,504 13,176 Total
current liabilities 3,160 2,953 Shareholders' equity 6,478 7,129
Contact: Mary T. Conway Conway Communications 617-244-9682
DATASOURCE: PLC Systems Inc. CONTACT: Mary T. Conway of Conway
Communications, +1-617-244-9682, , for PLC Systems Inc. Web site:
http://www.plcmed.com/
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