IRVINE, CA / ACCESSWIRE / May 17, 2016 / TRIMEDYNE, INC. (OTC: TMED) reported its financial results for the quarter and six month period ended March 31, 2016.
Revenues for the current quarter were $1,262,000, an increase of 6% from revenues of $1,193,000 for the prior year's quarter. The $69,000 increase in revenues as compared to the prior year three-month period was primarily due to an increase of in sales of delivery and disposable devices during the current three-month period. The Company had a net loss of $125,000 or $0.01 per share for the current quarter, compared to net loss of $202,000 or $0.01 per share for the prior year quarter.
For the six-month period ended March 31, 2016, revenues were $2,670,000, an increase of 5% from $2,545,000 for the same period of 2015. The $125,000 increase in revenues as compared to the prior year six-month period was primarily due to an increase of $193,000 in combined sales of Lasers and delivery and disposable devices offset by a decrease in service and rental revenues of $68,000 during the current six-month period. For the six months ended March 31, 2016, the Company's net loss was $346,000 or $0.02 per share, compared to our net loss of $369,000 or $0.02 per share for the same six month period of 2015.
All of the above per share numbers are based on a weighted average of 18,396,960 and 18,365,960 shares outstanding as of March 31, 2016 and 2015, respectively.
Commenting on the Company's future plans and the financial results for the quarter, Glenn D. Yeik, Chairman and CEO of Trimedyne, said:
"We are carefully looking at continuing operations and future strategies. We are prudently managing sales, cash, inventories, and liabilities, with positive changes observed in each of these indicators during the last two quarters which we are working to build upon in the future. We continue to work towards sustainable profitability."
If you would like to view our financial statements for the Quarter and Six Months ended March 31, 2016, please go to www.sec.gov for our 10Q Report.
Trimedyne manufactures proprietary Holmium lasers, patented side firing optical fibers and other fiber-optic devices for vaporizing the prostate to treat BPH, fragmenting urinary stones, vaporizing excess spinal disc tissue to treat herniated or ruptured discs and for use in a variety of minimally invasive procedures, many of which are performed on an outpatient basis at substantially less cost than conventional surgery. For product, press release and other information, please visit Trimedyne's website, http://www.trimedyne.com.
"Safe Harbor" Statement Under the Private Securities Litigation Reform Act:
Statements in this news release may contain forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934, including words like "expect", "may", "could" and others. There is no assurance such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Such statements may involve various risks and uncertainties, some of which may be discussed in the Company's current Form 10-K Report and subsequently filed SEC reports, which we are not required to update.
CONTACT:
Jeffrey Rudner
(949) 951-3800, Ext. 285
jrudner@trimedyne.com
SOURCE: Trimedyne, Inc.
ReleaseID: 440078
