TRIMEDYNE, INC. (OTCQB: TMED”) today reported its financial results for the quarter and nine-month period ended June 30, 2014.
Revenues for the current quarter were $1,339,000, a decrease of 20% from revenues of $1,681,000 for the prior year’s quarter. The decrease in revenues was primarily due a decrease in sales of fiber-optic delivery systems compared to the prior year period. Other income from royalties were $20,000 and $22,000 for the three-month periods ended June 30, 2014 and 2013, respectively. The Company had a net loss of $118,000 or $0.01 per share for the current quarter, compared to a net loss of $58,000 or $0.00 per share for the prior year quarter.
For the nine-month period ended June 30, 2014, revenues were $4,120,000, a decrease of 13% from $4,726,000 for the same period of 2013. Other income from royalties were $74,000 and $73,000 for the nine-month periods ended June 30, 2014 and 2013, respectively. For the nine months ended June 30, 2014, the Company’s net loss was $388,000 or $0.02 per share, compared to a net loss of $41,000 or $0.00 per share for the same nine-month period of 2013.
All of the above per share numbers are based on a weighted average of 18,395,960 and 18,395,960 shares outstanding as of June 30, 2014 and 2013, respectively.
The decrease in revenues during the current quarter and nine-month period ended June 30, 2014, was primarily due to a production shortfall arising from the relocation of our California operations to a smaller facility. We recently added a second shift to our production to enable us to meet our customers’ future needs.
In August 2010, we entered into a settlement and non-exclusive license agreement with Lumenis, Ltd. of Yokneam, Israel covering two of our U.S. Patents. This license agreement expired on July 31, 2014, the date on which the last of these two Patents expired, and no royalty payments will be received per the license agreement after the above date of expiration.
If you would like to view our financial statements for the quarter and nine-months ended June 30, 2014, 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.
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