Business
Spectral announces second quarter 2010 results
Spectral announces second quarter 2010 results
About this update from Spectral Medical Inc
[{"type":"text","content":"\n\n\n\n Aug. 12, 2010 (Canada NewsWire Group) -- \n\n \n \n \nTR.cnwUnderlinedCell TD {\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell {\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell {\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell {\n BORDER-BOTTOM: #000000 3px solid\n}\n\nTORONTO, Aug. 12 /CNW/ - Spectral Diagnostics Inc., (TSX: SDI), a company focused on bringing to market a diagnostic and a therapeutic targeting severe sepsis, today announced its financial results for the second quarter ended June 30, 2010.\n"During the second quarter we continued to implement our US pivotal trial for Toraymyxin(TM), a therapeutic hemoperfusion device that removes endotoxin from the bloodstream and is guided by our FDA cleared endotoxin activity assay, the EAA(TM). Activities during the quarter were focused on clinical site evaluation and qualification, with the objective of having all 15 sites enrolling patients in the second half of this year," said Dr. Paul Walker, President and CEO of Spectral. "We also continued to forge academic partnerships that leverage our knowledge and leadership in this field. As a result, additional clinical papers about significant findings in the area of endotoxin and its role in sepsis were published this quarter. This new data lends greater support to the Toraymyxin(TM) product and strengthens our confidence in the US pivotal trial."\n\nHighlights:\n\n\n >\n\n\nFinancial Review\n\nFor the second quarter ended June 30, 2010, Spectral reported revenues of $678,000, compared to $776,000 for the corresponding period in 2009. For the six months ended June 30, 2010, revenues were $1,426,000 compared to $1,618,000 for the same 2009 period. EAA(TM) diagnostic sales and royalty revenues from the Company's proprietary Troponin I products were relatively consistent year over year. The lower sales in 2010, compared to 2009, were due primarily to the foreign exchange impact of a strengthening Canadian dollar versus the US and Euro currencies.\nFor the second quarter ended June 30, 2010, the Company reported a loss of $1,270,000 or ($0.02) per share, compared to a loss of $701,000 or ($0.03) per share for the corr...