Spectral announces third quarter fiscal 2007 financial results

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[{"type":"text","content":"\n\n\n\nTORONTO, Nov. 8 /CNW/ - Spectral Diagnostics Inc. (TSX:SDI) today\nannounced its financial results for the third quarter ended September 30,\n2007.\n\n\n"Spectral is a company focused on the role that endotoxin plays in\ndisease processes. Our primary goal is to commercialize our core product, the\nEAA(TM) Endotoxin Activity Assay, which is the only FDA cleared endotoxin\nassay clinically indicated for the rapid diagnosis of sepsis," said Dr. Paul\nWalker, President and CEO of Spectral Diagnostics. "In our third quarter, we\nmade outstanding progress on this path towards commercialization, resulting\nfrom our participation at this year's International Sepsis Forum and the\ncompletion of three key international distribution agreements for EAA(TM)."\n\n\nHighlights\n\n- Solidified distribution agreements for EAA(TM) with industry leaders\n in three geographical territories: Menarini Diagnostics for Germany,\n Estor S.p.A for Italy and Toray Medical for Japan, with an option for\n expansion into other Asian countries.\n\n- Toray Medical will combine the EAA(TM) for use with its therapeutic\n Toraymyxin for the treatment of sepsis.\n\n- Co-sponsored key scientific session with Toray Medical entitled\n "Endotoxemia - Detection, Consequence and Intervention" at\n International Sepsis Forum 2007 highlighting the growing recognition\n of the role that endotoxin plays in the onset of sepsis.\n\n\nFinancial Review\n\n\nFor the three months ended September 30, 2007, Spectral reported sales of\n$739,000, a ten per cent increase compared to $675,000 in sales for the\ncorresponding period in 2006. For the nine-month period ended September 30,\n2007, the Company reported sales of $2,318,000 compared to $2,429,000 for the\nsame period in 2006. Sales for the nine-month period in 2006 included $252,000\nof rapid cardiac test revenues related to the business that was sold to\nNanogen. Sales for the nine-month period ended September 30, 2007 are\nprimarily comprised of the Company's EAA(TM) product and its Troponin I\nreagents.\n\n\nFor the three months ended September 30, 2007, the Company reported a\nloss of $382,000, or ($0.02) per share, compared with a loss of $431,000 or\n($0.02) per share for the corresponding period in 2006, an improvement in\noperating results of $49,000. For the nine months ended Sept...

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