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Spectral Diagnostics Inc. reports results for the second quarter ended September 30, 2005
Spectral Diagnostics Inc. reports results for the second quarter ended September 30, 2005.
About this update from Spectral Medical Inc
[{"type":"text","content":"\n\n\n\n\nTORONTO, Nov. 9 /CNW/ - Spectral Diagnostics Inc. (TSX: SDI), a developer\nof rapid diagnostic technologies, reported a consolidated loss for the three\nmonths ended September 30, 2005 of $1.5 million ($0.08 cents per share),\ncompared to a loss of $1.9 million ($0.11 cents per share) for the same period\nlast year. The consolidated loss for the six months ended September 30, 2005\nwas $3.2 million, or $0.17 cents per share, compared to $3.3 million, or $0.19\ncents per share, last year.\nSales for the quarter of $2.3 million were slightly lower than last\nyear's second quarter sales of $2.5 million. For the first six months of\nFiscal 2006 sales were $4.6 million, compared to $5.3 million in the prior\nyear. Last year's revenues for the six month period included approximately\n$0.5 million of instrument sales to launch the EAA(TM) early adopter program.\nThe continuing strength of the Canadian dollar negatively impacted current\nyear's sales by approximately $0.3 million. During the second quarter, the\nCompany continued to closely manage its operating expenses. For the six months\nended September 30, 2005 operating expenses before net research and\ndevelopment costs were $0.3 million lower than last year.\n\"Although sales were somewhat lower than in the prior year, we\nexperienced a significant increase in sales activity towards the end of the\nquarter, particularly in the United States market. This trend is expected to\ncontinue into the third quarter,\" stated Dr. Paul Walker, President & C.E.O.\n\"For the first time in the last twelve months, the Company achieved quarter\nover quarter sales growth for its Cardiac products. The anticipated sales\nincrease and our cost containment measures should allow us to meet our Fiscal\n2006 objective of achieving positive cash flows from our commercial\noperations. In addition, placements of the EAA(TM) assay system in major\ninstitutions continue to grow,\" added Dr. Paul Walker.\nSpectral is a developer of innovative technologies for comprehensive\ndisease management. Spectral provides accurate and timely information to\nclinicians enabling the early initiation of appropriate and targeted therapy.\nThe Company's products include rapid format tests measuring markers of\nmyocardial infarction (Cardiac STATus), and rapid diagnostics for sepsis (the\nEndotoxin Activity Assa...