Business
Spectral reports financial results for 2006
Spectral reports financial results for 2006.
About this update from Spectral Medical Inc
[{"type":"text","content":"\n\n\n\n\nTORONTO, June 14 /CNW/ - Spectral Diagnostics Inc. (TSX: SDI) today\nreported a consolidated loss for the year ended March 31, 2006 of $4.7 million\n(23 cents per share) compared to a loss in the previous year of $7.4 million\n(40 cents per share). Current year results include a one time gain of\n$2.4 million (12 cents per share) on the sale of the company's rapid cardiac\ntest business in the fourth quarter.\nRevenues for the year were $7.3 million, a drop of $2.7 million from last\nyear. Rapid cardiac test sales were $4.3 million compared to $7.1 million in\n2005. This decline was attributable to a continuing trend of lower sales\nvolumes and to the sale of the rapid cardiac business effective February 6,\n2006. Technology revenues of $3.0 million were consistent with prior year\nlevels.\nAs a result of the sale of the rapid cardiac business, Spectral received\ntotal consideration of $9.0 million. Nanogen acquired Spectral's assets\nrelated to the rapid cardiac test business, including certain intellectual\nproperty and capital equipment, and assumed on-going operating\nresponsibilities for sales, marketing, manufacturing, and facilities related\nto the rapid cardiac test business. Spectral retains intellectual property and\nrevenues related to its market leading chain Troponin I calibrator, as well as\nother high value reagents. This retained reagent business accounts for\napproximately $3.0 million in annual revenues.\nSubsequent to the sale transaction, the Company restructured its\noperations to align with current commercial activity. These commercial\noperations are expected to be cash positive in Fiscal 2007.\n\"This has been a very pivotal year for Spectral,\" stated Dr. Paul Walker,\nPresident and CEO. \"We can now focus on rapid commercialization of our EAA(TM)\nand West Nile products and our strengthened balance sheet gives us the ability\nto pursue new growth opportunities. We are very excited for our future and for\nthe prospects of improving shareholder value,\" added Dr. Paul Walker.\n\nSpectral is a developer of innovative technologies for rapid diagnostics.\nSpectral provides accurate and timely information to clinicians enabling the\nearly initiation of appropriate and targeted therapy. Current products include\nrapid diagnostics for sepsis (EAA(TM)) and West Nile Virus as well as a range\nof other b...