Business
Spectral reports third quarter results
Spectral reports third quarter results.
About this update from Spectral Medical Inc
[{"type":"text","content":"\n\n\n\n\nSEDAR\nFiler Profile Number: 00002006\n\nTORONTO, Feb. 14 /CNW/ - Spectral Diagnostics Inc. (TSX: SDI), a\ndeveloper of rapid diagnostic technologies, reported a consolidated loss for\nthe three months ended December 31, 2005 of $1.8 million (9 cents per share),\ncompared to a loss of $2.1 million (12 cents per share) for the same period\nlast year. The consolidated loss for the nine months ended December 31, 2005\nwas $5.0 million, or 25 cents per share, compared to $5.4 million, or 31 cents\nper share, last year.\nSales for the third quarter ended December 31, 2005 amounted to\n$1.7 million compared to $2.3 million for the same period last year. For the\nnine months ended December 31, 2005 total sales were $6.3 million (2004 -\n$7.6 million). The first quarter of fiscal 2005 included a $0.5 million \nstart-up sale of 15 Endotoxin Activity Assay (EAA(TM)) instruments to launch\nthe early adapter program for the EAA(TM) product. In addition, the continuing\nstrength of the Canadian dollar against the U.S. currency had a negative\nimpact of approximately $0.4 million on recorded revenues in this fiscal year.\nEffective at the close of business on February 6, 2006, the Company\ncompleted the sale of its rapid cardiac test business to Nanogen Inc. for a\ntotal consideration of $9 million consisting of $5.7 million in cash and\n$3.3 million in freely tradable common shares of Nanogen Inc. The estimated\ngain on sale of this business is approximately $3-3.5 million after write-off\nof related assets, goodwill, deal costs and other restructuring expenses. In\naddition, Nanogen will assume all responsibilities for sales, marketing and\nmanufacturing operations related to the rapid cardiac test business.\n\"The third quarter represents the last full quarter that our operating\nresults will be impacted by disappointing rapid cardiac product sales\", said\nDr. Paul Walker, President and Chief Executive Officer. \"January results will\nbe affected as we transition the rapid cardiac test business to Nanogen. By\nthe end of this fiscal year ending March 31, 2006, however, we will benefit\nfrom the consistent revenues of our royalty and retained reagents business,\nand significantly reduced infrastructure\", added Dr. Paul Walker.\n\nSpectral is a developer of innovative technologies for comprehensive\ndisease management. Spectral p...