EDAP Reports Third Quarter 2010 Financial Results
Third Quarter Highlights
- Revenues increased 15.5% year-over-year to EUR 5.3 million (USD 7.0 million)
- Gross margin rose 500 basis points over last year to 41.6%
- Operating loss, excluding lower FDA clinical trial expense, improved by EUR 576,000 to EUR 404,000
- Net loss improved by EUR 3.9 million to EUR 1.9 million
- Inventory expanded for year-end sales opportunities; strong, growing machine backlog
- Initiated robust cost initiatives to drive timely financial breakeven
LYON, France, Nov. 17, 2010 (GLOBE NEWSWIRE) -- EDAP TMS SA (Nasdaq:EDAP), the global leader in therapeutic ultrasound, announced today financial results for the third quarter ended September 30, 2010.
Marc Oczachowski, EDAP's Chief Executive Officer, stated, "We are optimistic about the continuing development and traction of our Ablatherm-HIFU treatment for localized prostate cancer and other new oncology indications. A tremendous opportunity exists to position HIFU as the optimum treatment option for focal therapy. We are pleased with the advancement of the focal therapy trials underway in France and the high level of interest that urologists are expressing in this therapy."During the third quarter, we invested in augmenting our device inventory to be positioned to take advantage of fourth quarter sales opportunities in both Ablatherm-HIFU and lithotripsy. We currently have thirteen lithotripsy and two Ablatherm machines in our backlog and a strong pipeline that we expect to convert to backlog by the end of the year. This sales activity is in line with the medical device sales seasonality as hospitals deploy capital expenditures budgets late in the year." Mr. Oczachowski continued, "We achieved several major milestones across both of our product lines. We expect to aggressively pursue all of these opportunities as we expand our sales and advance our clinical programs. At the same time, we understand the necessity of bringing the Company to financial breakeven and have implemented some initiatives to accelerate the alignment of operational costs to meet this important metric.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
24/7 market commentary from Jim Cramer and 20+ veteran Wall Street gurus. Get access to the latest trading ideas on stocks, options, and ETFs as well as a real-time forum to see the pros exchanging their investment ideas.
- Jim Cramer + 20 Wall Street pros
- Intraday commentary & news
- Real-time trading forum
- Actionable trade ideas
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV