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.
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