EDAP Reports Third Quarter 2010 Financial Results
Total revenue for the HIFU division was EUR 1.4 million (USD 1.9 million) for the third quarter 2010, compared to EUR 2.1 million (USD 3.0 million) for the same period last year. Results for the third quarter 2010 reflected increased net sales of spare parts and services.
For the three months ended September 30, 2010, total revenue for the lithotripsy division was EUR 3.9 million (USD 5.2 million), compared to EUR 2.5 million (USD 3.6 million) during the year ago period. During the third quarter 2010, the Company recorded sales of ten lithotripsy machines, including three Sonolith i-sys devices and four Sonolith i-move devices.
Gross profit for the third quarter 2010 was EUR 2.2 million (USD 2.9 million), compared to EUR 1.7 million (USD 2.4 million) for the year ago period. Gross profit margin was 41.6% in the third quarter 2010, compared to 36.7% in the year ago period.
Operating expenses were EUR 3.0 million (USD 4.0 million) for the third quarter 2010, compared to EUR 3.2 million (USD 4.6 million) for the same period 2009. Third quarter 2010 operating expenses included EUR 393,000 related to the U.S. FDA ENLIGHT clinical trial for Ablatherm-HIFU, down by 42% on a sequential quarter basis from EUR 674,000 in the second quarter 2010.Operating loss was EUR 797,000 (USD 1.0 million) for the third quarter 2010, compared to EUR 1.5 million (USD 2.2 million) for the year ago period. Excluding U.S. FDA trial expenses, third quarter 2010 operating loss was EUR 404,000. Net loss for the third quarter 2010 was EUR 1.9 million (USD 2.5 million), or EUR 0.17 per diluted share, compared to a net loss of EUR 5.8 million (USD 8.3 million), or EUR 0.55 per diluted share, in the year ago period. The third quarter 2010 net loss included a non-cash interest expense of EUR 0.2 million (USD 0.3 million) to adjust the Company's convertible debt and outstanding warrants to fair value, compared to a EUR 4.0 million (USD 5.7 million) non-cash expense during the prior year period.
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