SAN DIEGO, Nov. 11, 2016 (GLOBE NEWSWIRE) -- Obalon Therapeutics Inc. (NASDAQ:OBLN), a vertically integrated medical technology company with the first and only FDA-approved swallowable, gas-filled intragastric balloon system for the treatment of obesity, today announced its financial results for the third quarter ended September 30, 2016. The Company reported total revenues of $0.8 million for the third quarter, compared to $1.1 million for the third quarter of 2015. Net loss was reported at $5.3 million compared to a net loss of $3.6 million in the third quarter of 2015 and net loss per share for the quarter was $5.46 as compared to net loss per share of $6.21 in the third quarter. Cost of goods sold was $0.6 million during the three months ended September 30, 2016, consistent with $0.6 million for the prior year period. Gross profit for the third quarter was $0.1 million, resulting in a gross margin of 17%, compared to $0.4 million and 41% for the third quarter of 2015. Research and Development expense for the third quarter totaled $2.2 million, down from $3.2 million in the third quarter of 2015, and Selling, General and Administrative, or SG&A expense increased to $2.4 million for the third quarter, compared to $0.6 million in the third quarter 2015. Operating loss for the third quarter was $4.5 million, compared to an operating loss of $3.4 million for the third quarter of 2015. Net loss for the quarter was $5.3 million, or $5.46 per share as compared to a net loss of $3.6 million or $6.21 per share for third quarter of 2015. As of September 30, 2016, Obalon had $14.2 million in cash, cash equivalents and short-term investments and $9.9 million in long-term debt. On October 12, 2016, Obalon closed the initial public offering in which 5.0 million shares were issued at a price of $15.00 per share for gross proceeds of $75.0 million and net proceeds of approximately $67.4 million.