Mela Sciences (NSDQ:MELA) narrowed losses and met Wall Street’s expectations with its 4th-quarter results.
The Irvington, N.Y.-based melanoma detection device maker reported losses of $4.5 million, or 21¢ per share, in the 3 months ended Dec. 31, 2011. That compares with losses of $5.3 million, or 21¢ per share, during the same period in 2010.
Analysts were expecting losses of 23¢ per share for Mela Sciences, which hadn’t seen revenues since 2005 before launching MelaFind commercially this year.
Mela launched the device, a handheld, non-invasive melanoma detection and identification system designed to help a physician decide whether or not to biopsy a suspect patch of skin, in Europe and the U.S. this quarter. The company celebrated the 1st commercial MelaFind installation earlier this month. Mela Sciences has reported no revenues since it discontinued its dental diagnostics operations in 2005, according to SEC filings.
Mela won FDA clearance for the MelaFind system in November 2011 after more than 2 years, 2 panel reviews and 1 citizens’ petitions worth of effort. The device won CE Mark approval in the European Union last September.
The device maker beat The Street ‘s forecast with its full-year results, posting losses of $20.4 million, or 80¢ per share. That compares to losses of $19.9 million, ,or 83¢ per share, in 2010. The news didn’t stir much love on The Street, however, where MELA shares were trading down 2.7% at $4.69 as of about 1:20 p.m. today.
Mela Sciences said it expects to continue incurring losses for the foreseeable future, according to the filings.
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The Traverse City, Mich.-based health-care location systems maker posted 1st-quarter 2012 profits of $102,000 on sales of $2.1 million. That compares with Q4 2010 losses of $562,000 on sales of $1.2 million.
The company declined to provide information on earnings per share for the quarter because "if the omitted statement and disclosures were included in the financial statements, they might influence the user’s conclusions about the company’s financial position, results of operations, and cash flows," according to an SEC filing. "Accordingly, these financial statements are not designed for those who are not informed about such matters."
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