PLC Systems Inc. managed to halve its net loss despite a 6.9 percent revenues slide during the second quarter and inked a distribution deal for its flagship product in South Asia.
The Franklin, Mass.-based device maker, which manufactures the RenalGuard system, posted a net loss of $307,000 on sales of $1.2 million for the three months ended June 30, compared with a net loss of $671,000 on sales of $1.3 million during the same period last year — a more than 54 percent reduction of red ink.
International sales helped lessen the sting of the revenue slide, making up more than 30 percent of the total, largely on RenalGuard sales in the European Union. The system is designed treat contrast-induced nephropathy, a form of acute renal failure caused by exposure to contrast media agents during image-guided cardiology and radiology procedures.
Sales of the system in the EU could get another boost after the company releases data from an Italian trial at a trio of medical conferences in Europe and the United States, President and CEO Mark Tauscher said, adding that a second trial in Italy is under way.
And the company is looking farther afield to South Asia, having inked a distribution deal covering Bangladesh and Pakistan with Lahore, Pakistan-based Medimen (Pvt.) Ltd.