PLC Systems (OTC:PLCSF) is cutting down on its losses, thanks in part to strong revenues during the 3rd quarter.
PLC Systems posted losses of $609,000, or -1¢ per share, on sales of $348,000 for the 3 months ended Sept. 30, narrowing losses by 81% and boosting sales 64.2% over the same period last year.
“To date, we have exceeded the amount of revenue that we generated in total during 2012," president & CEO Mark R. Tauscher said in prepared remarks. "As we continue to expand the platform nature of our product by using RenalGuard for additional indications beyond our primary market of contrast induced-Acute Kidney Injury (CI-AKI), we anticipated increasing distribution of our consoles outside the U.S."
The strong quarter didn’t do much for PLCSF shares, which were down 5.4% to about 5¢ apiece by 1:20 p.m. today.
Milford, Mass.-based PLC Systems has had a slate of good news recently, having last month won approval from the Japanese Ministry of Health, Labor & Welfare for a clinical trial of its RenalGuard device. Japan represents the 2nd-largest market in the world for the RenalGuard based upon the number of cath lab procedures.