Three months ago PLC Systems Inc. hit a double, halving its second-quarter net losses and signing a distribution deal for Bangladesh and Pakistan.
But during the third quarter the Franklin, Mass.-based medical device maker only managed a one-bagger, inking a foreign distribution deal but posting a 36 percent sales slide and wider losses for the three months ended Sept. 30.
PLC, which makes a cardiac laser device and a vascular fluid balancing device, reported a Q3 net loss of $358,000 on sales of $1 million, compared with a net loss of $285,000 on sales of $1.6 million during the same period last year.
President and CEO Mark Tauscher, citing positive preliminary results from a clinical trial of the company’s RenalGuard device, said the company believes the data will help drive distribution deals like the five-year pact it signed with Brazil’s Discomed Comercio de Produtos Hospitalares Ltda.
The Porto Alegre-based distributor will sell PLC’s device, which is designed to treat a type of acute renal failure called contrast-induced nephropathy. That adds Brazil to the list of countries where the system is available: Spain, Italy, Bangladesh and Pakistan.
But the deal won’t begin generating revenues for at least nine months, until Discomed lands approval from Brazil’s regulatory watchdog, the National Health Surveillance Agency (ANVISA). Discomed distributes medical and imaging products for companies including Medtronic and Biocath.