ReShape Lifesciences (OTC:RSLS) posted large bottom-line losses in the third quarter, despite a big leap in sales growth.
The San Clemente, Calif.–based obesity and metabolic disease treatment developer posted losses of -$28.8 million, or $-106.55 per share, on sales of $3.5 million for the three months ended Sept. 30, for a massive bottom-line slide on sales growth from just $8,000 a year ago.
The company did not offer earnings per share adjusted to exclude one-time items. It also did not update its expected EPS or sales guidance for fiscal 2019.
This year, ReShape Lifesciences completed the global distribution transition of its Lap-Band system, establishing itself as the global distributor of the product.
“Our strong third-quarter progress demonstrates the increasing resurgence of Lap-Band and our organizational commitment to the market, physicians and patients,” ReShape Lifesciences president & CEO Bart Bandy said in prepared remarks. “We are confident that through our demonstrated focus on this continuously evolving industry we can continue to deliver increased value as a leading obesity solution company.”