Solos Endoscopy Inc. (OTC:SNDY) failed to meet its sales forecast for 2009 and posted vastly wider net losses for the year as it issued its long-delayed results for the year ended Dec. 31, 2009.
In regulatory filings, the company had predicted sales of $437,000, representing a 1.3 percent increase over the $431,000 in revenues Solos posted in 2008. But 2009 sales were $422,000, down 2.2 percent.
The bottom line fared even worse, according to a securities filing, with net losses widening 337.9 percent to $2.3 million, compared with a net loss of $528,000 during 2008. Solos said much of that loss stemmed from a $1.5 million write-down of assets related to investments it made for a line of mastoscope products it bought in 2007 and sold last year.
In January Solos reported fourth-quarter sales of $125,791, a 9.2 percent uptick compared with its third-quarter sales. The company finished 2009 with about $92,000 in cash, compared with just $16,000 as of the close of 2008, and total assets of $2.3 million including $1.9 million worth of goodwill and intangibles. That compares to total assets of $3.9 million for 2008, which included goodwill and intangibles of $3.4 million.
Earlier this week the company reported reaching the first milestone in its effort to attain ISO 13485 certification, a stepping stone to gaining CE Mark approval in the European Union.