Solos Endoscopy Inc.’s (OTC:SNDY) second-quarter revenues rose less than 1 percent as losses widened 33 percent.
The Boston, Mass.-based company reported a net loss of $527,349 on sales of $217,922 during the three months ended June 30. That compares with a net loss of $353,677 on sales of $216,462 during the same period last year.
Company officials said the continuing poor results could force it under unless it can score a financing deal, according to a press release.
"Should Solos’ efforts to raise additional capital through equity and/or debt financing fail, the company would have difficulty executing its business activities,” according to the release. “The company does not know if the revenues from its current client base will provide sufficient earnings to cover the cost of its operations."
Solos saw worse year-over-year losses at the beginning of the year, but remained confident as sales rose 10 percent during the first quarter, compared with Q1 2009. Solos president Bob Segersten in May said, “we feel great about our position as we continue to progress towards market expansion abroad,” referring to the company’s plans to win CE Mark approval in the European Union and a regulatory nod from Health Canada.