SOURCE: Trimedyne, Inc.

February 23, 2012 09:00 ET

Trimedyne Reports Its Financial Results for the Quarter Ended December 31, 2011

LAKE FOREST, CA--(Marketwire - Feb 23, 2012) - TRIMEDYNE, INC. (OTCBB: TMED) today reported its financial results for the first quarter of its fiscal year.

Revenues for the quarter ended December 31, 2011, were $1,390,000, a 15.0% decrease from revenues of $1,635,000 for the prior year's quarter. The Company had a net loss of $285,000 or $0.02 per share for the current quarter, compared to a loss of $293,000 or $0.02 per share for the same quarter of the prior year.

The current economic conditions have made business difficult for large and small companies in the medical field. As a result, we are concentrating on less developed countries in South America and Southeast Asia, where mortgage problems have not as severely impacted their economies.

Trimedyne recently introduced a line of 200, 365, 500 and 1000 micron diameter Single Use Optical Fibers for use with our Holmium Lasers, as well as Holmium Lasers with a compatible connector made by others, for the fragmentation of urinary stones in the kidney, ureter or bladder, biliary stones in the gall bladder and for other applications in surgery. Many hospitals and surgery centers want the convenience and safety of using a new optical fiber, with a factory polished tip and confirmed sterility for each case, rather than depending on their busy nurses to clean, clip and re-sterilize reusable optical fibers.

Trimedyne manufactures proprietary Holmium lasers and patented fiber optic laser devices for vaporizing the prostate to treat BPH, vaporizing spinal disc tissue to treat herniated or ruptured discs and in a variety of other, minimally invasive procedures, many of which are performed on an outpatient basis at substantially less cost than conventional surgery. For product, press release, financial, SEC Reports and other information, please visit Trimedyne's website, http://www.trimedyne.com.

"Safe Harbor" Statement Under the Private Securities Litigation Reform Act:

Statements in this news release may contain forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934, including words like "expect", "may", "could" and others. Such statements may involve various risks and uncertainties, some of which may be discussed in the Company's current Form 10-K Report and subsequently filed SEC reports. There is no assurance such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.

TRIMEDYNE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
ASSETS
December 31, 2011 September 30, 2011
Current assets:
Cash and cash equivalents $ 706,000 $ 1,151,000
Trade accounts receivable, net of allowance for doubtful accounts of $12,000 at December 31, 2011 and September 30, 2010 504,000 598,000
Inventories 2,320,000 2,162,000
Other current assets 152,000 143,000
Total current assets 3,682,000 4,054,000
Property and equipment, net 951,000 1,027,000
Other 84,000 92,000
Goodwill 544,000 544,000
Total Assets $ 5,261,000 $ 5,717,000
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 211,000 $ 270,000
Accrued expenses 444,000 428,000
Deferred revenue 74,000 93,000
Accrued warranty 25,000 38,000
Current portion of note payable and capital leases 78,000 133,000
Notes payable to related party 156.000 187,000
Accrued interest due to related party -- 1,000
Total current liabilities 988,000 1,150,000
Note payable and capital leases, net of current portion 6,000 13,000
Deferred rent 86,000 100,000
Total liabilities 1,080,000 1,263,000
Commitments and contingencies
Stockholders' equity:
Preferred stock - $0.01 par value, 1,000,000 shares authorized, none issued and outstanding
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Common stock - $0.01 par value, 30,000,000 shares authorized,18,467,569 shares issued at December 31, 2011 and September 30, 2010, 18,365,960 shares outstanding at December 31, 2011 and September 30, 2010 186,000 186,000
Additional paid-in capital 51,280,000 51,268,000
Accumulated deficit (46,572,000 ) (46,287,000 )
4,894,000 5,167,000
Treasury stock, at cost (101,609 shares) (713,000 ) (713,000 )
Total stockholders' equity 4,081,000 4,454,000
Total liabilities and stockholder's equity $ 5,261,000 $ 5,717,000

TRIMEDYNE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
For the Three Months Ended
December 31,
2011 2010
Net revenues $ 1,390,000 $ 1,635,000
Cost of revenues 870,000 1,026,000
Gross profit 520,000 609,000
Operating expenses:
Selling, general and administrative 658,000 707,000
Research and development 210,000 210,000
Total operating expenses 868,000 917,000
(Loss) from operations (348,000 ) (308,000 )
Other income, net 63,000 17,000
(Loss) before income taxes (285,000 ) (291,000 )
Provision for income taxes -- 2,000
Net (loss) $ (285,000 ) $ (293,000 )
Net (loss) per share:
Basic $ (0.02 ) $ (0.02 )
Diluted $ (0.02 ) $ (0.02 )
Weighted average number of shares outstanding:
Basic 18,395,960 18,365,960
Diluted 18,395,960 18,365,960

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