IRVINE, CA--(Marketwired - Aug 23, 2016) - Trimedyne, Inc. (OTC PINK: TMED) today reported its financial results for the quarter and nine-month period ended June 30, 2016.
Revenues for the current quarter were $1,106,000, a decrease of 25% from revenues of $1,482,000 for the prior year's quarter. The decrease in revenues was primarily due to a decrease in sales of Lasers and accessories compared to the prior year period. The Company had a net loss of $97,000 or $0.01 per share for the current quarter, compared to a net loss of $123,000 or $0.01 per share for the prior year quarter.
For the nine-month period ended June 30, 2016, revenues were $3,776,000, a decrease of 6% from $4,027,000 for the same period of 2015. For the nine months ended June 30, 2016, the Company's net loss was $469,000 or $0.03 per share, compared to a net loss of $466,000 or $0.03 per share for the same nine-month period of 2015.
All of the above per share numbers are based on a weighted average of 18,395,960 and 18,395,960 shares outstanding as of June 30, 2016 and 2015, respectively.
Reflecting on these results, Glenn D. Yeik, President & CEO of Trimedyne, said: "The significant drop in revenue this quarter was primarily due to a number of laser sales forecasted for this period that were delayed. While these results are unacceptable, we are working with our customers, distribution partners, and employees in several initiatives to increase revenue and return to profitability. We are encouraged by these efforts and, subsequent to this reporting period, we have closed a significant number of laser sales and expect to see more results of these efforts in the coming quarters."
If you would like further information for the Quarter and Nine Months ended June 30, 2015, our filings can be accessed at www.sec.gov.
Trimedyne manufactures proprietary Holmium lasers, patented side firing optical fibers and other fiber-optic devices for vaporizing the prostate to treat BPH, fragmenting urinary stones, vaporizing excess spinal disc tissue to treat herniated or ruptured discs and for use in a variety of minimally invasive procedures, many of which are performed on an outpatient basis at substantially less cost than conventional surgery. For product, press release 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. 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. 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, which we are not required to update.