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Net sales for the quarter ended September 30, 2003 increased overall by 26% to $561,000 from $444,000 for the same period in 2002. This increase was distributed throughout all regions with a 32% increase in the European region, a 29% increase in domestic sales and a 27% increase in sales in the Asian region, when comparing third quarter 2003 revenues with third quarter 2002 revenues. For the nine-month period ended September 30, 2003, revenues increased 4% to $1,690,000 compared with $1,633,000 for the same nine-month period in 2002.
Net loss for the third quarter of 2003 decreased to
$2,658,000, or $0.04 per share compared with $3,358,000, or $0.07 per share, for the second quarter of 2002. The decrease in net loss was due to the 26% increase in revenue as well as a 19% decrease in research and development expenses and an 8% decrease in sales, general and administrative expenses. For the nine-month period ended September 30, 2003, net loss increased 5% to $9,546,000 from $9,096,000 for the same nine-month period in 2002. This 5% increase in net loss correlates directly to the 5% increase in research and development expenses and the 5% increase in sales, general and administrative expenses, offset by the 3% increase in revenue and the 3% increase in cost of goods sold, when comparing the nine-month period of 2003 with the nine-month period of 2002. Shares used in calculating the net loss per share increased to 70.1 million shares outstanding from 47.1 million shares due to the issuance of shares in connection with private placements since the third quarter of 2002.
Net sales for the quarter ended September 30, 2003 increased overall by 26% to $561,000 from $444,000 for the same period in 2002. This increase was distributed throughout all regions with a 32% increase in the European region, a 29% increase in domestic sales and a 27% increase in sales in the Asian region, when comparing third quarter 2003 revenues with third quarter 2002 revenues. For the nine-month period ended September 30, 2003, revenues increased 4% to $1,690,000 compared with $1,633,000 for the same nine-month period in 2002.
Net loss for the third quarter of 2003 decreased to $2,658,000, or $0.04 per share compared with $3,358,000, or $0.07 per share, for the second quarter of 2002. The decrease in net loss was due to the 26% increase in revenue as well as a 19% decrease in research and development expenses and an 8% decrease in sales, general and administrative expenses. For the nine-month period ended September 30, 2003, net loss increased 5% to $9,546,000 from $9,096,000 for the same nine-month period in 2002. This 5% increase in net loss correlates directly to the 5% increase in research and development expenses and the 5% increase in sales, general and administrative expenses, offset by the 3% increase in revenue and the 3% increase in cost of goods sold, when comparing the nine-month period of 2003 with the nine-month period of 2002. Shares used in calculating the net loss per share increased to 70.1 million shares outstanding from 47.1 million shares due to the issuance of shares in connection with private placements since the third quarter of 2002.
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Dr. Vegh continues, "We continued working with the FDA in order to find common ground on which to obtain approval of our REVELATION Tx® technology. The PMA approval remains to be our primary goal."
