Solos posts 10 percent Q1 sales hike, but losses widen
Solos Endoscopy Inc. (OTC:SNDY) posted a 10 percent sales increase for the first quarter, but saw its Q1 losses widen by 68.4 percent.
The Boston-based endoscopic instruments and imaging equipment maker posted sales of $105,000 for the three months ended March 31, compared with $95,000 during the same period last year.
But net losses widened to $297,000, up from $177,000 during Q1 2009.
Solos president Bob Segersten 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.
Solos, which tapped Fred Schiemann to be its new CFO and board member last week, plans to continue to develop its MammoView breast endoscopy system "as well as market expansion through its efforts to meet the requirements of the ISO 13485 standard," Segersten said in prepared remarks.