FRANKLIN, Mass., Nov. 15, 2010 /PRNewswire-FirstCall/ -- PLC Systems Inc. (OTC Bulletin Board: PLCSF), a company focused on innovative cardiac and vascular medical device-based technologies, today reported financial results for the three- and nine-month periods ended September 30, 2010.
Third quarter 2010 total revenues were $892,000, a decrease from $1,023,000 reported in the third quarter of 2009. The net loss for the third quarter of 2010 was $5,000, or $0.00 per basic and diluted share, compared to a net loss of $358,000, or $0.01 per basic and diluted share, in the third quarter of 2009.
Mark R. Tauscher, president and chief executive officer of PLC Systems Inc., stated, "In the third quarter, PLC faced some challenging distractions that have now been successfully resolved. We had been in negotiations with our exclusive U.S. TMR distributor, Novadaq Technologies, to purchase the entire TMR business, and were very pleased to announce last week that we had signed an agreement to sell this business. This important step will provide a critical cash infusion to our company, and enable us to focus entirely on our RenalGuard® operations going forward."
He added, "While RenalGuard's performance in the past quarter was uncharacteristically weak, we have also seen some very positive developments that bode well for the business. In particular, we were extremely pleased with the positive conclusions from the Italian investigator-sponsored MYTHOS clinical trial that were presented in late September at the TCT conference. We believe that this compelling scientific evidence that RenalGuard is safe and effective at combating Contrast-Induced Nephropathy will galvanize our distributor network in Europe to increase sales of our RenalGuard consoles and single use sets. In October, this same data was presented at the National Congress of the Ita