Printer Friendly

BIOMAGNETIC TECHNOLOGIES REPORTS RESULTS FOR FIRST QUARTER 1993

 SAN DIEGO, Jan. 28 /PRNewswire/ -- Biomagnetic Technologies Inc. (NASDAQ-NMS: BTIX) (BTi) today reported a net loss of $3,393,000 or $0.34 per share for its first fiscal quarter ended Dec. 31, 1992, compared to a net loss of $2,349,000 or $0.28 per share for the first quarter last year. Revenues for the quarter were $254,000 compared to $1,844,000 in the first quarter of fiscal 1992.
 Stephen O. James, president and chief executive officer, said the modest revenue for the first quarter reflects that BTi is still dependent upon sales to the research market and has not yet begun to make Magnes(R) system sales to the larger clinical market. He said the company believes it will begin to make clinical sales when large medical centers become aware of BTi's applications successes. Until then, revenue and operating results could continue at levels approximating the past several quarters.
 During the first quarter, BTi intensified its focus and expanded its efforts in the applications development area. By the end of the quarter, more than 1,500 magnetic source imaging examinations had been performed at the company's four clinical applications development sites, including examinations on 132 patients who were scheduled for brain surgery. The exciting and significant results of many of these examinations were presented by neurosurgeons and other physicians working with the company at annual meetings of the Congress of Neurological Surgeons (CNS) and the Radiological Society of North America (RSNA). BTi believes that the positive and enthusiastic responses exhibited by the CNS and RSNA medical audiences marked the beginning of the clinical market's awareness of the medical benefits of the Magnes system.
 James said the company has increased its financial commitment to applications development and market development activities, and has decreased engineering, manufacturing overhead and some administrative activities. As a result, operating expenses will likely increase slightly in fiscal 1993 while total employment has been reduced. This strategic redirection of resources should allow BTi to increase its opportunity to enter the commercial clinical market while conserving its cash resources.
 BTi is the leader in magnetic source imaging and has developed the Magnes system -- an instrument called a biomagnetometer that noninvasively localizes the sources of bioelectrical activity in the brain and heart. Magnes is a registered trademark of Biomagnetic Technologies Inc. The company is headquartered at 9727 Pacific Heights Blvd., San Diego, CA 92121-3719; 619-453-6300.
 -0- 1/28/93
 /CONTACT: Stephen O. James, president, or William L. Stephan of Biomagnetic Technologies, 619-453-6300/
 (BTIX)


CO: Biomagnetic Technologies Inc. ST: California IN: MTC SU: ERN

MS-EH -- SD001 -- 0013 01/28/93 07:36 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 28, 1993
Words:437
Previous Article:AMERICAN HEART ASSOCIATION AND CAMPBELL SOUP COMPANY ANNOUNCE HEARTY SCHOOL LUNCH PROGRAM
Next Article:APACHE NAMES BARKER DIRECTOR OF EXPLORATION TECHNOLOGY; JEPPESEN JOINS AS MANAGER OF OFFSHORE EXPLORATION AND DEVELOPMENT
Topics:


Related Articles
BIOMAGNETIC TECHNOLOGIES REPORTS RESULTS FOR SECOND QUARTER 1992
BIOMAGNETIC TECHNOLOGIES REPORTS RESULTS FOR 3Q 1993
BIOMAGNETIC TECHNOLOGIES REPORTS RESULTS FOR FY 1993
BIOMAGNETIC TECHNOLOGIES REPORTS RESULTS FOR 1Q 1994
BIOMAGNETIC TECHNOLOGIES REPORTS RESULTS FOR 2Q 1994
BIOMAGNETIC TECHNOLOGIES REPORTS RESULTS FOR FY 1994
BIOMAGNETIC TECHNOLOGIES REPORTS RESULTS FOR 1Q 1995
BIOMAGNETIC TECHNOLOGIES REPORTS IMPROVED RESULTS FOR 2Q 1995
BIOMAGNETIC TECHNOLOGIES RESTATES SECOND QUARTER RESULTS
Biomagnetic Technologies Reports Results for 1st Quarter 1997

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters