CARDIOVASCULAR DIAGNOSTICS, INC. REPORTS 1998 SECOND QUARTER RESULTS.RALEIGH, N.C.--(BUSINESS WIRE)--July 28, 1998--C enter patient field trials in major centers inI clinical trials, and will ship an additional 80,000 cards and 225 analyzers later in the year as Knoll's PEG-Hirudin trials continue. "The continued progress of our specialty tests through the development process demonstrates both the versatility of our TAS TAS abbr. 1. telephone answering system 2. true airspeed technology and its potential to improve therapy for the treatment of numerous disease states," stated John Funkhouser, President and Chief Executive Officer. "New generation therapies, some of which have narrow therapeutic windows, create the need for effective point-of-care monitoring of the treatment, or pre-screening of patients. While we continue to evaluate distribution alternatives to develop our routine diagnostic business, CVDI's primary strategy is the pursuit of specialty test collaborations with pharmaceutical companies for these new therapies. Market development for our tests is thereby closely linked to the success of the associated drugs. The more collaborations, the greater CVDI CVDI Certificado de Validación de Datos de Importadores (Argentina) CVDI Crime Victims with Disabilities Initiative (California) is able to diversify its potential revenue sources." The Company is currently in discussions with other pharmaceutical companies to develop additional specialty tests with the goal of two to three new collaborations a year. Financial results for the quarter reflect higher revenues based on increased product shipments, and an improved gross margin based on the unit volume gains, production process enhancements, and careful attention to quality and costs. Net revenues for the second quarter were $2,192,000, an increase of 25 percent from $1,759,000 a year ago. Operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. of $1,656,000 were essentially flat compared to the first quarter of 1998, but 16 percent below the corresponding period last year. The operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. for the second quarter of $968,000 was slightly higher than the first quarter's $864,000 loss, but 41 percent below the loss of $1,648,000 for the second quarter of 1997. As expected, during the quarter, the Company did not receive cher income decreased significantly compared to the year earlier period and the first quarter of 1998. The ne per share a year ago. For the six months ended June 30, net revenues totaled $4,596,000, up 14 percentrovement in the operating loss. Other income derengthen its balance sheet and increase liquiding private equity capital. "Since the recevascular Diagnostics, Inc. develops, manufactureSystem (TAS) for powerful new therapeutics with narrow ranges between over- and under-dosage, which represent CVDI's principal target market, as well as for monitoring routine anticoagulants Anticoagulants Drugs that suppress, delay, or prevent blood clots. Anticoagulants are used to treat embolisms. Mentioned in: Embolism, Heart Valve Replacement . CVDI's therapeutic diagnostics are used in the treatment of angina, myocardial infarction myocardial infarction: see under infarction. (heart attack), stroke, deep venous thrombosis deep venous thrombosis n. Abbr. DVT A condition in which one or more thrombi form in a deep vein, especially in the leg or pelvis, resulting in an increased risk of pulmonary embolism. , and pulmonary and arterial emboli emboli /em·bo·li/ (em´bo-li) plural of embolus. Emboli Plural of embolus. An embolus is something that blocks the blood flow in a blood vessel. . This press release contains forward-looking statements regarding future events and the future performance of Cardiovascular Diagnostics that involve risks and uncertainties that could cause actual results to diff 1998 1997 1,069,865 Net Loss Before Taxes (978,947) (933,259) (1,471,317) (1,396,618) Provision for Income Taxes (26,250) (14,274) (52,500) ( June 30, Preside nt and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Director of Finance 919-954-9871 919-954-9871 KEYWORD: NORTH CAROLINA INDUSTRY KEYWORD: MEDICINE EARNINGS |
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