Printer Friendly

ATS MEDICAL ANNOUNCES SECOND QUARTER RESULTS

 ATS MEDICAL ANNOUNCES SECOND QUARTER RESULTS
 MINNEAPOLIS, July 22 /PRNewswire/ -- Manny Villafana, chairman and


chief executive officer of ATS Medical, Inc. (NASDAQ-NMS: ATSI), announced net sales of $82,380 during the second quarter ended June 30, 1992. The sales reflect the first human implants of the ATS Open Pivot Bileaflet(TM) valve which began on May 4 in Switzerland, Germany, France, Belgium and the United Kingdom.
 "These sales are the most significant achievement of our young company," stated Villafana. "They are modest, but they are a beginning. They are sales of our 31mm and 33mm valves. Although we have completed the design of all sizes of the valve, it will take approximately nine months to receive all sizes in production quantities. This is a normal timetable and we hope to have all sizes available by the end of the first quarter of 1993," added Villafana.
 Based on initial clinical data from a limited number of patients, Villafana stated that it appears the valve is performing as designed. The valve also has received excellent comments from the members of the medical profession who have seen and used the valve, Villafana reported.
 ATS Medical, Inc. manufactures and markets a new pyrolytic carbon bileaflet mechanical heart valve. The company changed its name from Helix BioCore, Inc. to ATS Medical, Inc. at its annual meeting of shareholders held in May 1992. The company's common stock is traded on the NASDAQ National Market System under the symbol ATSI.
 ATS MEDICAL, INC.
 CONDENSED BALANCE SHEET
 (Unaudited)
 ASSETS 6/30/92 12/31/91
 Current Assets
 Cash and short-term investments $3,148,000 $4,517,239
 Other current assets 490,477 851,368
 Total current assets 3,638,477 5,368,607
 Total Furniture, Machinery & Equipment
 Less accumulated depreciation 1,016,837 734,073
 Other Assets
 Less accumulated amortization 212,045 208,974
 Total Assets 4,867,359 6,311,654
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Current liabilities 860,764 844,339
 Long-term debt -- --
 Shareholders' equity
 Common stock; $.01 par value -
 authorized 40,000,000 shares issued &
 outstanding 9,205,278 & 9,205,903 at
 Dec. 31, 1991 and June 30, 1992,
 respectively 92,059 92,053
 Additional paid-in capital 23,555,785 23,557,354
 Stock subscriptions receivable -- (500,000)
 Foreign exchange gain (loss) 139 --
 Deficit accumulated during
 the development stage (19,641,388) (17,682,092)
 Total shareholders' equity 4,006,595 5,467,315
 Total liabilities &
 shareholders' equity $4,867,359 $6,311,654
 CONDENSED STATEMENT OF OPERATIONS
 (Unaudited)
 Three Months Ended Six Months Ended
 6/30/92 6/30/91 6/30/92 6/30/91
 Revenues
 Net sales $82,380 -- $82,380 --
 Less cost of goods sold 54,891 -- 54,891 --
 Gross profit from
 continuing operations 27,489 -- 27,489 --
 Operating Expenses
 Research, development
 and engineering 448,590 123,795 952,840 563,386
 Selling, general
 and administrative 601,940 424,665 1,128,155 811,300
 Total expenses from
 continuing
 operations 1,050,530 548,460 2,080,995 1,374,686
 Interest income 41,352 80,755 94,210 187,588
 Net loss from continuing
 operations (981,689) (467,705) (1,959,296) (1,187,098)
 Net loss from discontinued
 operations -- (360,100) -- (1,101,215)
 Net loss for the period $(981,689)$(827,805)$(1,959,296)$(2,288,313)
 Net loss per share from
 continuing operations $(0.11) $(0.05) $(0.21) $(0.14)
 Net loss per share from
 discontinued operations 0.00 (0.04) 0.00 (0.13)
 Net loss per share $(0.11) $(0.09) $(0.21) $(0.27)
 Weighted average number of
 shares outstanding during
 the period 9,205,414 8,748,124 9,205,372 8,618,008
 -0- 7/22/92
 /CONTACT: Manny Villafana or Jack Jungbauer, both of ATS Medical, 612-553-7736/
 (ATSI) CO: ATS Medical, Inc. ST: Minnesota IN: MTC SU: ERN


KH -- MN019 -- 2134 07/22/92 17:02 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 22, 1992
Words:648
Previous Article:DATASOUTH COMPUTER CORPORATION ANNOUNCES EARNINGS
Next Article:IHOP CORP. TO BUY 23 JB'S RESTAURANTS IN OREGON AND WASHINGTON
Topics:


Related Articles
ATS MEDICAL, INC. ANNOUNCES SUCCESSFUL FINANCING AND THIRD QUARTER RESULTS
VILLAFANA ANNOUNCES ATS MEDICAL, INC. FIRST QUARTER RESULTS
VILLAFANA ANNOUNCES ATS MEDICAL, INC. SECOND QUARTER RESULTS
ATS MEDICAL, INC. ANNOUNCES RECORD FOURTH QUARTER RESULTS AND CONTINUED CLINICAL SUCCESS WITH ITS HEART VALVE
MANNY VILLAFANA ANNOUNCES ATS MEDICAL, INC. AUDITED YEAR END RESULTS
MANNY VILLAFANA ANNOUNCES ATS MEDICAL, INC. FIRST QUARTER RESULTS
MANNY VILLAFANA OF ATS MEDICAL ANNOUNCES PROFITABILITY AND ALLOWANCE OF PATENT
MANNY VILLAFANA ANNOUNCES ATS MEDICAL, INC. RECORD FOURTH QUARTER RESULTS
MANNY VILLAFANA ANNOUNCES ATS MEDICAL, INC. SECOND QUARTER RESULTS
MANNY VILLAFANA ANNOUNCES ATS MEDICAL, INC. 70% THIRD QUARTER REVENUE INCREASE

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