Printer Friendly

AVECOR CARDIOVASCULAR REPORTS SECOND QUARTER LOSS

 MINNEAPOLIS, Aug. 3 /PRNewswire/ -- AVECOR Cardiovascular Inc. (NASDAQ: AVEC) today reported a net loss of $583,173, or 9 cents per share, for the three months ended June 30, 1993, compared with income of $14,032, equal to less than 1 cent per share, for the second quarter of 1992.
 Net sales were $3,693,588, an increase of 19 percent over last year's $3,093,633. The sales gain resulted mainly from increased sales of the company's Myotherm cardioplegia delivery system.
 "The net loss for the quarter is in line with our expectations," said Anthony Badolato, president and CEO. "The company is spending about $4 million on research and development in 1992 and 1993 to dramatically strengthen its product line. As we've said previously, that will result in a loss of more than $1.3 million this year."
 Badolato said selling expenses increased significantly in the quarter, reflecting spending for the European introduction of the company's new state-of-the-art hollow fiber oxygenator. However, shipments to European customers from AVECOR's Glasgow, Scotland, operation did not begin in quantity until the third quarter. The company has submitted a 510(k) application to the U.S. Food and Drug Administration and is awaiting U.S. marketing clearance for the device.
 For the six months, the company reported net sales of $6,987,260, up from last year's $5,836,291. Net loss for the six months was $1,136,451, equal to 18 cents per share, compared with first half net income of $36,559, or 1 cent per share, last year.
 AVECOR Cardiovascular Inc., headquartered in Minneapolis, develops, manufactures and markets specialty disposable medical devices for heart/lung bypass surgery and long-term respiratory support. The company's current products include membrane oxygenators, cardiotomy reservoirs and cardioplegia systems.
 AVECOR Cardiovascular Inc.
 3 months ended 6 months ended
 June 30 June 30
 1993 1992 1993 1992
 Net sales $3,693,588 $3,093,633 $6,987,260 $5,836,291
 Net income (loss) (583,173) 14,032 (1,136,451) 36,559
 Income (loss) per share $(.09) $.00 $(.18) $.01
 Common and common equivalent
 shares outstanding 6,358,276 6,357,848 6,355,813 4,796,318
 -0- 8/3/93
 /CONTACT: Curt Swenson of Swenson/Falker Associates Inc., 612-371-0000, for AVECOR Cardiovascular; or Norm McGibbon of AVECOR Cardiovascular, 612-559-9504/
 (AVEC)


CO: AVECOR Cardiovascular, Inc. ST: Minnesota IN: MTC SU: ERN

AL -- MN014 -- 8999 08/03/93 15:03 EDT
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:Aug 3, 1993
Words:406
Previous Article:ESTIMATED THIRD QUARTER 1993 ORDERS AND REVENUES ANNOUNCED BY ADC TELECOMMUNICATIONS, INC. TODAY
Next Article:FINGERHUT COMPANIES ANNOUNCE QUALEN WILL BE LEAVING THE COMPANY
Topics:

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