AVECOR CARDIOVASCULAR REPORTS THIRD QUARTER RESULTS
AVECOR CARDIOVASCULAR REPORTS THIRD QUARTER RESULTS MINNEAPOLIS, Nov. 12 /PRNewswire/ -- AVECOR Cardiovascular Inc.
(NASDAQ: AVEC) today reported a net loss of $89,979, or 1 cent per share, for the three months ended September 30, 1992, compared with a loss of $18,358, or 1 cent per share, in the 1991 third quarter. Net sales were $2,877,193, compared with sales of $2,343,270 in the same period a year ago.
For the nine months, the company reported a net loss of $41,996, or 1 cent per share, on net sales of $8,626,906. The company commenced operations in the second quarter of 1991, and thus had less than four months of activity in its first three quarters last year. Net sales for that period in 1991 were $2,912,695, with a loss of $24,217, or 1 cent per share. Anthony Badolato, president and chief executive officer, said, "Our current products continue to provide a solid revenue stream, with slight volume increases coming from sales of the MYOtherm cardioplegia delivery system introduced last year. We're also benefiting from price increases implemented on certain product lines in the second quarter. We continue to aggressively expand research and development, spending approximately $1.2 million year-to-date, including $545,000 in the third quarter, to broaden and improve our proprietary line of disposable medical devices. As planned, we expect resulting losses to continue into 1993." 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. Three Months Ended Nine months Ended Sept. 30, Sept. 30, 1992 1991 1992 1991 Net sales $2,877,193 $2,343,270 $8,626,906 $2,912,695 Net (loss) (89,979) (18,358) (41,996) (24,217) (Loss) per share $(.01) $(.01) $(.01) $(.01) Common and common equivalent shares outstanding 6,193,350 1,922,959 5,515,430 1,922,959 -0- 11/12/92 /CONTACT: John Swenson of Swenson Falker Eilertsen, 612-371-0000, for AVECOR; or Norman McGibbon of AVECOR, 612-559-9504/ (AVEC) CO: AVECOR Cardiovascular Inc. ST: Minnesota IN: MTC SU: ERN
AL -- MN013 -- 0378 11/12/92 16:33 EST
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|Date:||Nov 12, 1992|
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