I-FLOW ANNOUNCES INCREASE IN THIRD QUARTER REVENUES
I-FLOW ANNOUNCES INCREASE IN THIRD QUARTER REVENUES IRVINE, Calif., Nov. 5 /PRNewswire/ -- I-FLOW Corp.
(NASDAQ: IFLO), manufacturer and seller of innovative ambulatory infusion devices, today announced that total revenues for the quarter ended Sept. 30, 1992, were $615,000, an increase of 439 percent over the year-ago quarter. The company reported a net loss of $812,000, or $0.14 per share as compared to a net loss of $812,000, or $0.26 per share in the year-ago quarter. For the nine months ended Sept. 30, 1992, total revenues exceeded $1.1 million, an increase of 332 percent over the year-ago period. The company reported a net loss of $2.8 million, or $0.59 per share as compared to a net loss of $2.5 million, or $0.96 per share in the year-ago period.
Donald M. Earhart, president and chief executive officer, commented, "The revenues realized in the third quarter were a 100 percent increase over the revenues recorded in the 1992 second quarter. This is the third consecutive quarter in 1992 in which revenues have grown by at least 50 percent over the preceding quarter. We expect our ongoing revenue growth to continue to be strong." Earhart added, "I-FLOW's VIVUS 4000 multiple-channel, multiple- drug ambulatory infusion systems and its SideKick disposable antibiotic delivery system are the lowest cost alternatives to IV drug delivery in the home, out-patient clinic and the hospital. In an environment where the cost of healthcare is the driving issue for all healthcare providers and insurers, we believe I-FLOW is well positioned to take advantage of this trend by offering the lowest cost and most advanced technology in ambulatory infusion systems. Our products continue to be enthusiastically evaluated by a number of well-know healthcare companies who have expressed a strong interest in marketing and/or licensing I-FLOW's products." I-FLOW Corp. designs, develops, manufactures and markets technically advanced ambulatory infusion systems uniquely well suited to the alternate care environment. Reliable, efficient and easy to use, I-FLOW products offer users substantial opportunities to expand their therapy base, improve quality of care and increase productivity. These advantages translate into improved revenues and profits for healthcare providers while reducing costs and improving the quality of life for patients. I-FLOW CORP. Statement of Operations Unaudited (In thousands, except per share amounts) Three Months Ended Nine Months Ended Sept. 30, Sept. 30, 1992 1991 1992 1991 Revenues: Net sales $464 $82 $755 $155 Rental income 129 3 335 3 Interest income 22 29 37 103 Total revenues 615 114 1,127 261 Costs and expenses: Cost of sales 445 68 896 396 Selling, general and administrative 771 666 2,341 1,741 Research and development 211 192 660 628 Total costs and expenses 1,427 926 3,897 2,765 Net loss ($812) ($812) ($2,770) ($2,504) Net loss per share ($0.14) ($0.26) ($0.59) ($0.96) Weighted average number of shares outstanding 5,699 3,099 4,701 2,595 NOTE: All share and per-share data has been retroactively adjusted for a 1-for-5 reverse stock split effective May 11, 1992. -0- 11/5/92 /CONTACT: Jim Dal Porto of I-FLOW, 714-553-0888/ (IFLO) CO: I-FLOW Corp. ST: California IN: HEA SU: ERN
JB-JL -- LA012 -- 2979 11/05/92 10:30 EST
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|Date:||Nov 5, 1992|
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