Printer Friendly


 CANNON FALLS, Minn., Aug. 16 /PRNewswire/ -- MediVators, Inc. (NASDAQ: MVAT) announced a revenue jump of 87 percent in the second quarter ending June 30, 1993 to $786,821 compared to $420,644 in the comparable quarter in 1992. For the first half of 1993, revenues increased 64 percent to $1,413,999 compared to $864,499 in the comparable period in 1992. Net loss for the second quarter of 1993 was $(311,814) or $(.11) per share vs. $(334,819) or $(.12) per share in the second quarter of 1992.
 The increase in revenue is due to the growth of the MedFab division, which was only beginning operation in the second quarter of 1992 and to strong international sales of disinfectors. Gross profit margin was 37 percent in the second quarter, a 28 percent increase from the second quarter of 1992. Lowered disinfector costs have allowed the company to maintain margins despite price reductions on the U.S. disinfector. "We are awaiting FDA clearance of the DSD-91, dual scope disinfector that we expect will replace the current disinfector," stated Donald L. Sturtevant, president and CEO.
 Research and development expenditures increased from $74,332 in the second quarter of 1992 to $242,126 in the second quarter of 1993. Research and development expenditures were $488,287 for the first half of 1993, a 511 percent increase over the comparable period in 1992. The MediFlex and Disposal Sciences subsidiaries accounted for approximately 80 percent of the 1993 research and development expenses. Disposal Sciences has generated only minor sales of the current sharps disposal system, which is designed primarily for lower volume users. A prototype of a larger capacity sharps disposal unit has been developed and is undergoing clinical evaluation. To control costs and to allow Disposal Sciences to focus on development of the larger capacity unit, Disposal Sciences has eliminated seven positions, primarily in production and sales support. "MediFlex continues to make progress on its microprocessor-controlled articulation technology for endoscopic products licensed from Stanford University," stated Mr. Sturtevant. "The Company is in the process of securing additional financing in order to continue to improve our cash position and to fund the activities of MediFlex and Disposal Sciences," stated Mr. Sturtevant.
 MediVators designs, manufactures and markets endoscopic disinfection equipment and supplies. MedFab, a division of MediVators, Inc., provides precision plastics machining and fabrication services to a variety of customers. Disposal Sciences is a wholly owned subsidiary that manufactures and markets a sharps disposal system. MediFlex is an 80 percent owned subsidiary that is developing applications of articulation technology licensed from Stanford University.
 Consolidated Statement of Operations
 Periods ended Three Months Six Months
 June 30 1993 1992 1993 1992
 Net sales $786,821 $420,644 $1,413,999 $864,499
 Cost of sales 493,576 296,887 881,641 517,521
 Gross profit 293,245 123,757 532,358 346,978
 Selling, general and
 administrative 387,198 376,395 749,130 773,385
 Research and development 242,126 73,332 488,287 95,567
 Interest (income) expense
 net (225) 7,849 (7,231) (27,705)
 Minority interest in losses
 of subsidiary (24,040) --- (45,116) ---
 Total 605,059 458,576 1,185,070 841,247
 Net (loss) (311,814) (334,819) (652,712) (494,269)
 Net (loss) per share (.11) (.12) (.23) (.17)
 Weighted average common
 shares outstanding 2,846,494 2,846,494 2,846,494 2,846,494
 Summary Consolidated Balance Sheet
 At June 30, 1993
 Cash and cash equivalents $154,065 Current liabilities $605,001
 Other current assets 2,721,853 Minority interest 1,891
 Property and equipment 764,372
 Other assets 289,496 Stockholders equity 3,322,894
 Total 3,929,786 3,929,786
 -0- 8/16/93
 /CONTACT: Curtis D. Luebke, chairman, or Donald L. Sturtevant, president and CEO, 507-263-4721, both of MediVators/

CO: MediVators, Inc. ST: Minnesota IN: HEA SU: ERN

LG -- NYM016 -- 2904 08/16/93 09:03 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 16, 1993

Terms of use | Copyright © 2018 Farlex, Inc. | Feedback | For webmasters