Brazilian Approval Sparks Q4 Growth For PLC
Approval from Brazilian regulators helped drive revenues and profits for Milford-based PLC Systems in the fourth quarter of 2012, but its annual loss increased.
According to the company, which develops technologies for the cardiac and vascular markets, fourth-quarter revenue of $485,000, compared to $189,000 in 2011, helped boost the company's standing for the full year. Revenues for the full year were $1.1 million, compared to $671,000 in 2011. The jump in revenue was due to a higher volume of RenalGuard consoles being sold to distributors, including a new one in Brazil. RenalGuard is meant to prevent or reduce the onset of contrast-induced nephropathy, a severe form of hospital-acquired kidney injury in at-risk patients.
"RenalGuard sales during the fourth quarter showed a marked improvement as we filled a large stocking order to Discomed, our distributor in Brazil," said PLC President and CEO Mark Tauscher. "We worked for more than a year to secure the necessary approvals from Brazilian regulatory authorities, and are making progress in our efforts to receive regulatory approvals across Latin America via our distributor Girlow USA."
Net income for the quarter was $3 million, or 9 cents per share, compared to a loss of $1 million, or 3 cents per share, in 2011. However, for the year, the company remained in the red, reporting a net loss of nearly $8.4 million or 27 cents per share, compared to $6.5 million or 21 cents per share in 2011. About $3.6 million of the loss was attributed to the change in fair value of the investor warrants and convertible notes issued during 2011 and 2012.
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