Franklin Firm Falls In Q4
Medical device firm PLC Systems Inc. saw its fourth quarter loss nearly triple compared to 2008, but trimmed its yearly loss to $1.6 million in 2009 compared to $1.9 million.
For the fourth quarter, the Franklin-based company brought in revenue of $901,000 compared to $1.3 million the prior year. Revenue for the year was $4.7 million compared to $5.3 million.
In a U.S. Securities and Exchange Commission filing, the company's auditors have included a going concern statement that warns that PLC's cash balance, which fell from $5 million in 2008 to $2.7 million last year, as well as its recurring losses and negative cash flow from operations, "raises substantial doubt about its ability to continue as a going concern for the next 12 months."
PLC develops medical device technology focused on the cardiac and vascular markets.
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