PLC Banks On Italian Job
Franklin medical device company PLC Systems Inc. hopes the Italian market for one of its products will help stem an earnings slump.
PLC's total revenue for the quarter stood at $1.3 million compared to $1.9 million for the same period the prior year. The company's net loss for the quarter was $671,000 compared to $363,000 a year ago.
The company recently said its financial situation had forced it to put off the U.S. trial for its signature product, RenalGuard. The company said it would instead launch RenalGuard on a limited basis in Italy, where the product is undergoing clinical trials. The system, which is intended to prevent over- or under-hydration in patients during surgery, has been approved for sale in Europe.
Also, Mark R. Tauscher, the company's president and CEO, said the company is trying to find "additional applications" for RenalGuard. The company hopes a broader market for the product along with successful trials in Italy will help fund the U.S. RenalGuard trial.
For the first half of 2008, PLC reported a net loss of $1.4 million on revenue of $2.5 million. A year ago, the company reported a first half net loss of $1 million on revenue of $3.4 million.
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