RenalGuard Sales Push PLC Systems Revenue Up
PLC Systems, the Milford-based medical device company that focuses on technology for cardiac and vascular care, saw its revenue skyrocket 88 percent in the first half of 2013, the company said today.
President and CEO Mark R. Tauscher said the growth is mostly due to sales of single-use sets of its RenalGuard, which prevents or reduces the onset of contrast-induced nephropathy, a severe form of hospital-acquired kidney injury in at-risk patients. It has been approved for sale in Europe and is undergoing clinical trials in the United States.
Revenue for the first six months of the year was $721,000, compared to $383,000 last year. Revenue for the second quarter, ended June 30, was up 2 percent over last year, to $372,000.
The company has also been profitable so far this year, turning around a net loss of $8.2 million for the first six months of last year, to a net income of $137,000 this year. Net Income for the second quarter was $7.9 million, compared with a loss of $1.4 million in 2012. Net changes in the fair market value of outstanding debentures, warrants and options offset operating losses, PLC said.
Operating expenses grew, as PLC expected, by 36 percent as the U.S. clinical trial of RenalGuard continued in the second quarter. Tauscher said PLC started to explore other applications for its European-approved RenalGuard during the quarter.
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