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SpectRx reports fourth quarter and year-end 2001 results.(Brief Article)(Statistical Data Included)
2002 APR 4 - (NewsRx.com & NewsRx.net) -- SpectRx, Inc., (SPRX) announced that product revenue for the fourth quarter of 2001 was $632,000, a 10% gain over the fourth quarter of 2000. This includes record sales of the company's single-use disposables for the BiliChek noninvasive bilirubin analyzer, which increased 139% over the fourth quarter of 2000.
Total revenues for the BiliChek product line grew 20% in the fourth quarter of 2001 compared with the fourth quarter of 2000. Sales for the quarter were 213 BiliChek devices and approximately 127,000 BiliCal disposables.
For the year ended December 31, 2001, BiliChek product revenues increased 18% to $2.2 million compared with 2000 revenues of $1.9 million. Unit sales for the year were 805 BiliChek devices and 403,410 disposables, an increase in disposable revenue of 101% over 2000.
The net loss for the fourth quarter of 2001 was $1.8 million, or $0.17 per share, compared with a net loss of $256,000, or $0.03 per share, in the comparable quarter of 2000. The fourth quarter of 2000 included a one-time $2.0 million milestone payment from Abbott Laboratories. For the full year, the net loss was $7.3 million, or $0.75 per share, compared with a net loss of $6.7 million, or $0.79 per share, in 2000. Revenue for 2000 included $2.7 million in one-time milestone payments.
The quarterly loss primarily resulted from research and development programs for the company's continuous glucose monitor and noninvasive cervical cancer detection device, as well as fees related to arbitration and other legal activities.
"The integration of Sterling Medivations into our diabetes business, announced in January, is proceeding smoothly and we believe we remain on track to launch our first product, which is trademarked 'Simple Choice,' in the third quarter of this year," said Mark A. Samuels, chairman and CEO of SpectRx. "Our pipeline of innovative insulin delivery products also continues to develop. The latest product ...
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Source: HighBeam Research, SpectRx reports fourth quarter and year-end 2001 results.(Brief...