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TriPath Imaging announces second quarter 2002 results.(Brief Article)
2002 SEP 26 - (NewsRx.com & NewsRx.net) -- TriPath Imaging, Inc., (TPTH) reported second quarter revenues of $9.1 million, a 21% increase from the first quarter of 2002 and a 48% increase from the second quarter of 2001.
The increase in revenues resulted primarily from continued growth in U.S. domestic sales of the company's SurePath Test Pack and PrepStain reagents and disposables for the liquid-based collection and preparation of thin-layer slides for screening for cancer of the cervix.
Domestic sales of reagents and disposables increased 30% from the first quarter of 2002 and 132% from the second quarter of 2001. Worldwide sales of reagents and disposables represented 64% of total revenues in the second quarter of 2002 as compared with 63% in the prior quarter and 42% in the second quarter of 2001.
Gross profit for the second quarter of 2002 increased 23% to $5.4 million, 59% of sales, from $4.4 million, 58% of sales, in the first quarter of 2002. Gross profit increased 78% from $3.0 million, 49% of sales, in the second quarter of 2001.
For the second quarter of 2002, the company reported a net loss of $5.4 million, or $0.14 per share, as compared with a net loss of $5.3 million, or $0.14 per share, in the first quarter of 2002 and a net loss of $4.2 million, or $0.12 per share, in the second quarter of 2001. Cash, cash equivalents, and short-term investments at the end of the second quarter of 2002 were approximately $40.0 million.
Paul R. Sohmer, MD, chairman, president, and CEO of TriPath Imaging commented, "The increase in revenues and gross profit reflects our ongoing ...
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