FRANKLIN, Mass., Aug. 6 /PRNewswire-FirstCall/ -- PLC Systems Inc.
(AMEX: PLC), a company focused on innovative cardiac and vascular
medical device-based technologies, today reported financial results
for the three and six month periods ended June 30, 2008. Second
quarter 2008 total revenues were $1,310,000 compared with
$1,932,000 in the second quarter of 2007. The net loss for the
second quarter of 2008 was $671,000, or $0.02 per diluted share,
compared to a net loss of $363,000, or $0.01 per diluted share, in
the second quarter of 2007. Mark R. Tauscher, president and chief
executive officer of PLC Systems Inc., stated, "As we recently
announced, we have elected to defer the onset of our U.S. pivotal
trial for RenalGuard(TM) for the prevention of Contrast-Induced
Nephropathy (CIN), but we are moving forward with our limited
launch of RenalGuard in Italy as well as continuing our support of
the investigator-sponsored clinical trial that is taking place at
the Cardiologico Centrino Monzino (CCM)-University of Milan. As we
also announced, we are now targeting several additional
applications for RenalGuard that are well suited to utilize its
automated fluid balancing capabilities, thus demonstrating even
greater value to medical institutions from our technology. We hope
that by showing broader market applications for RenalGuard,
combined with what we expect to be positive clinical data from the
Italian study, we will be able to raise the additional funding
necessary to complete our U.S. pivotal trial and plan for our U.S.
market launch." Mr. Tauscher added, "In our TMR business, TMR kit
shipments in the second quarter were essentially level with the
first quarter of this year, with a slight reduction in U.S. kit
shipments to hospitals nearly offset by an increase in
international kit shipments." During the second quarter of 2008,
382 disposable TMR kits were shipped, consisting of 347 to
hospitals in the U.S. by Novadaq Technologies Inc., PLC's U.S.
marketing and distribution partner, in addition to 35 kits shipped
internationally by PLC. In comparison, a total of 390 and 454
disposable TMR kits were shipped worldwide during the first quarter
of 2008 and the second quarter of 2007, respectively. Also during
the second quarter of 2008, PLC shipped six CO2 Heart Lasers (HL2)
to U.S. hospitals through Novadaq, comprised of two new systems and
four redeployments, compared to six HL2s shipped in the second
quarter of 2007, of which five were new systems and one was a
redeployed unit. The majority of the overall revenue decline on a
year-over-year basis is attributable to a lower selling price on
the mix of systems sold in the second quarter of 2008 compared to
the same period in 2007. PLC ended the second quarter of 2008 with
172 HL2 CO2 Heart Lasers located at heart centers throughout the
U.S. Six Months' Results For the first half of 2008, PLC reported
total revenues of $2,478,000 compared to $3,425,000 in the same
period in 2007. The net loss for the 2008 first half was
$1,433,000, or $0.05 per diluted share, compared to a net loss of
$1,049,000, or $0.03 per diluted share, in the first six months of
2007. Conference Call PLC Systems will host a conference call
today, August 6, 2008, at 11:00 a.m. ET to discuss these matters.
The call may be joined by dialing (866) 543-6411, or
internationally, (617) 213-8900, at least ten minutes prior to the
start of the call. The passcode is 90750239. A live webcast of the
call will be accessible at the investor relations section of the
Company's website at http://www.plcmed.com/. An archived webcast of
the conference call will be available beginning one hour after the
completion of the call in the same location. A replay of the call
can also be accessed telephonically by dialing 888-286-8010, or
internationally 617-801-6888, using passcode 83035479, from 1:00
p.m. ET on August 6, 2008 through midnight on August 13, 2008.
About PLC Systems Inc. PLC Systems Inc. is a medical technology
company specializing in innovative technologies for the cardiac and
vascular markets. PLC's newest product, RenalGuard, is approved for
sale in the EU as a general fluid balancing device. The RenalGuard
System consists of a unique, proprietary, closed loop,
software-controlled console and accompanying single-use sets that
can be used by physicians and nurses to balance patient fluid
levels during a variety of medical procedures. The RenalGuard
System, with its matched fluid replacement capability, is intended
to minimize the risk of over- or under-hydration during medical
procedures where creating and maintaining high urine outputs is
deemed beneficial to patients. Headquartered in Franklin,
Massachusetts, PLC pioneered the CO2 Heart Laser System, which
cardiac surgeons use to perform CO2 transmyocardial
revascularization (TMR) to alleviate symptoms of severe angina. CO2
TMR offers a treatment option for angina patients who suffer from
severe coronary artery disease. The CO2 Heart Laser is the world's
first TMR angina relief device cleared for commercial distribution
by both the U.S. Food and Drug Administration and Japanese Ministry
of Health, Labor and Welfare, and to obtain a CE Mark for European
distribution. Additional company information can be found at
http://www.plcmed.com/. This press release contains
"forward-looking" statements. For this purpose, any statements
contained in this press release that relate to prospective events
or developments are deemed to be forward-looking statements. Words
such as "believes," "anticipates," "plans," "expects," "will" and
similar expressions are intended to identify forward-looking
statements. Our statements of our objectives are also
forward-looking statements. While we may elect to update
forward-looking statements in the future, we specifically disclaim
any obligation to do so, even if our estimates change, and you
should not rely on these forward-looking statements as representing
our views as of any date subsequent to the date of this press
release. Actual results could differ materially from those
indicated by such forward-looking statements as a result of a
variety of important factors, including that we may not receive
necessary regulatory approvals to market our RenalGuard product or
that such approvals may be withdrawn, we may be unable to raise
sufficient funds in the future to implement our business plan
and/or commence our planned U.S. clinical trial for RenalGuard, the
current CCM clinical trial and the planned future U.S. clinical
trial for RenalGuard as a safe and effective CIN prevention device
may not be completed in a timely fashion if at all, or, if these
clinical trials are completed, they may not produce clinically
significant or meaningful results, the RenalGuard product may not
be commercially accepted, operational changes, competitive
developments may affect the market for our products, regulatory
approval requirements may affect the market for our products, and
additional risk factors described in our Annual Report on Form 10-K
for the year ended December 31, 2007, and our other SEC reports.
PLC Systems, PLC Medical Systems, PLC and CO2 Heart Laser, and
RenalGuard are trademarks of PLC Systems Inc. Contact: Mary T.
Conway Conway Communications 617-244-9682 PLC SYSTEMS INC.
CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per
share data) Three Months Ended Six Months Ended June 30, June 30,
2008 2007 2008 2007 Revenues: Product sales $1,032 $1,520 $1,838
$2,654 Service fees 278 412 640 771 Total revenues 1,310 1,932
2,478 3,425 Cost of revenues: Product sales 423 562 643 1,148
Service fees 150 213 335 421 Total cost of revenues 573 775 978
1,569 Gross profit 737 1,157 1,500 1,856 Operating expenses:
Selling, general and 831 1,076 1,801 2,089 administrative Research
and development 602 556 1,210 1,047 Total operating expenses 1,433
1,632 3,011 3,136 Loss from operations (696) (475) (1,511) (1,280)
Other income, net 25 112 78 231 Net loss $(671) $(363) $(1,433)
$(1,049) Basic and diluted loss per share $(0.02) $(0.01) $(0.05)
$(0.03) Average shares outstanding: Basic and diluted 30,330 30,311
30,330 30,311 CONDENSED BALANCE SHEET June 30, December 31, 2008
2007 Cash and cash equivalents $5,506 $8,060 Total current assets
8,376 10,733 Total assets 8,784 11,200 Total current liabilities
3,248 3,811 Shareholders' equity 3,617 4,950 DATASOURCE: PLC
Systems Inc. CONTACT: Mary T. Conway of Conway Communications,
+1-617-244-9682, , for PLC Systems Inc. Web site:
http://www.plcmed.com/
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