LAKE FOREST, CA--(Marketwire - August 21, 2012) - TRIMEDYNE, INC. (OTCQB: TMED) and (OTCBB: TMED) today reported its financial results for the quarter and nine months ended June 30, 2012.
Revenues for the current quarter were $1,715,000, an increase of 22% from revenues of $1,409,000 for the prior year's quarter. The $306,000 increase in revenues was due to an increase in the sales of lasers and disposable fiber optic devices. The Company had a net loss of $168,000 or $0.01 per share in the current quarter, a decrease of 62% from a loss of $429,000 or $0.02 per share for the prior year quarter, based on a weighted average of 18,395,960 shares outstanding for the current quarter and 18,365,960 shares outstanding for the prior year quarter.
For the nine month period ended June 30, 2012, revenues were $4,631,000, a decrease of 6% from revenues of $4,924,000 for the same period of 2011. For the nine months ended June 30, 2012, the Company's net loss was $522,000 or $0.03 per share, a decrease of 35% from a net loss of $797,000 or $0.04 per share for the same nine month period of 2011, based on the above weighted average number of shares outstanding for these periods.
Commenting on the financial results for the quarter, Marvin P. Loeb, Sc.D., Chairman of Trimedyne said, "We are pleased our losses for these periods have declined. We are taking care to carefully control our operating costs. However, we cannot assure that we will be able to maintain sales growth or further lower our operating costs."
Trimedyne manufactures proprietary Holmium lasers and patented fiber optic laser devices for vaporizing the prostate to treat BPH, vaporizing excess spinal disc tissue to treat herniated or ruptured discs and in a variety of other, minimally invasive procedures, many of which are performed on an outpatient basis at substantially less cost than conventional surgery. For product, press release, financial, SEC Reports and other information, please visit Trimedyne's website, http://www.trimedyne.com.
"Safe Harbor" Statement Under the Private Securities Litigation Reform Act:
Statements in this news release may contain forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934, including words like "expect", "may", "could" and others. Such statements may involve various risks and uncertainties, some of which may be discussed in the Company's current Form 10-K Report and subsequently filed SEC reports. There is no assurance such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.