LAKE FOREST, CA--(Marketwire - February 20, 2013) - TRIMEDYNE, INC. (OTCBB: TMED) today reported its financial results for the first quarter of its fiscal year.
Revenues for the quarter ended December 31, 2012, were $1,475,000, a 6% increase from revenues of $1,390,000 for the same quarter of the prior year. The Company had a net loss of $144,000 or $0.01 per share for the current quarter, compared to a loss of $285,000 or $0.02 per share for the same quarter of the prior year.
At the end of the quarter ending December 31, 2012, we had cash and equivalents of $441,000 and current assets of $2,996,000, compared to $472,000 and $2,970,000, respectively, at the end of the quarter ending September 30, 2012.
In addition to our continuing to tightly control our costs, we are concentrating on securing financing for the seven (7) subsidiaries the Company plans to organize to conduct clinical trials of its breakthrough lasers and optical fiber devices to treat a variety of medical conditions, which today are difficult or impossible to adequately treat, as described in the Company's Press Release of November 28, 2012. There is, of course, no assurance we will be able to secure the financing needed for any or all of the proposed subsidiaries.
Trimedyne manufactures proprietary Holmium lasers and fiber optic laser devices for vaporizing spinal disc tissue to treat herniated or ruptured discs, denervating spinal joints, fragmenting urinary stones, vaporizing prostate tissue to treat BPH 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.