Kips Bay Medical Reports Nine Months and Third Quarter 2011 Results & FDA Update
11/9/2011 12:30:28 PM
MINNEAPOLIS--(BUSINESS WIRE)--Kips Bay Medical, Inc. (NASDAQ: KIPS) today announced financial results for the nine months and third quarter ended October 1, 2011.
“The first years for novel medical device technologies are the most difficult and this quarter demonstrates the full range of challenges”
Net sales increased to $158,000 for the nine months ended October 1, 2011, up from $107,000 for the same period in the prior year. The net loss in the first nine months of 2011 was $3.1 million, or $0.20 per diluted share, compared to a net loss of $10.1 million, or $0.75 per diluted share, in the first nine months of 2010. The Company achieved a gross margin of 63.3% compared to 62.6% during the first nine months of 2011 and 2010, respectively.