Kips Bay Medical Reports Fourth Quarter and Full Year 2011 Results, Provides Clinical Update & Announces Patent Grants
3/16/2012 9:17:59 AM
MINNEAPOLIS--(BUSINESS WIRE)--Kips Bay Medical, Inc. (NASDAQ: KIPS) today announced financial results for fourth quarter and year ended December 31, 2011.
Net sales increased to $252,000 for the year ended December 31, 2011, up from $223,000 for the same period in the prior year. The net loss in the year was $4.3 million, or $0.27 per diluted share, compared to a net loss of $10.9 million, or $0.81 per diluted share, for the prior year. The Company achieved a gross margin of 63.9% compared to 65.5% for the full year 2011 and 2010, respectively.