TORONTO, Nov. 8 /PRNewswire-FirstCall/ - Spectral Diagnostics Inc. today announced its financial results for the third quarter ended September 30, 2007.
“Spectral is a company focused on the role that endotoxin plays in disease processes. Our primary goal is to commercialize our core product, the EAA(TM) Endotoxin Activity Assay, which is the only FDA cleared endotoxin assay clinically indicated for the rapid diagnosis of sepsis,” said Dr. Paul Walker, President and CEO of Spectral Diagnostics. “In our third quarter, we made outstanding progress on this path towards commercialization, resulting from our participation at this year’s International Sepsis Forum and the completion of three key international distribution agreements for EAA(TM).”
For the three months ended September 30, 2007, Spectral reported sales of $739,000, a ten per cent increase compared to $675,000 in sales for the corresponding period in 2006. For the nine-month period ended September 30, 2007, the Company reported sales of $2,318,000 compared to $2,429,000 for the same period in 2006. Sales for the nine-month period in 2006 included $252,000 of rapid cardiac test revenues related to the business that was sold to Nanogen. Sales for the nine-month period ended September 30, 2007 are primarily comprised of the Company’s EAA(TM) product and its Troponin I reagents.
For the three months ended September 30, 2007, the Company reported a loss of $382,000, or ($0.02) per share, compared with a loss of $431,000 or ($0.02) per share for the corresponding period in 2006, an improvement in operating results of $49,000. For the nine months ended September 30, 2007, the Company reported a loss of $968,000, or ($0.04) per share, compared with net income of $4,707,000, or $0.22 per share for the same period in 2006. Net Income for the nine months ended September 30, 2006 included a one time gain of $2.4 million related to the Company’s sale of its rapid cardiac test business and a one time gain of $5.4 million on the settlement of certain convertible notes payable. Excluding these gains, Spectral’s current year nine-month operating results reflected a $2.2 million improvement over the same period in 2006.
About Spectral Diagnostics
Spectral is a developer of innovative technologies for comprehensive disease management. Spectral technologies provide accurate and timely information to clinicians enabling the early initiation of appropriate and targeted therapy. Current products include Spectral’s FDA approved rapid diagnostic for sepsis (EAA(TM)) and its FDA approved rapid diagnostic for West Nile Virus (RapidWN(TM)), as well as a range of other biological reagents. Spectral is listed on TSX under the symbol SDI.
Forward-looking statement
Information in this news release that is not current or historical factual information may constitute forward-looking information within the meaning of securities laws. Implicit in this information, particularly in respect of the future outlook of Spectral and anticipated events or results, are assumptions based on beliefs of Spectral’s senior management as well as information currently available to it. While these assumptions were considered reasonable by Spectral at the time of preparation, they may prove to be incorrect. Readers are cautioned that actual results are subject to a number of risks and uncertainties, including the availability of funds and resources to pursue R&D projects, the successful and timely completion of clinical studies, the ability of Spectral to take advantage of business opportunities in the biomedical industry, the granting of necessary approvals by regulatory authorities as well as general economic, market and business conditions, and could differ materially from what is currently expected.
CONTACT: Dr. Paul Walker, President & CEO, (416) 626-3233 ex. 2100; James
Smith, Investor Relations, (416) 815-0700 ext. 229, jsmith@equicomgroup.com
