QUEBEC CITY and MYRTLE BEACH, SC, Aug. 1, 2017 /PRNewswire/ - TSO3 Inc. (TSX: TOS), an innovator in sterilization technology for medical devices in healthcare settings, reported financial results for its second fiscal quarter 2017 ended June 30, 2017.
Second Quarter 2017 Financial Summary
- Revenue increased to $4.6 million, a 10% sequential increase over the $4.2 million recorded in the first quarter of 2017 and a 53% increase over the $3.0 million recorded in the second quarter of 2016. The Company shipped 40 STERIZONE® VP4 Sterilizers to Getinge Infection Control, its exclusive global distributor, in the second quarter of 2017.
- Gross profit was $1.7 million, or 38% of revenue, which compares gross profit of $1.6 million, or 37% of revenue, in the first quarter of 2017 and a gross profit of $0.8 million, or 28% of revenue, in the second quarter of 2016.
- Research and Development (R&D) expense grew to $1.5 million, as compared to $1.4 million in the first quarter of 2017 and $0.8 million in the year-ago quarter.
- Sales, General and Administrative (SG&A) expense was $2.4 million, as compared to $2.2 million in the first quarter of 2017 and $1.5 million in the second quarter of 2016.
- The Company’s net loss was $(2.3) million or $(0.02) per share in the second quarter of 2017 and compares to net losses of $(2.0) million or $(0.02) per share in the first quarter of 2017 and $(1.5) million, or $(0.02) per share, in the second quarter of 2016.
- The Company had $16.7 million in cash, cash equivalents and investments and no debt as at June 30, 2017, as compared to $19.6 million and no debt at the end of the first quarter of 2017.
Management Commentary
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