Radiopharmaceutical probe developer Neoprobe reported second-quarter revenues of $1.9 million, up more than 46% from the $1.3 million booked in the same period last year. For the quarter (end-June 30), the Dublin, OH-based company had a net loss of $79,000, compared with a net loss of $871,000 last year.
For the first half of the fiscal year, revenues increased by 47% to $3.4 million compared with $2.3 million in the comparable period in 2002. The net operating loss for the first six months of 2003 decreased to $558,000 compared with a net loss of $1.7 million for the same period last year.
Neoprobe president and CEO David Bupp said that second-quarter financial results exceeded internal expectations, and that he now expects gamma device sales for 2003 to exceed earlier guidance of a 25%-30% increase over 2002. He cautioned that the firm expects third-quarter gamma product revenues to be below second-quarter revenues due to short-term demand fluctuations from the company’s distributor.
In addition, Bupp said that although the developer anticipates revenue contributions from its Quantix products to increase during the second half of 2003, the delay in clearance of a Food and Drug Administration 510(k) application for its Quantix/OR may cause total blood-flow product revenues for the year to be below initial projections of $1 million.
By AuntMinnie.com staff writersJuly 31, 2003
Related Reading
Neoprobe cuts loss, May 8, 2003
Neoprobe begins delivering Qauntix/OR, April 28, 2003
Neoprobe shows loss in 2002, February 20, 2003
Neoprobe launches Quantix, November 21, 2002
Neoprobe’s Q3 revenues sag, November 13, 2002
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