Optical molecular imaging developer ART Advanced Research Technologies credits its transition to a direct distribution model for a gain in revenues in the third quarter (end-September 30).
The Montreal-based company reported revenues of $1.3 million in the third quarter, compared with $268,000 in the same quarter of 2007. ART incurred a net loss of $1.5 million in the quarter, compared with a net loss of $2.2 million in the same quarter a year ago.
For the nine-month period, revenues increased to $3.8 million, compared with $704,000 in the same period of 2007. The net loss was $3.9 million, compared with a net loss of $6.9 million in the same nine months of 2007.
All amounts are in U.S. dollars.
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