Oncology device developer RITA Medical Systems of Mountain View, CA, reported that sales for the third quarter (end-September 30) were $8 million, more than double the revenue figure of $3.9 million from the third quarter of 2003. The company's net loss grew, however, from $2.5 million in the third quarter of 2003 to $3.3 million in the most recent quarter.
The results include approximately two months of financial results from Horizon Medical Products, which RITA bought in July. The company said that its financial performance was below forecast as it realigned sales territories, conducted sales-force cross-training, and eliminated a major product distributor in favor of direct selling.
Sales for the first nine months of 2004 were $17.3 million, up 40% from sales of $12.4 million in the same period of 2003. The company posted a year-to-date net loss of $7.4 million compared to a net loss of $8.8 million for the first nine months of 2003.
By AuntMinnie.com staff writers
November 4, 2004
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