Strong growth in its prostate brachytherapy business helped drive North American Scientific (NAS) to a 11% increase in revenue in its fiscal first quarter of 2008. However, increased debt-related expenses contributed to a higher quarterly net loss for the Chatsworth, CA-based firm.
For the period (end-January 31), NAS had revenues from continuing operations of $4.3 million, up 11% compared with the $3.9 million posted in the first quarter of 2007. The company had a net loss from continuing operations of $4.3 million, compared with a net loss from continuing operations of $2.3 million a year ago.
A 30% increase in its prostate brachytherapy business was partially offset by a 30% decline in the firm's nontherapeutic products business. The $2 million increase in quarterly net loss was primarily due to $1.3 million in increased expense on debt and amortization, as well as adjustment on warrants issued in connection with the debt, NAS said.
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