Oncology device vendor RITA Medical Systems of Fremont, CA, reported generally accepted accounting principles (GAAP) sales for its fiscal 2005 first quarter of $11.2 million, a nearly 300% increase from reported GAAP sales of $4.6 million for the fiscal 2004 first quarter.
The firm reported a net loss for the 2005 first quarter (end-March 31) of $1.7 million, a 22% improvement from the net loss of $2.2 million in the 2004 first quarter. The loss for the period reflects $682,000 in merger-related expenses from the firm's July 2004 merger with Horizon Medical Products.
RITA said that the loss for the 2005 first quarter also includes approximately $600,000 in expenses related to its annual audit and efforts to comply with the Sarbanes-Oxley Act of 2002, an increase of $500,000 over the prior year.
By AuntMinnie.com staff writers
May 10, 2005
Related Reading
RITA moves headquarters, May 2, 2005
RITA seeks 10K extension, March 17, 2005
Favorable lung cancer trial results reported by Rita Medical, December 2, 2004
RITA raises $12 million in private stock sale, November 29, 2004
RITA Q3 loss grows despite higher sales, November 4, 2004
Copyright © 2005 AuntMinnie.com
