Gamma-detection-system maker Neoprobe reported third-quarter revenue of $1.8 million, compared to $2.8 million for the same period a year earlier. Neoprobe had net income for the quarter (end-September 30) of $401,000 compared to $504,000 for the same period last year.
The Dublin, OH-based company said its third-quarter revenue was affected by a decline in unit shipments to its distributor, and by a scheduled one-time reduction in product transfer price that began the first of the year under the terms of its distribution agreement.
Third-quarter operating results were consistent with expectations, the company said, but they also highlighted its need to expand beyond the development of radiation detection instruments.
Neoprobe is in the process of acquiring Israel-based Biosonix, which manufactures blood-flow and cardiac output-measuring devices. One of those products has been cleared for European distribution.
By AuntMinnie.com staff writers
November 5, 2001
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