Gamma-probe developer Neoprobe reported third-quarter revenues of $920,000, down 51.5% compared with the $1.9 million in sales posted in the third quarter last year. For the quarter (end-September 30), the Dublin, OH-based firm had a net loss of $1.1 million, compared with net income of $401,000 last year.
President and CEO David Bupp attributed the loss to a decline in demand for Neoprobe's gamma-detection devices by its primary marketing partner, Ethicon Endo-Surgery of Cincinnati. Neoprobe reported earlier this year that demand for its neo2000 probes was slowing, and that its BlueTip probes were not meeting the customer acceptance levels anticipated when Ethicon placed initial orders for them. Neoprobe said that it expects 2003 sales to increase over 2002 levels after elimination of Ethicon’s overstock position.
In other company updates, Neoprobe said it continues to believe it has adequate funding to finance planned operations through the end of 2002 and into 2003. The firm is in discussion with several potential financing sources. If that process is not successful, Neoprobe said it would have to further modify and/or significantly curtail its current strategic and operating plans. Neoprobe reported cash and cash equivalents of $1.8 million as of September 30.
By AuntMinnie.com staff writers
November 13, 2002
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Neoprobe moves closer to Biosonix purchase, December 11, 2001
Biosonix gets CE mark for FlowGuard, October 4, 2001
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