Oncology and medical device developer RITA Medical Systems of Fremont, CA, reported a gain in revenues, coupled with a decrease in losses for its 2006 fiscal third quarter (end-September 30).
The company posted revenues of $12.9 million for the period, a 15% year-over-year increase compared with the $11.2 million in revenues recognized in the fiscal 2005 third quarter.
RITA's net loss on a generally accepted accounting principles (GAAP) basis was $928,000, an increase compared with GAAP net losses of $705,000 for the same period a year ago but a significant decrease from the $1.6 million in losses posted in the prior quarter of fiscal 2006.
The outlook for the fiscal 2006 fourth quarter is between $13.6 million and $14.2 million in revenue, with GAAP net losses of $925,000 to $1.55 million, which includes stock compensation expense in the range of $700,000 to $750,000, RITA said.
By AuntMinnie.com staff writers
November 8, 2006
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