Demand for products in its anesthetic business, especially in international markets, propelled Minrad International of Orchard Park, NY, to greater revenue in the third quarter (end-September 30). The gains, however, were not enough to prevent another net loss.
Revenues more than doubled to $7.1 million in the third quarter, compared with $2.7 million in the third quarter of 2007. The company's net loss increased to $10.8 million, compared with a net loss of $5.3 million in the third quarter of last year.
For the nine-month period, revenues advanced to $23 million, compared with $9.9 million in the same period of 2007. The nine-month net loss totaled $25.6 million, compared with a net loss of $12 million in the prior-year period.
In the third-quarter report, president and COO Dave DiGiacinto noted that while Minrad has shown revenue growth, the company has not yet been able to generate positive operating profit and operating cash flow. He cited Minrad's lack of liquidity as a drain on financial strength and flexibility to operate the business and service the needs of customers.
In May, Minrad began the process of evaluating alternative strategies by hiring Barclays Capital as its strategic advisor.
Related Reading
Minrad reports revenue dip in Q2, August 15, 2008
Minrad makes two exec appointments, January 15, 2008
Minrad expands revenue and loss, August 16, 2007
Minrad nets CE Mark, September 11, 2006
Minrad names European, Latin America directors, July 20, 2006
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