Interventional Cardiology firm Radiance Medical Systems reported revenue of $2,362,000, for the first quarter 2000, up 41% over the $1,756,000 reported for the same period last year. However, Radiance attributed the spike to royalties it received from Guidant in connection with a 1998 licensing agreement covering the company's Radiance Focus technology. At the same time, the company reported that revenue from product sales decreased substantially, from $1,193,000 during the first quarter of 1999 to $570,000 for the same period this year. Overall, the Irvine, CA-based company reported a net loss of $1,447,000 for the quarter, down from a net loss of $6,348,000 during the first quarter of 1999.
Radiance president and COO Jeff Thiel said the results were in line with expectations, and would allow the company to focus on clinical trials for its RDX coronary radiation delivery catheter system in the U.S. and in Europe.
By AuntMinnie.com staff writersMay 5, 2000
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