PLC Systems Reports First Quarter Results
03 May 2005 - 10:41PM
PR Newswire (US)
PLC Systems Reports First Quarter Results FRANKLIN, Mass., May 3
/PRNewswire-FirstCall/ -- PLC Systems Inc. (AMEX: PLC), a worldwide
leader in cardiac laser technologies, today reported financial
results for the three months ended March 31, 2005. First quarter
total revenues increased to $1,943,000 compared with $1,909,000 in
the first quarter of 2004. The net loss for the first quarter of
2005 was $184,000, or $.01 per share, compared to a net loss of
$350,000, or $.01 per share, in the first quarter of 2004. "This
year is important for PLC as we look to expand our product
portfolio," stated Mark R. Tauscher, president and CEO of PLC
Systems. "We believe that our strategic investments into new
products and markets will generate future revenues and diversify
our business." During the first quarter of 2005, PLC shipped nine
next-generation CO2 Heart Lasers (HL2) to United States hospitals
through Edwards Lifesciences, PLC's exclusive U.S. sales and
marketing partner. Four of the nine HL2 shipments were new lasers
and five were redeployed lasers. PLC ended the first quarter of
2005 with 174 CO2 Heart Lasers located at heart centers throughout
the U.S., comprised of 127 HL2 customers and 47 HL1 customers.
During the first quarter of 2005, a total of 489 disposable kits
were shipped worldwide by Edwards and the Company. Edwards
delivered 439 of these kits to United States hospitals and PLC
shipped 50 disposable kits to international hospitals. In
comparison, a total of 427 disposable kits were delivered worldwide
during the quarter ended March 31, 2004. Commenting on the first
quarter TMR results, Tauscher said that "The current quarter's
increase in disposable kit shipments over the first quarter of 2004
is an encouraging sign. In fact, based on recent, well-attended
Edwards sponsored educational and training TMR events we believe
that there is a continuing interest in the therapy." In conjunction
with announcing first quarter results, PLC Systems will be hosting
a conference call today, May 3, at 11:00 a.m. Eastern Time. The
call may be joined via telephone by dialing (800) 561-2693 at least
5 minutes prior to the start of the call. The passcode is:
23187109. A live Webcast of the call will be available and
accessible at the investor relations section of the Company's
Website at http://www.plcmed.com/. A recording of the conference
call will be available for the next month on PLC's Website. About
PLC Systems Inc. PLC Systems is a medical technology company
specializing in innovative technologies for the cardiac and
vascular markets. Currently, the company is focused on two unique
cardiac laser therapies. Headquartered in Franklin, Mass., PLC
pioneered the CO2 Heart Laser System that cardiac surgeons use to
perform CO2 transmyocardial revascularization (TMR) to alleviate
symptoms of severe angina. In addition, PLC is working with Edwards
Lifesciences to complete the development of and manufacture the
Optiwave 980 cardiac laser ablation system. The Optiwave 980 is
currently being utilized by surgeons to ablate cardiac tissue in
marketing evaluations at leading cardiac institutions with Edwards
gathering valuable feedback from customers. Edwards' clinical
experience with the Optiwave 980 will help shape the future
Optiwave marketing launch plans. Additional company information can
be found at http://www.plcmed.com/. This press release contains
"forward-looking" statements. For this purpose, any statements
contained in this press release that relate to prospective events
or developments are deemed to be forward-looking statements. Words
such as "believes," "anticipates," "plans," "expects," "will" and
similar expressions are intended to identify forward-looking
statements. Our statements of our objectives are also forward
looking statements. While we may elect to update forward-looking
statements in the future, we specifically disclaim any obligation
to do so, even if our estimates change, and you should not rely on
these forward-looking statements as representing our views as of
any date subsequent to the date of this press release. Actual
results could differ materially from those indicated by such
forward-looking statements as a result of a variety of important
factors, including we may be unable to successfully develop or
manufacture products under our agreements with Edwards; Edwards may
decide not to pursue or continue the sales and marketing activities
for these products; Edwards may be unsuccessful in distributing
these products, operational changes, competitive developments may
affect the market for our products, regulatory approval
requirements may affect the market for our products, we may be
unable to convince health care professionals and third party payers
of the medical and economic benefits of the CO2 Heart Lasers and
the Optiwave 980 System, and there can be no assurance that all
payers will reimburse health care providers who perform TMR
procedures or that reimbursement, if provided, will be adequate,
and additional risk factors described in our Report on Form 10-K
for the year ended December 31, 2004, and our other SEC reports.
PLC Systems, PLC Medical Systems, PLC and CO2 Heart Laser are
trademarks of PLC Systems Inc. Edwards Lifesciences, Edwards, and
Optiwave 980 are trademarks of Edwards Lifesciences. PLC SYSTEMS
INC. CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except
per share data) Three Months Ended March 31, 2005 2004 Revenues:
Product sales - Edwards $1,408 $1,362 Product sales - other 150 169
Service and placement fees - Edwards 311 353 Service and placement
fees - other 74 25 Total revenues 1,943 1,909 Cost of revenues:
Product sales - Edwards 485 534 Product sales - other 67 56 Service
and placement fees - Edwards 138 147 Service and placement fees -
other 38 29 Total cost of revenues 728 766 Gross profit 1,215 1,143
Operating expenses: Selling, general and administrative 880 990
Research and development 571 529 Total operating expenses 1,451
1,519 Loss from operations (236) (376) Other income, net 52 26 Net
loss $ (184) $ (350) Basic and diluted loss per share $(0.01)
$(0.01) Average shares outstanding: Basic 30,068 29,924 Diluted
30,068 29,924 CONDENSED BALANCE SHEET March 31, December 31, 2005
2004 Cash and short-term investments $9,499 $9,678 Total current
assets 12,988 12,787 Total assets 13,525 13,327 Total current
liabilities 2,500 2,129 Shareholders' equity 6,631 6,829 Contact:
John Jordan Director of Investor Relations 508-541-8800, ext. 145
DATASOURCE: PLC Systems Inc. CONTACT: John Jordan, Director of
Investor Relations of PLC Systems, +1- 508-541-8800, ext. 145 Web
site: http://www.plcmed.com/
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