Will Power Medical use the remainder of 2008 to roll out i60, iDrive and other iSeries products? Is Michael Fard as Vice President of Operations implementing improvements to the manufacturing processes to enhance product quality? Will the efforts to reduce cash burn through ongoing cost reductions lead to the expected outcome?
IIP > Read on here > http://money.cnn.com…
…Sales in the three months ended March 31, 2008 were $2.2 million, a 23% increase compared with $1.8 million for the first quarter of 2007. Included in the first quarter 2008 amount was approximately $478,000 of revenue attributable to sales of reload cartridges for the Company’s new i60 wireless hand-held linear stapler…
…The decrease in gross margin is attributable to increased cost of sales, including approximately $246,000 representing the cost of i60 and iDrive devices placed with hospitals during the first quarter and approximately $250,000 associated with a write-off of components inventory due to a design enhancement of the i60 device…
Net loss applicable to common shareholders for the three months ended March 31, 2008 was $12.2 million, or $(0.71) per basic and diluted share, compared to net loss applicable to common shareholders of $8.2 million or $(2.19) per basic and diluted share for the corresponding period in 2007. The Company’s unrestricted cash and cash equivalents balance as of March 31, 2008 was approximately $23.5 million…
The Company is adjusting its previously announced guidance of sales for 2008 to be in the range of $18 to $22 million due to previously disclosed delays in its i60 product launch and the uncertainty of timing of market acceptance for the Company’s new products. Based upon achieving these revenues, the Company anticipates a loss from operations in 2008 of $27 to $29 million. As previously mentioned, a significant portion of the revenue growth is expected to occur in the third and fourth quarters of 2008 as the Company places more instruments with hospital accounts and reload firings increase…
Power Medical Interventions(r), Inc. is a pioneer in the design, development and manufacturing of computer-assisted, power-actuated surgical stapling products. PMI’s Intelligent Surgical Instruments enable less invasive surgical techniques that benefit surgeons, patients, hospitals and healthcare networks. PMI manufactures durable recyclable technology to reduce medical waste and help keep the planet clean. The Company was founded in 1999, and is headquartered in Langhorne, PA with additional offices in Germany, France, and Japan. To learn more about Power Medical Interventions, Inc. and its products, please visit www.pmi2.com…
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