Trimedyne Reports Its Financial Results for the Quarter Ending on December 31, 2019

Tuesday, 18. February 2020 22:46

Irvine, CA, Feb. 18, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- TRIMEDYNE, INC. (OTCPINK “TMED”) today reported its financial results for its quarter ending on December 31, 2019.

For the Quarter Ended December 31, 2019, Trimedyne had revenues of $868,000, a decrease of 27% from revenues of $1,188,000 for the prior year quarter.  As a result of this decrease, we had a net loss for the current quarter of $63,000 or $0.51 per share, as compared to a net loss of $31,000 or $0.25 per share for the prior year quarter. Cash and equivalents increased by $171,000 as compared to the prior year ended September 30, 2019, primarily due to the receipt of customer deposits for future orders.

Commenting on the financial results for the quarter, Glenn D. Yeik., Interim Chairman of Trimedyne, said: “The quarter ended December 31, 2019 was a particularly challenging quarter, due to a reduction in sales in each of our segments, combined with difficulties in setting up a new laser manufacturing facility in Corona, California. However, during this quarter, we were able to successfully complete our Medical Device Single Audit Program (MDSAP) audits for our ISO 13485:2016 certification, and acted to improve our relationships with key international distributors.

We have and continue to pursue options to improve the short-term and long-term prospects of the company.”

To view Trimedyne’s financials, please click on the link below:

TRIMEDYNE FINANCIAL STATEMENTS DECEMBER 31, 2019

CONTACT: Jeffrey Rudner
(949) 951-3800
jrudner@trimedyne.com

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