Medical Device Company CryoCor Posts Wider Quarterly Loss, Shares Drop
Posted on: Sunday, 28 August 2005, 15:00 CDT
Aug. 27--Shares of CryoCor fell 11 percent yesterday after the medical device company reported a bigger second-quarter loss than Wall Street analysts expected.
The San Diego company, which is developing a device to treat heart problems, said bigger operational expenses and preferred stock payments contributed to the $6.1 million loss in the quarter ended June 30. In the same period last year, CryoCor had a loss of $4.4 million.
Analysts surveyed by Thomson Financial expected a loss per share of 53 cents on revenue of $190,000. CryoCor posted a loss of 95 cents per share on revenue of $201,000.
CryoCor said it sold and converted a total of 3.7 million shares, resulting in 10.6 million outstanding shares, since the previous year's quarter. Results included payments of $1.4 million for the redemption of convertible preferred stock and cumulative dividends for the latest quarter and $980,000 in the year-ago quarter.
Shares of CryoCor fell 81 cents, to close at $6.25.
CryoCor executives said yesterday that the U.S. Food and Drug Administration has completed an initial review of the company's experimental device for freezing damaged heart tissue. CryoCor hopes to win approval to sell the device in 2006.
The company is seeking approval of the device to treat atrial flutter, a common but hard-to-treat cardiac arrhythmia. Arrhythmias are heart rate and rhythm disorders that cause the heart to pump blood less efficiently.
"We look forward to our discussions with the FDA to secure premarket approval to market our Cardiac Cryoablation System for the treatment of atrial flutter in the United States," Gregory Ayers, chief executive of CryoCor, said in a written statement. "We continue to believe the safety of our cryoablation system provides a major competitive advantage."
The company also is conducting a clinical study with the device to treat patients with atrial fibrillation, another form of heart arrhythmia.
CryoCor went public in July, raising about $35 million in its initial public offering.
The Associated Press contributed to this report.
-----
To see more of The San Diego Union-Tribune, or to subscribe to the newspaper, go to http://www.uniontrib.com.
Copyright (c) 2005, The San Diego Union-Tribune
Distributed by Knight Ridder/Tribune Business News.
For information on republishing this content, contact us at (800) 661-2511 (U.S.), (213) 237-4914 (worldwide), fax (213) 237-6515, or e-mail reprints@krtinfo.com.
CRYO,
Source: The San Diego Union-Tribune
Related Articles
- NorthWestern Declares Quarterly Common Stock Dividend of 33.5 Cents Per Share
- Anixter International Inc. Reports Second Quarter Net Loss of $2.53 Per Diluted Share, Including Goodwill Impairment Charge of $2.82 Per Diluted Share, on Sales of $1.22 Billion
- BJ Services Reports Third Fiscal Quarter Net Loss of $0.11 Per Diluted Share
- Research and Markets: The Bourne Report - Medical Device Quarterly is Written Especially for Those Interested in BioMEMs and Nanomedicine Today
- St. Francis Medical Technologies to Present at the Medtech Insight and Windhover Information's ''In3 Medical Device Summit'' Conference, June 21-23, 2006 in San Francisco, CA
- JetBlue posts 1st quarterly loss, shares dive
- GM quarterly net loss mushrooms to $4.8 billion
- Dallas Heart Surgeon First in Area to Use Innovative Technology for Treating Atrial Fibrillation
- GenVec Inc. Of Gaithersburg Reports Second-Quarter Net Loss of $3M
 |
 |
User Comments (0)
RSS Feeds