CryoCath posts powerful Q3

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Cardiovascular cryotherapy device developer CryoCath Technologies of Montreal reported strong growth in revenues and income for its 2007 fiscal third quarter (end-June 30).

The company's total sales reached $11.7 million Canadian ($11.08 million, U.S.) for the third quarter, an increase of 20.5 percent over the $9.7 million ($9.2 million, U.S.) for the same quarter last year. For the nine-month period, sales increased 14.6 percent to $33.1 million ($31.4 million, U.S.) compared with the $28.9 million ($27.4 million, U.S.) booked in the same period a year ago.

CryoCath's net income for the third quarter was $2.4 million ($2.3 million, U.S.) as a result of the $10.1 million ($9.6 million, U.S.) gain recorded on the sale of its surgical business. In the third quarter of fiscal 2006, the company recorded a net loss of $8.4 million ($8 million, U.S.). On a nine month year-to-date basis, the company posted a net loss of $7.2 million ($6.8 million, U.S.). For the same period one year ago, the company recorded a net loss of $19.5 million ($18.5 million, U.S.).