Advanced Research Technologies (ART), a Montreal-based medical device company, has reported a slight decrease in losses and an upswing in revenues for its financial results for the third quarter, which ended Sept. 30.
For the quarter, ART reported revenues of $1.35 million, compared to approximately $268,000 for the same quarter in 2007.
The company incurred a net loss for the quarter of $1.55 million, compared to $2.2 million for the same quarter in 2007. Operating loss for the quarter decreased 17 percent to $1.73 million from $2.09 million for the same period a year ago.
Sales resulting from products amounted to approximately $1.2 million in the quarter, compared to approximately $268,000 for the same quarter of last year. ART attributed the increase in product sales in 2008 to its transition to a direct distribution model. By selling directly to its customers, the company said it now generates higher revenues per system since it “does not have to provide discounts to an exclusive distributor.”
Also, the company recognized revenues totaling approximately $1.08 million from services rendered on behalf of GE, as part of completing the transition out of the Optix distribution agreement with GE, according to ART.
As of the close of the quarter, ART had approximately $5.02 million in cash and cash equivalents, and a working capital of approximately $6.53 million.