ART Advanced Research Technologies, a Canadian medical device company, has released its financial results for the fourth quarter and year, which ended Dec. 31, 2007.
Revenues for the fourth quarter of 2007 increased to $1.4 million compared to $628,907 for the same quarter of 2006. Revenues for the year were approximately $2.08 million compared to approximately $3.08 million for the year ended Dec. 31, 2006. The decrease in sales in 2007 is due to a transition to a direct distribution model, according to ART.
The company reported that operating expenses decreased to $2.5 million from $3 million for the same quarter a year ago. For the 2007 year-end, the operating expenses were approximately $10.43 million compared to approximately $12.89 million for the same quarter last year.
As a result, the operating loss for the fourth quarter decreased to $1.7 million from $2.7 million for the same period a year ago. For the year 2007, the operating loss decreased by $9.3 million from $11.6 million in 2006.
As a result, the net loss for the quarter was $1.7 million compared to a net income of $1.35 million for the three-month period ended Dec. 31, 2006. The net loss for the year ended Dec. 31, 2007 was $8.6 million compared to $8.7 million for the year ended Dec. 31, 2006.
All amounts are in U.S. dollars.