Minrad reports Q2 revenue, loss increase
Interventional image guidance and pain management product developer Minrad of Orchard Park, N.Y., reported a triple-digit increase in revenues for its fiscal 2007 second quarter (end-June 30); however, net losses also rose sharply.
For the period, the company booked revenues of $4.3 million, a 110 percent increase compared with revenues of $2.04 million for the second quarter of fiscal 2006. Net losses also increased to $3.38 million from net losses of $1.8 million for the same period last year.
The company said its increased operating loss for the quarter was primarily due to decreases in gross margin combined with increases in overhead and headcount associated with its sales force, research and development efforts, and administrative costs as it prepares to grow its business across three product lines over the upcoming years.
For the period, the company booked revenues of $4.3 million, a 110 percent increase compared with revenues of $2.04 million for the second quarter of fiscal 2006. Net losses also increased to $3.38 million from net losses of $1.8 million for the same period last year.
The company said its increased operating loss for the quarter was primarily due to decreases in gross margin combined with increases in overhead and headcount associated with its sales force, research and development efforts, and administrative costs as it prepares to grow its business across three product lines over the upcoming years.