Neoprobe increases losses, profit for Q4, year-end

Twitter icon
Facebook icon
LinkedIn icon
e-mail icon
Google icon

Neoprobe has published its consolidated financial results for the fourth quarter of 2007 and for the full year, which ended Dec. 31, 2007.

For the quarter, the Dublin, Ireland-based Neoprobe booked a net loss of $1.9 million, including total non-cash expenses of $1.6 million, compared to a net loss of $1.3 million, including total non-cash expenses of $398,000 for the fourth quarter of 2006.

For fiscal year 2007, Neoprobe incurred a net loss of $5.1 million compared to a net loss of $4.7 million for fiscal 2006.

For the year, the company also reported total revenues of $7.1 million, compared to $6.1 million in 2006. Year-end revenue from its medical device product lines increased $1.1 million in 2007 compared to the prior year. The improvement reflects a $1.4 million increase in revenue from its gamma device product line to $6.8 million in 2007, compared to $5.4 million in 2006, according to Neoprobe.

For the quarter, the company’s overall device revenues remained steady at $1.9 million compared to the fourth quarter of 2006, with improvement from its gamma device lines offsetting declines from its blood flow lines, Neoprobe said.

Gross profit for the quarter was approximately $1.02 million compared to $980,000 in the same period in 2006. For the 2007 year-end, the gross profit was $3.94 million compare to $3.42 million in 2006.

Neoprobe attributed the increase to margin from placements of its Bluetooth technology-based wireless probes which were introduced at the end of 2006, which offsets an approximate 1 percent price decline related to the company’s other gamma detection products and other obsolescence-related costs.