ART Advanced Research Technologies Inc., a Canadian medical device company and a provider of optical molecular imaging products for the healthcare and pharmaceutical industries, released its financial results with solid sales numbers but net losses due to R &D expenditures.
Sales for second quarter 2005 were $752,500, compared to $190,000 for the same period in 2004. For the first six months in 2005 revenues were $1,763,850, compared to $576,000 for the same period ended June 30, 2004.
Sales from products include new multi-wavelength system as well as add-ons that include diodes purchased by existing customers offering broader capability compared to the single-wavelength system. Maintenance sales include upgrades of the single-wavelength system to the new multiwavelength system and the sale of demonstration units, ART said.
Yet, despite the sales the company posted a net loss for the second quarter of $2,701,883, compared to $2,694,042 for the previous year. For the first six-months of 2005, the company's net loss was $5,945,577, compared to $4,775,790 for the same six-month period in 2004. The increase in net loss resulted mainly from higher R &D expenditures related to clinical trial preparation, ART said.