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Spectral announces first quarter financial results

^{Published on 2010-05-14 04:10:22 - Market Wire}
 

 - IDE approved by the US FDA on February 26, 2010. - Completed private placement for $19.5 million on March 2, 2010. - Appointed Mr. Kevin Giese, President, CEO and Director of BioMS Medical and Mr. Laine Woollard, QC, Senior Legal Counsel of TEC Edmonton, to the Company's Board of Directors. - Presentations on the role of endotoxin in health and disease, and of the utility of Spectral's EAA(TM) assay, were made by twelve thought leaders in the field of sepsis at the 8th Annual World Congress on Trauma, Shock, Inflammation and Sepsis in Munich, Germany that was held from March 9-13, 2010. 

 Spectral Diagnostics Inc. Balance Sheets - unaudited As at March 31, 2010 and December 31, 2009 ------------------------------------------------------------------------- (in thousands of dollars) 2010 2009 $ $ Assets Current assets Cash 19,204 2,944 Accounts receivable 714 781 Inventories 242 123 Prepaid expenses 133 45 -------------------------- 20,293 3,893 Property, plant and equipment 443 457 Commercial instruments 76 94 Purchased technology and trademarks 470 588 -------------------------- 21,282 5,032 -------------------------- -------------------------- Liabilities Current liabilities Accounts payable and accrued liabilities 845 1,077 Current portion of convertible notes payable 1,271 2,336 -------------------------- 2,116 3,413 Deferred revenue 221 254 -------------------------- 2,337 3,667 -------------------------- Shareholders' Equity Common shares 21,255 2,524 Other equity 6,586 5,794 Deficit (8,896) (6,953) -------------------------- 18,945 1,365 -------------------------- 21,282 5,032 -------------------------- -------------------------- Spectral Diagnostics Inc. Statements of Operations, Comprehensive Loss and Deficit - unaudited For the three months ended March 31, 2010 and 2009 ------------------------------------------------------------------------- (in thousands of dollars, except share and per share data) 2010 2009 $ $ Sales 748 842 Cost of sales 164 184 -------------------------- Gross margin 584 658 -------------------------- Operating expenses Selling, general and administrative 1,492 891 Amortization 155 164 Foreign currency exchange loss (gain) 39 (32) Stock-based compensation 792 - Research and product development, net of tax credits 16 20 -------------------------- 2,494 1,043 -------------------------- Loss before the following (1,910) (385) Interest on convertible notes payable (35) (41) Other net investment income 2 22 -------------------------- Loss and comprehensive loss for the period (1,943) (404) Deficit - Beginning of period (6,953) (4,189) -------------------------- Deficit - End of period (8,896) (4,593) -------------------------- -------------------------- Basic and diluted loss per common share (0.05) (0.02) -------------------------- -------------------------- Weighted average number of common shares outstanding 40,793,181 24,118,424 -------------------------- -------------------------- Spectral Diagnostics Inc. Statements of Cash Flows - unaudited For the three months ended March 31, 2010 and 2009 ------------------------------------------------------------------------- (in thousands of dollars) 2010 2009 $ $ Cash provided by (used in) Operating activities Loss and comprehensive loss for the period (1,943) (404) Items not affecting cash Amortization 155 164 Amortization of commercial instruments included in cost of sales 32 21 Stock-based compensation expense 792 - Interest on convertible notes payable 35 41 Changes in non-cash working capital (1,472) (383) -------------------------- (2,401) (561) -------------------------- Investing activities Purchase of property, plant and equipment (23) (3) Purchase of commercial instruments (14) (22) Increase in short-term investments - (37) Decrease in deferred revenue (33) (43) -------------------------- (70) (105) -------------------------- Financing activities Bank indebtedness - 385 Proceeds on issue of private placement 17,608 - Proceeds on exercise of stock options 23 - Settlement of convertible notes payable 1,100 - -------------------------- 18,731 385 Increase (decrease) in cash during the period 16,260 (281) Cash - Beginning of period 2,944 297 -------------------------- Cash - End of period 19,204 16 -------------------------- -------------------------- Non cash working capital and financing activities Decrease in current portion of convertible notes payable (1,100) - Settlement of convertible notes payable 1,100 -