The Livingston, N.J.-based company posted a net loss of -$1.5 million on sales of $2.5 million for the 3 months ended June 30, for bottom-line growth of 6.8% on sales growth of 4.2% compared with the same period last year.
Adjusted to exclude 1-time items, earnings per share were -5¢, in line with consensus on The Street, where analysts were looking for sales of $2.4 million.
“I am pleased to report that the wand dental business continues to grow profitably and we are making steady progress towards commercializing our first medical instrument following successful FDA marketing clearance of the CompuFlo Epidural Instrument earlier this year. We recently announced treatment of our first patient in the U.S. with the CompuFlo Epidural Instrument at the University of Miami Hospital. Outside the U.S., we are actively recruiting distribution partners for the CompuFlo Epidural Instrument in all the important international markets,” CEO Daniel Goldberger said in prepared remarks.
“Our wand dental business continues to strengthen, highlighted by a 70% increase in domestic handpiece sales, as we launched several promotional programs through the exclusive product sales team at Henry Schein, our distributor for the U.S. and Canada. We believe these marketing initiatives along with further investments in education and research activities with our worldwide team of key opinion leaders should build market awareness and serve to accelerate revenue growth in the second half of 2017 and throughout 2018,” Goldberger added.