November 15, 2010
Franklin Firm Narrows Loss On Cost Cuts, Cash Spend
By Matthew L. Brown
PLC Systems Inc., a Franklin-based medical device firm, said it narrowed its third-quarter loss to $5,000 from $358,000 a year ago.
Revenue for the quarter was $892,000, a decrease from $1 million. The company ended the quarter with $1.3 million in cash and equivalents compared to $2.7 million.
PLC has also agreed to sell its TMR business unit to Novadaq Technologies for $1 million.
The company said that while results for its flagship products were "uncharacteristically weak" during the quarter, positive clinical trial results in Italy may provide a boost in the coming quarters.
PLC develops heart lasers and other cardiac and vascular devices.
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