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November 15, 2010

Franklin Firm Narrows Loss On Cost Cuts, Cash Spend

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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