PLC Grows Revenue, Cuts Losses
Cardiac and vascular medical device company PLC Systems continued to build on momentum from the first half of the year, increasing revenue 80 percent in the third quarter and narrowing its losses.
According to the Milford-based company, revenue for the first three quarters of the year exceeded total revenues for all of 2012. Revenue for the third quarter, ended Sept. 30, was $348,000, up from $212,000 last year. The company posted a loss of $609,000, down from $3.2 million a year earlier.
The jump in revenue was due to a higher volume of single-use sets of PLC’s RenalGuard product, which increased 479 percent over last year, thanks to sales to international distributors, the company said. RenalGuard prevents or reduces the onset of contrast-induced nephropathy, a severe form of hospital-acquired kidney injury in at-risk patients. It has been approved for sale in Europe and is undergoing clinical trials in the United States.
Revenue for the first nine months of the year rose from $595,000 to $1.1 million, while net losses dropped from $11.4 million to $473,000.
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