PLC Systems Narrows Annual Loss
Franklin-based medical device company PLC Systems managed to turn a profit during the fourth quarter and narrowed its annual loss.
The company swung to a $260,000-profit during the fourth quarter after recording a $603,000-loss during the same period last year. For the year, the company reported a $505,000-loss, which was an improvement over the $1.6-million loss the company recorded a year earlier.
Revenues for the quarter were up 3.9 percent to $937,000 while for the year they were down 1.7 percent to $3.9 million.
PLC management noted two major milestones after the close of the fourth quarter. First, the company sold its transmyocardial revascularization business to Novadaq Corp. Second, PLC secured up to $6 million in convertible secured debt financing from an institutional investor, of which $4 million was received at the deal's closing in February.
The company said that sales of its product, known as RenalGuard, had been sluggish due to "distributor concerns about our ability to raise additional financing." With the recent debt financing, PLC hopes those concerns have been addressed.
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