Still reading through, but they haven't received word on FDA approval yet.
NORCROSS, Ga.--(BUSINESS WIRE)--Guided Therapeutics, Inc. (OTCBB: GTHP) (OTCQB: GTHP) today announced its operating results for the first quarter ended March 31, 2013.
Revenue and other income for the first quarter of 2013 was approximately $374,000, including $132,000 in sales of LuViva® devices and disposables, with the remainder of revenue representing royalty and grant income. This compares to revenue of approximately $718,000 in the first quarter of 2012, which was comprised solely of contract and grant revenue. The year-over-year decline in revenue was primarily due to the decline in contract revenue from Konica Minolta, as a result of bringing the worldwide rights to the Company’s esophageal cancer detection technology back in house.
The net loss attributable to common stockholders for the first quarter of 2013 was approximately $1.8 million, or $0.03 per share. This compares to a net loss attributable to common stockholders of approximately $1.0 million, or $0.02 per share, in the comparable quarter of 2012.
Cash on hand at March 31, 2013 was approximately $1.1 million, as compared to approximately $1.0 million at December 31, 2012. During the first quarter of 2013, the Company received approximately $1.65 million from warrant exercises. Management believes that the Company’s anticipated future sales, as well as other funds from partnerships and grants, should be sufficient to support existing operations through the second quarter of 2013. The Company has historically sought additional funding from a variety of sources and will continue to do so.
“While we await a response from the FDA regarding LuViva, we continue to actively promote the product in key international markets,” said Mark L. Faupel, Ph.D., Chief Executive Officer and President of Guided Therapeutics. “Following a major medical meeting in the United Kingdom, where LuViva was presented by a key opinion leader to
“While we await a response from the FDA regarding LuViva, we continue to actively promote the product in key international markets,” said Mark L. Faupel, Ph.D., Chief Executive Officer and President of Guided Therapeutics. “Following a major medical meeting in the United Kingdom, where LuViva was presented by a key opinion leader to 400 top gynecology health professionals, this week we are supporting our distributor in Turkey at a six-country Mediterranean congress. Next month, we will be in Canada at an important scientific meeting supporting our distributor there. After having recently received review board approval, we are expected to begin Canadian marketing clinical studies that are sponsored in part by the National Cancer Institute.”
“During the first quarter, as previously announced, we shipped eight devices to Canada, as well as one unit to our distributor in Finland, and recently shipped our first Third-Edition CE Marked product to Turkey. We continue to expect to ship 15 to 20 devices in the second quarter and are in the process of building inventory to support demand. We were also pleased to have received notice that our clinical trial results for LuViva will be published in an upcoming issue of the major peer-reviewed journal Gynecologic Oncology later this year.”
“We are very pleased by the early, positive response we have seen for LuViva in our initial markets,” added Dr. Faupel. “We have a committed group of distributors and together we are working hard to change the way cervical disease is detected and managed.”