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Everest Medical

This article was originally published in The Gray Sheet

Executive Summary

Seeking financing "from numerous corporate and private sources" to continue operations, the firm notes in a Jan. 22 release announcing that losses for fourth quarter (ended Dec. 31) "were significantly higher than anticipated and have had a greater than expected negative impact on the company's cash position." Cash and short-term investments at the close of the year are estimated to total $726,196. The minimally invasive surgical instrument manufacturer expects to report a loss of $1.2 mil. for the quarter and $3.9 mil. for the year, compared to losses of $879,000 and $3.4 mil. for the comparable year ago periods, respectively. Sales are estimated to be $729,000 for the quarter, up 44%, and $2.3 mil. for the year, an advance of 84% from 1991. The firm notes that revenues got a boost from demand for its newly released bipolar forceps and scissors ("The Gray Sheet" March 16, 1992, I&W-7), but expenses were higher than anticipated due to "a significant write-down of obsolete inventory, manufacturing start-up expenses and reduced initial production yields of the new bipolar scissors, and production difficulties with a coagulating probe manufactured for another firm." Final sales and earnings results will be released in mid-February....
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