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....
You may also be interested in...
Fujifilm Demonstrates Health Specialism With European HealthTech Spinout
From X-ray film in 1936 to the world’s first digital X-ray system in 1983, Fujifilm has a long heritage in medical diagnostics.
Financing Quarterly Statistics, Q1 2024
During Q1, biopharmas brought in an aggregate $30.1bn in financing and device company fundraising totaled $2.8bn; while in vitro diagnostic firms and research tools players raised $724m.
Helping Organizations Deliver On KPIs And Giving Staff A Voice
ImproveWell has won awards for its software technology that allows health care staff at the sharp end of patient care to report on problems as they happen. The outcome is a real-time learning process that contributes to improved operational efficiencies for health systems, says In Vivo Rising Leader Lara Mott.