INDIANAPOLIS, Nov. 17, 2010 (GLOBE NEWSWIRE) -- Positron Corporation (OTCBB:POSC), a leading molecular imaging company specializing in the field of nuclear cardiology, today announced financial results for the third quarter ended September 30, 2010.
Highlights of the third quarter included:
- An increase in revenue of 439% from the prior year period;
- Sales of 13 Attrius® PET systems since 2010 product launch;
- A posting of net income in the current quarter over the prior year period's net loss; and,
- A 90% reduction in debt levels since year-end (excluding customer deposits/unearned revenue).
During the quarter Positron made significant strides in expanding its position and visibility in the marketplace, while simultaneously continuing to fortify its balance sheet. Since quarter-end debt levels were further reduced, leaving the Company effectively debt-free. The sales ramp-up and market awareness campaigns have also been in full force; as of November 15th, Positron had sales orders of 12 Attrius® PET systems.
"We continue to execute our strategy of being the leader in cardiac PET, which we believe will yield positive revenue and earnings growth patterns over the long-term," said Patrick G. Rooney, chief executive officer of Positron.
The Company noted that as of the third quarter it received customer deposits, not yet recognized as revenue, totaling $2.3 million. The Company expects to recognize the deposits and balance of payments by customers associated with these sales orders as revenue during the first half of 2011.
During the three months ended September 30, 2010, the Company also reported an increase in operating expenses to $2.5 million from $1.1 million in the prior year period. Over the past 12 months the Company has expended substantial resources on the research and development of its two major business segments, including the development of Positron's Nuclear Cardio-Assist™ and its radiopharmaceutical manufacturing facility, and sales and marketing efforts for the Attrius® Cardiac PET system. As a result of investments made, Positron expects a significant increase in sales of the Attrius® Cardiac PET system and related service contracts, as well as sales of radiopharmaceuticals through the Company's dose dispensing systems, and the manufacturing of radiopharmaceuticals. The Company expects that these developments will have a positive impact on revenue and net margins.
About Positron: Positron is a molecular imaging company focused on Nuclear Cardiology. Positron utilizes its proprietary product line to provide unique solutions to the Nuclear Medicine community ranging from imaging to radiopharmaceutical distribution. Positron products include: the Attrius(TM), a PET imaging device; the Pulse(R), a SPECT imaging device; the Nuclear Pharm-Assist(R), an automated radiopharmaceutical distribution device; and the Tech-Assist(TM), a radiopharmaceutical injection shield. More information about Positron is available at www.positron.com.
Forward Looking Statements: Statements in this document contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on many assumptions and estimates and are not guarantees of future performance and may involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Positron Corporation to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Positron assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Our actual results may differ materially from the results anticipated in these forward-looking statements due to a variety of factors, including, without limitation those set forth as "Risk Factors" in our filings with the Securities and Exchange Commission.