IRVINE, Calif., Jan. 03, 2018 (GLOBE NEWSWIRE) -- TRIMEDYNE, INC. (OTCPINK “TMED”) today reported its financial results for its Fiscal Year ending on September 30, 2017.
For the Fiscal Year Ended September 30, 2017, Trimedyne had revenues of $4,695,000, a decrease of 8% from revenues of $5,109,000 for the prior year. We had a net loss for the current fiscal year of $44,000 or $0.36 per share, as compared to a net loss of $536,000 or $4.37 per share for the prior fiscal year, adjusted for a 150 to one reverse stock split in November, 2016. This 92% decrease in net loss as compared to the prior fiscal year is a considerable improvement, which was primarily the result of decreases in R&D expense and selling, general and administrative expense totaling $501,000, as we are continuing to carefully control our costs.
At the end of the fiscal year on September 30, 2017, we had cash and cash equivalents of $1,161,000, which included $580,000 in customer deposits for future orders, as compared to $307,000 at the end of the prior fiscal year.
Commenting on the financial results for the quarter, Marvin P. Loeb, Sc.D., Chairman of Trimedyne, said: “Since we are no longer required to file periodic reports with the SEC, our Financial Statements are un-audited. However, we believe our Financial Statements have been prepared and contain all adjustments of a recurring nature that are necessary for a fair appraisal of our operations and financial condition for the periods and dates shown below.
“We appreciate the patience of our shareholders and are working hard to improve our financial condition.”