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TRIMEDYNE REPORTS FINANCIAL RESULTS
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August
22, 2005 – Irvine, CA: TRIMEDYNE, INC. (OTCBB “TMED”)
today reported financial results for the quarter and nine months
ended June 30, 2005. Revenues
in the quarter declined 8% to $1,552,000 from $1,696,000 for the
prior year quarter, and the Company had a loss in the current
quarter of $153,000 or $0.01 per share, versus a net profit of
$158,000 or $0.01 per share in the prior year’s quarter.
R & D expenses rose as a result of readying the
Company’s new VaporMAX™ Side Firing Fiber for release to the
market, and higher sales management costs.
For
the nine months ended June 30, 2005, revenues increased 10% to
$4,783,000 from $4,350,000 for the prior year’s period, but
the Company suffered a loss of $4,000 or $0.00 per share, versus
a net profit in the nine-month period of the prior year of
$472,000 or $0.03 per share.
Other income in the year ago period was $188,000 higher
than in the current nine-month period.
Glenn
D. Yeik, President of Trimedyne, said, “We will soon introduce
our new VaporMAX™ Side Firing Laser Fiber, which vaporizes
tissue faster and is more durable than other laser fibers
currently marketed for the treatment of enlarged prostates,
based on animal tissue bench testing and published data.
Used with our Holmium Laser for the treatment of benign
prostatic hyperplasia (BPH or enlarged prostate), the procedure
time is shorter, reducing operating room costs, and one device
is sufficient to treat large prostates.
Comparable laser fibers are generally limited to treating
medium sized prostates. Our
VaporMAX™ Fiber qualifies for the new, higher APC Medicare
reimbursement rate. While
its development cost was significant, we have a backlog of
orders for our new VaporMAX™ Fiber and believe it will
increase our revenues in the future.”
Trimedyne manufactures lasers and proprietary
fiber optic devices for a variety of minimally invasive surgical
procedures, many of which are performed on an outpatient basis
at substantially less cost than conventional surgery. For product, financial and other information, visit
Trimedyne's website, http://www.trimedyne.com.
"Safe Harbor" Statement
Under the Private Securities Litigation Reform Act:
Statements in this news release may contain
forward-looking statements within the meaning of Section 27A of
the U.S. Securities Act of 1993 and Section 21E of the
Securities and Exchange Act of 1934.
Such statements may involve various risks and
uncertainties, some of which may be discussed in the Company's
most recent report on Form 10-KSB and subsequently filed SEC
reports. There is
no assurance any new products can be cleared for sale by the FDA
or successfully commercialized or any forward-looking statements
will prove accurate, as actual results and future events could
differ materially from those presently anticipated.
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