PARIS: EDAP TMS SA (Nasdaq:EDAP), the global leader in therapeutic ultrasound, announced today financial results for the third quarter and nine months ended September 30, 2016, and provided an update on strategic and operational accomplishments.
Marc Oczachowski, EDAP’s Chief Executive Officer, stated, “We performed extremely well through the first nine months of 2016, with total revenues up 22% versus a year ago and, more importantly, HIFU division revenues up 79% from the year-ago period.”
“As recently announced, we achieved new installations in prestigious academic centers in the US such as Duke University Hospital, and we continue to actively work in building a strong academic and scientific presence in the US. This is part of our strategy to penetrate the US market with HIFU on a strong clinical basis with leading institutions around the country.”
Mr. Oczachowski concluded, “Recent publications in both the New England Journal of Medicine and European Urology are providing extremely encouraging indications that further position HIFU as a modern standard of care therapy for the treatment of prostate cancer. We will be pleased to further discuss these excellent results during our quarterly conference call on Thursday the 17th of November.”
Total revenue for the third quarter 2016 was EUR 8.0 million (USD 8.9 million), a 24.7% year-over-year increase compared to EUR 6.4 million (USD 7.1 million) for the third quarter 2015.
Total revenue in the HIFU business for this quarter was EUR 2.5 million (USD 2.8 million) compared to EUR 1.2 million (USD 1.3 million) for the third quarter 2015.
For the three months ended September 30, 2016, total revenue for the Lithotripsy division was EUR 5.4 million (USD 6.1 million), compared to EUR 5.2 million (USD 5.8 million), during the year ago period.
Gross profit for the third quarter 2016 was EUR 3.5 million (USD 3.9 million), compared to EUR 2.6 million (USD 2.9 million) for the year ago period. Gross profit margin on net sales was 43.2% in the third quarter of 2016, compared to 40.2% in the year ago period.
Operating expenses were EUR 3.8 million (USD 4.2 million) for the third quarter 2016, compared to EUR 2.8 million (USD 3.2 million) for the same period in 2015.
Operating loss for the third quarter 2016 was EUR 0.3 million (USD 0.4 million), compared with EUR 0.3 million (USD 0.3 million) in the third quarter of 2015.
Net income for the third quarter 2016 was EUR 1.3 million (USD 1.4 million), or EUR 0.04 per diluted share, as compared to net loss of EUR 4.8 million (USD 5.4 million), or EUR 0.19 per diluted share, in the year ago period. Net income in the third quarter of 2016 included non-cash interest income of EUR 1.5 million to adjust the accounting fair value of the outstanding warrants.
