MedPro Safety Products Inc., developer of medication delivery and blood collection technologies, today issued a release highlighting key financial achievements for the second quarter ended June 30, 2011.
Royalty payments played an integral role in the MedPro’s second-quarter performance, and the company said it anticipates additional product royalty payments in the future.
For the second quarter of 2011, the company received $631,000 in product royalty income from a six-year agreement signed in July 2010 granting manufacturing and distribution rights for three MedPro blood collection and infusion products to a strategic medical products distribution partner.
Year to date, product royalty income totaled $781,000, which the company has allocated to pay-down principal and interest to holders of a $30 million Senior Secured Note Offering completed in September 2010.
“The second quarter product royalty payments represent a good start to our efforts to build sales. We are excited about the future of the product and technology in the marketplace,” W. Craig Turner, chairman and CEO of MedPro stated in the press release. “We anticipate product royalty payments will continue to grow as healthcare professionals become increasingly aware of the benefits of the blood collection product in providing superior safety through a truly passive needlestick prevention feature.”
MedPro trimmed its year-over-year operating expenses by 39 percent in the second quarter of 2011 by reducing employee salary and compensation expenses.
Second-quarter 2011 net loss was $2.9 million, or $(0.22) per share, compared with a net loss of $3.4 million, or $(0.26) per share, for the second quarter of 2010.
Cash, cash equivalents and restricted cash increased 7 percent from the end of December 2010 to $13.0 million at June 30, 2011. The company attributes the increase to the receipt of a reserve associated with the FDA clearance on the wing device, which totaled $7.9 million.
The company is moving forward with a solid product pipeline and a confident outlook on the broader market, which it expects to drive continued growth.
“We are optimistic about the outlook for MedPro, based on the reception that our products have received. We believe our patent-protected technologies are unique. We have a full product pipeline. At $3 billion, the market opportunity is large and we are excited by the interest shown by potential strategic partners. We remain focused on expanding our presence and driving enhanced valuation for our shareholders and we look forward to our continued progress,” Turner concluded.
For more information visit www.medprosafety.com
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