Wilmington, Massachusetts - AdvanSource Biomaterials Corp. today reported second quarter (Q2) revenues of $989 000, 88 percent higher than those in the prior year period. The developer of medical devices and advanced polymer materials based on polyurethanes reported royalties and development fees of $580 000 for Q2, an increase of 30 percent over Q2 2007, and a net loss from continuing operations of $327 000, compared to a loss of $896 000 in Q2 2007.
The results exclude the financial condition and results of operations of the group's former subsidiaries Gish BioMedical, Inc. and Catheter and Disposables Technology Inc., which were sold during the fiscal year ended 31 March 2008.
AdvanSource's growth in revenues during Q2 came from increases in both product sales and in royalties and development fees. Product sales rose to $409 000 from $77 000 in Q2 2007. Q2 product sales rose 31 percent from Q1 sales of $313 000, the company said.
AdvanSource said its shipments of advanced polymers declined during Q2 2007, due to delayed production of certain polymers. During the past year, the company reported, it has again raised production of these polymers for shipment to customers, after improvements in its manufacturing and quality systems.
"We are encouraged by our second fiscal quarter financial results which reflect a strong improvement in our quality systems and manufacturing processes," said president and ceo Michael Adams, in AdvanSource Biomaterials results statement. Adams added interest in the brand "continues to rise as we are seeing a steady increase in inquiries … both in the US and Europe."
According to Adams, the European clinical trial of the CardioPass synthetic coronary artery bypass graft, "is continuing at two sites with two graft sizes. CardioPass is a breakthrough device that reflects AdvanSource's unique strength in polymer science."