ProCyte Corporation Reports Net Loss of $1,049,081 in Q1 1998

Strategic Insights -

ProCyte Corporation, a healthcare company developing and marketing products for tissue repair, skin health, and hair care, reported a net loss of $1,049,081 in the quarter ended March 31, 1998. This loss represents a significant reduction from the first quarter of 1997, when the company reported a net loss of $1,927,992. Product revenue for the quarter totaled $203,960, exceeding product revenues for all of 1997, driven by initial orders for Bard Medical and sales of newly launched hair care and skin health dermatology products.

Key Takeaways:

  • ProCyte Corporation reported a net loss of $1,049,081 in Q1 1998, a decrease from the net loss of $1,927,992 in Q1 1997.
  • Product revenue for Q1 1998 totaled $203,960, surpassing product revenues for all of 1997, which were $29,554 in Q1 1997.
  • Contract manufacturing in 1997 included a one-time order in excess of $200,000.
  • Expenses for Q1 1998 decreased to $1,488,157, significantly lower than Q1 1997, which were $2,600,670.
  • Interest income was $176,253 in Q1 1998, compared to $263,674 in Q1 1997.
  • ProCyte ended the quarter with approximately $11.8 million in cash and short-term investments.
  • The company has released over 25 new products in the past year, with an equal number in various stages of development.

Statistics:

  • Net loss: $1,049,081 (Q1 1998), $1,927,992 (Q1 1997).
  • Product revenue: $203,960 (Q1 1998), $29,554 (Q1 1997).
  • Expenses: $1,488,157 (Q1 1998), $2,600,670 (Q1 1997).
  • Interest income: $176,253 (Q1 1998), $263,674 (Q1 1997).
  • Cash and short-term investments: approximately $11.8 million (Q1 1998).

Sources:

  • ProCyte Corporation.

/CONTACT: Jack Clifford, President/CEO of ProCyte, 425-869-1239/

/PR Newswire/.

http://www.prnewswire.com/