Trimedyne Reports Financial Results for the Quarter and Fiscal Year Ended September 30, 2015

LAKE FOREST, CA / ACCESSWIRE / January 13, 2016 / TRIMEDYNE, INC. (OTC: TMED) reported revenues of $5,333,000 for the fiscal year ended September 30, 2015, a 2.3% decrease from revenues of $5,461,000 for the prior fiscal year. The higher sales during the prior year ended September 30, 2014, was primarily the result of shipments to fulfill backorders created by the delay of shipments resulting from the impact on manufacturing due to the relocation of our facility in California during the fiscal year ended September 30, 2013.

The Company had an operating loss of $(543,000) for the 2015 fiscal year, which included a one-time expense of $41,000, compared to an operating loss of $(466,000) for the prior fiscal year. The Company had a net loss of $(595,000) or $(0.03) per share for the fiscal year ended September 30, 2015 as compared to a net loss of $(381,000) or $(0.02) per share for the prior fiscal year. During the fiscal year ended September 30, 2015 and 2014, the Company had other income/(expense) of $(35,000) and $92,000, respectively. The other income during the prior fiscal year was primarily the result of an impairment of an asset for $(30,000) during the current fiscal year and $78,000 in royalty income which ceased at the end of the prior fiscal year.

For the quarter ended September 30, 2015, the Company had revenues of $1,306,000, a 2.6% decrease from revenues of $1,341,000 for the same quarter of the prior year. The Company had an operating loss of $(116,000) for the quarter ended September 30, 2015, compared to an operating loss of $(1,000) for the same quarter of the prior year. The Company had a net loss of $(175,000) or $(0.01) per share for the quarter ended September 30, 2015, versus net income of $7,000 or $0.00 per share for the year earlier quarter.

Commenting on these results, Glenn D. Yeik, President & COO of Trimedyne said: “Although this has been a challenging year for Trimedyne, we continue to make strides in several key areas. Our sales of lasers are up 33% due to our efforts to open new markets in Asia, and our MST subsidiary continues to increase its revenues. We have also further reduced our SG&A expenses and other costs as we continue to pursue our objective to return to profitability.”

Trimedyne manufactures proprietary Holmium lasers and patented fiber optic laser devices for vaporizing spinal disc tissue to treat herniated or ruptured discs, fragmenting urinary stones and for use in a variety of other, minimally invasive procedures, many of which are performed on an outpatient basis at substantially less cost than conventional surgery. For product, press release, financial, SEC Reports and other information, please 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 1933 and Section 21E of the Securities and Exchange Act of 1934, including words like “expect,” “may,” “could,” and others. Such statements may involve various risks and uncertainties, some of which may be discussed in the Company’s current Form 10-K Report and subsequently filed SEC reports. There is no assurance such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.

CONTACT:

Jeffrey Rudner
(949) 951-3800, Ext. 285
jrudner@trimedyne.com

SOURCE: Trimedyne, Inc.

ReleaseID: 435572