Stent development company ITGI Medical Ltd. (TASE:ITGI) reported today that revenue more than quadrupled in the third quarter of 2010, with a rise in gross profit and a narrowing of net loss.
ITGI revenue rose 316% in the third quarter of 2010 to NIS 1.5 million from NIS 366,000 in the corresponding quarter of 2009, and 17% up from NIS 1.3 million in the preceding quarter.
The company also reported a further improvement in gross profit for the fourth consecutive quarter. Gross profit totaled NIS 472,000 in the third quarter of 2010 compared with a loss of NIS 91,000 in the corresponding quarter, and 29% higher than gross profit in the preceding quarter.
ITGI's net loss narrowed to NIS 635,000 in the third quarter, from a loss of NIS 1.8 million in the corresponding quarter of 2009, and 76% less than the net loss of NIS 2.63 million in the preceding quarter.
Published by Globes, Israel business news - www.globes-online.com - on November 9, 2010
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