Lifewave posts first-ever revenue but still shows loss

The company posted a net loss of NIS 3.4 million on NIS 268,000 in sales from peripherals for its bed sore treatment device.

LifeWave Hi-Tech Medical Devices Ltd. (TASE:LIFE) today published its financial report for the second quarter of 2007. The company posted NIS 651,000 in sales of peripherals for its Bed Sore Treatment device for the second quarter, compared with zero for the corresponding quarter.

Lifewave also posted its first-ever gross profit, which totaled NIS 268,000 for the second quarter. Financing revenue totaled NIS 102,000 for the second quarter, compared with NIS 17,000 for the corresponding quarter. Most of the increase came from cash reserves and short-term deposits using proceeds from its IPO in late 2006.

The company’s operating loss widened to NIS 3.5 million for the second quarter from NIS 817,000 for the corresponding quarter. Net loss rose to NIS 3.4 million (NIS 0.30 per share) for the second quarter from NIS 800,000 for the corresponding quarter.

R&D expenses more than doubled to NIS 630,000 for the second quarter from NIS 230,000 for the corresponding quarter, and total expenses more than tripled to NIS 1.8 million from NIS 587,000.

Lifewave has developed a non-invasive bed sore treatment device for chronic wounds. In July, the company announced that the device had successfully passed a pilot program with Meuhedet Sick Fund, and that the HMO is preparing to order the devices for routine usage.

Published by Globes [online], Israel business news - www.globes.co.il - on August 30, 2007

© Copyright of Globes Publisher Itonut (1983) Ltd. 2007

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