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news.Endocare, a developer of minimally invasive technologies for tissue and tumor ablation, has reported a net loss of $3.8 million, or $0.31 per share, for the fourth quarter of 2008, compared to a net loss of $2.4 million, or $0.21 per share, for the fourth quarter of 2007.
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Net loss for the year 2008 was $8.42 million, or $0.71 per share, compared to a net loss of $8.94 million, or $0.80 per share, for 2007.
The company reported total revenues of $7.89 million for the fourth quarter of 2008, a 14% increase, compared to $6.91 million for the fourth quarter of 2007. Total revenues for the year 2008 were $31.56 million, compared to $29.69 million for 2007.
Terrence Noonan, interim CEO and interim chairman of Endocare, said: “We are pleased that we finished the year at an improved pace of year-over-year revenue growth during the fourth quarter. More significantly, we remain enthusiastic about our ability to position ourselves to become a larger, faster-growing company by signing the merger agreement with Galil Medical. We believe the combined company will more effectively advance the promise of cryoablation as an important option for patients suffering from a variety of forms of cancer.
“We believe the merger will afford us the ability as a combined company to greatly enhance the long-term prospects of our business, improve service to our customers and allow us to innovate at a more significant and efficient rate than either company could on its own.”