Net loss applicable to common shares for the year ended December 31, 2008 was $42.3 million, or $2.47 per basic and diluted share, compared to a net loss applicable to common shares of $44.4 million, or $7.34 per basic and diluted share, for the corresponding period in 2007.
Sales in the three months ended December 31, 2008 were $2.4 million, an increase of 23%, compared with $1.9 million for the corresponding period in 2007. Sales in the year ended December 31, 2008 were $9 million, an increase of 15%, compared with $7.8 million in 2007.
Michael Whitman, CEO of Power Medical Interventions (PMI), said: “The year 2008 was important for PMI, marked by the rapid maturation and improvement of our operations spanning manufacturing, product development, commercialization and internal systems.
“While PMI had numerous significant achievements in 2008, the three most significant of the year were the launch of PMI’s intelligent surgical instruments platform, the signing of our license and development and reload supply agreements with Intuitive Surgical, and the completion of our Reload Automation Machine.”