Adaltis Q4 net loss narrows to C$14.56m

Adaltis, an in vitro diagnostic company, has reported a net loss of C$14.56m, or C$0.12 per share, for the fourth quarter of 2008, compared to a net loss of C$18.19m, or C$0.28 per share, for the same period in 2007.

For the year ended December 31, 2008, the company posted a net loss of C$41.39m, or C$0.45 per share, compared to a net loss of C$38.92m, or C$0.63 per share, in 2007.

For the fourth quarter ended December 31, 2008, revenue amounted to C$7.47m, a 31.6% increase over the C$5.7m recorded in the corresponding quarter in 2007. Revenue for the year ended December 31, 2008 was C$24.49m, compared to C$23.37m in 2007, an increase of 4.7%.

Peter Bambic, president and CEO of Adaltis, said: In my brief tenure here at Adaltis, I have been impressed by the quality of our products and the strength of our people. After the sale of our non-core business in Europe and Hong Kong, and with the subsequent restructuring in Europe, we are now singularly focused on our vision to become a leading provider of immunoassay diagnostic systems in emerging markets, with a specific focus on China.

With most of the key management team now located together in Shanghai, and with the team now entirely focused on pursuing our in vitro diagnostic strategy, we are optimistic about the future prospects of the business. We are excited about the breadth and strength of our existing product line and the results of our focused relaunch of Eclectica which provides significant growth potential for the corporation.