Mar 16 2011
TSO3 Inc. ("TSO3") (TSX: TOS) an innovator in sterilization technology for medical devices in healthcare settings using ozone, today reported sales for the fiscal year ending December 31, 2010 totalling $939,285 representing the sale of four new generation sterilizers (3M™ Optreoz™ 125-Z) to 3M™ for training purposes. This compares to $1.3 million the previous year for the sale of the first generation sterilizers sold directly to end-users (TSO3 STERIZONE® 125L).
As a result of the ongoing transition to its new generation sterilizer, which is sold by a channel partner, TSO3's revenues decreased in 2010. However, expense control contributed to a significant decrease in the Company's net loss. For the fiscal year ending December 31, 2010, TSO3 recorded a net loss of $7.7 million or $0.14 per share, compared to $9.2 million one year earlier or $0.19, a $0.05 decrease.
"2010 was a year of tremendous activity and a year during which we experienced many internal improvements in processes necessary for our growth", commented Mr. R.M. (Ric) Rumble, President and Chief Executive Officer of TSO3. "Process improvement and reliability testing are continuing while we work towards shipping our backlog, through our channel partner, to meet customer-want dates later this year", continued Mr. Rumble.
"As most of you are aware, we, as well as many others, are navigating through a changing US regulatory process. After having met face-to-face with the regulators last year, we prepared and submitted a new set of documents and were hoping to meet face to face again earlier this year. After a short delay, we are happy to say that we were very recently notified of a meeting date planned to take place in the next few weeks. We are pleased to have the opportunity to discuss in person the additional information that has been supplied to the US regulators, and it is our hope that this meeting will clear the way to submitting the amended documentation in the first half of 2011", added Mr. Rumble.
"Looking towards the future, we will follow our development process for the new OR sterilizer with the expectation of freezing the design in 2011, and holding a commercial event in 2012. We will also be open to opportunities within our market space of healthcare sterile reprocessing that might accelerate our growth, while supporting our intention of enabling better health care", concluded Mr. Rumble.
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