Medical devices and outsourcing services firm Colorado MedTech reported fiscal fourth quarter sales of $20.5 million, up 20% compared from the $17 million posted in the fourth quarter of 2000. For the quarter (end-June 30), the Boulder, CO-based firm had a net loss of $804,000 prior to one-time items, compared with net income of $363,000 a year ago.
During the fourth quarter, the company had to take an inventory write-down of $3.1 million related to a recently-cancelled manufacturing program with Hitachi Medical. For the year, Colorado MedTech had sales of $77.2 million, up 4% compared with the $74 million booked in 2000. The firm had a net loss prior to one-time items of $1.4 million, compared with net income prior to one-time charges of $5 million in 2000.
The company's FDA warning letter remains unresolved, and, along with the economic slowdown, is hindering the firm's ability to close sales, according to chairman and CEO Stephen Onody. An independent audit of the firm has been obtained, and the firm is waiting for the FDA to complete its review, he said.
By AuntMinnie.com staff writersAugust 21, 2001
Related Reading
Colorado MedTech inks supplier agreement, July 17, 2001
Colorado MedTech slips into the red in Q3, May 8, 2001
Colorado MedTech gets FDA warning letter, January 31, 2001
MedTech acquires ATL’s imaging supplies business, January 2, 2001
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