Cytocare Loss Rises to $5.1 Million in ’90
Reflecting a severe drop in sales, Cytocare Inc. said Wednesday that it lost $5.1 million last year, more than double its 1989 loss of $2.1 million.
The company primarily tied the loss to its Medstone International subsidiary’s November decision to suspend efforts to obtain federal approval to market lithotripter machines for treating gallstones with shock waves.
The company continues to market the device as a non-surgical alternative to removing kidney stones.
Cytocare’s revenue declined to $11.7 million in 1990, from $14.5 million the previous year. In the last three months of 1990, the company lost $1.4 million on revenue of $3 million. It had a loss of $633,000 on revenue of $4.7 million for the corresponding period in 1989.