Luther Medical Products Inc. reported it lost $575,720, equal to 23 cents per share, in its third quarter ended March 31, compared to a $163,386 loss, or 8 cents per share, a year earlier.
The company, which develops and markets a line of catheter products, had revenue of $562,811, up 3.2% from $545,343 a year before.
The company said it wrote down the value of old inventory in the quarter. In addition, it spent $67,000 on legal fees in signing a partnership with Pharmacia Deltec of St. Paul, Minn., as well as settling a patent lawsuit with a Texas firm.
For the nine months, Luther has a net loss of $766,360, compared to a $340,191 loss in the same period a year before. Revenue was $2 million, up 11% from $1.8 million the previous year.