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Trimedyne, Inc. Reports Its Financial Results for Its Fiscal Year Ending on September 30, 2019

Written by Customer Service on . Posted in Public Companies.

Irvine, CA, Dec. 20, 2019 (GLOBE NEWSWIRE) — via NEWMEDIAWIRE — TRIMEDYNE, INC. (OTCBB “TMED”) today reported its financial results for its Fiscal Year ending on September 30, 2019.
For the Fiscal Year Ended September 30, 2019, Trimedyne had revenues of $4,524,000, a decrease of 18.7% from revenues of $5,567,000 for the prior year.  We had a net loss for the current year of $173,000 or $1.41 per share, as compared to net income of $234,000 or $1.91 per share for the prior year. The net loss during the current fiscal year as compared to a net income during the prior year quarter was primarily the result of a decrease of export sales revenue and an increase in general expenses as a result of the relocation of our California Facility during the current fiscal year.At the end of the fiscal year on September 30, 2019, we had cash and cash equivalents of $403,000, as compared to $765,000 at the end of the prior fiscal year. The $362,000 decrease in cash was primarily due to payments of obligations to the estate of our former CEO and Chairman, Marvin P. Loeb, Sc.D., upon his demise and the relocation of our facility in California, during the current reported fiscal year.Commenting on the financial results for the fiscal year ended September 30, 2019, Glenn Yeik, Interim Chairman and CEO of Trimedyne, said: “We have had a rather challenging year with the passing of our former Chairman and CEO Marvin P. Loeb, a quick facility relocation, and unexpected expenses.  However, I am proud of our team pulling together and working through these challenges with limited resources.  We are working diligently to execute on our plans to improve the business and to strengthen the Trimedyne brand moving forward. We appreciate the patience of our shareholders throughout this process and are looking forward to future results.”To view Trimedyne’s financials, please click on this Link:TRIMEDYNE FINANCIALS FOR FISCAL YEAR ENDED SEPETMBER 30 2019CONTACT: Jeffrey Rudner
(949) 951-3800
jrudner@trimedyne.com

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