Categories Earnings, LATEST, Other Industries
Earnings: Aethlon Medical FY19 loss widens despite higher revenues
Aethlon Medical (Nasdaq: AEMD) reported a wider net loss for fiscal 2019 when the company’s revenues increased. Shares of the therapeutic technology company gained during Monday’s extended trading after closing the regular session higher.
The San Diego, California-based company reported a net loss of $6.2 million or $0.34 per share for 2019, compared to a loss of $5.7 million or $0.46 per share last year. The bottom-line was negatively impacted by higher operating expenses and costs related to clinical trials.
At $0.23 million, full-year revenues were higher by 53% compared to fiscal 2018. Consolidated operating expenses for the year were $6.2 million, higher by 24% from $5 million reported last year. The increase was mainly due to separation payments made to the company’s former CEO and former president.
Operating expenses also included a significant amount paid as professional fees, which reflects an increase in scientific consulting fees related to clinical trials and legal fees.
The bottom-line was negatively impacted by higher operating expenses and costs related to clinical trials
Meanwhile, the company said the development of Hemopurifier, its proprietary first-in-class therapeutic device designed for the single-use depletion of circulating viruses and cancer-promoting exosomes, is progressing as per schedule. Earlier, Hemopurifier was designated a Breakthrough Device for the treatment of glycosylated viruses.
Currently, preparations are on for the initiation of clinical trials of Hemopurifier in patients with advanced and metastatic cancers. The initial focus will be the treatment of solid tumors, such as head and neck cancer, gastrointestinal cancers and other cancers.
Last week, the Company entered into a cross-licensing agreement with SeaStar Medical to jointly develop medical devices to address the care and management of critically ill patients.
Aethlon Medical shares maintained a steady downtrend since December last year and lost about 74% so far this year. Over the past twelve months, the stock plunged 70% and is currently trading below one dollar. It gained in Monday’s after-hours session following the earnings report.
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