Longport revenues climb in 2004

Ultrasound technology developer Longport reported 2004 revenues of $2.5 million, up from $500,000 in 2003.

For the year (end-December 31), the Glen Mills, PA-based firm had a net loss of $634,000, compared with a net loss of $928,000 in 2003. In its fourth quarter, Longport had revenues of $585,000, up 388% compared with the $199,000 posted in the fourth quarter of 2003.

Longport CEO Michael Boyd said the financial results show the company's progress toward profitability, and that the firm is continuing to develop infrastructure and personnel to build upon its increased business activity. The firm may also seek an infusion of operating capital in the near future via the issuance of short-term debt.

In addition, Longport may obtain additional equity capital through the sale of common and/or preferred stock, as well as the exercise of existing warrants and options, Boyd said.

By AuntMinnie.com staff writers
April 18, 2005

Related Reading

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Longport announces sales shortfall, January 6, 2005

MedSys places Longport ultrasound systems, September 2, 2004

Longport raises cash, July 27, 2004

Longport gets CE Mark, July 13, 2004

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