QT Vascular's Q2 loss widens on expenses

BALLOONING administrative and research and development expenses caused Catalist-listed QT Vascular's net loss for the quarter ended June to widen, from US$11.4 million to US$13.5 million even as revenue tripled. For the second quarter, revenue rose from US$1.03 million to US$3.23 million.

The increase in revenue was mainly due to an increase in sales of its Chocolate PTA Balloon Catheter (Chocolate PTA), under the group's US distribution agreement with Cordis.

This was however dragged down by increases in administrative expenses from US$1.6 million to US$2.8 million and R&D expenses which increased from an insignificant amount to US$1.9 million. Loss per share for the quarter was US$0.02 compared with US$8.66 a year ago.