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Echo Therapeutics : Announces Second Quarter 2016 Financial Results

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08/25/2016 | 05:43pm CEST

By a News Reporter-Staff News Editor at Pharma Business Week -- Echo Therapeutics, Inc. (OTCQB: ECTE), a medical device company focused on non-invasive continuous glucose monitoring (CGM) and associated technologies, announced its financial results for the quarter ended June 30, 2016. Echo's Quarterly Report on Form 10-Q, as filed with the SEC, may be accessed on the SEC's website, www.sec.gov (see also Pharmaceutical Companies).

Second Quarter 2016 Financial Results

Echo's net loss to common shareholders for the second quarter of 2016 was $9.4 million, or ($0.82) per share, compared to $10.8 million, or ($0.97) per share, for the second quarter of 2015. The operating loss for the second quarter of 2016 was $1.5 million compared to $12.3 million for the second quarter of 2015. The 2015 second quarter operating loss was significantly impacted by a one-time $9.6 million impairment charge for the Company's Azone intangibles. Research and development (R&D) expenses were $0.7 million for both the second quarter of 2016 and 2015. Selling, general and administrative (S,G&A) expenses were $0.8 million during the second quarter of 2016 compared to $1.5 million during the second quarter of 2015. The decrease in S,G&A expenses was primarily due to a decline in legal fees.

Keywords for this news article include: Pharmaceutical Companies, Echo Therapeutics Inc., Investment and Finance.

Our reports deliver fact-based news of research and discoveries from around the world. Copyright 2016, NewsRx LLC

(c) 2016 NewsRx LLC, source Health Newsletters

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NameTitle
Scott Wayne Hollander President, Chief Executive Officer & Director
Mike M. Goldberg Chairman
Thomas H. Bishop Vice President-Operations & Product Development
Alan Wayne Schoenbart Chief Financial Officer & Secretary
Shepard M. Goldberg Independent Director
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