Acquisition costs and increased sales and marketing widened second-quarter losses at Rochester Medical, the company announced Thursday.
The Stewartville, Minnesota company, which makes silicone disposable urological catheters, saw revenue jump 31 percent to $12.9 million in the quarter ended March 31, up from $9.9 million in the same period a year ago. Loss widened to $1.23 million, or 10 cents per diluted share, up from a loss of $351,416 or 3 cents per diluted share.
The final purchase price of Laprolan B.V., the former medical supplies division and wholly owned subsidiary of Fornix BioSciences N.V., was $14.9 million net of interest paid, the company said.
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Anthony Conway, Rochester Medical’s president and CEO, also said that the company will likely be expanding production capability in its Stewartville location.
Conway said Rochester Medical spent $1.1 million more in the second quarter than in the same quarter a year ago to expand the sales force in the U.S. He added that the company expects to be operating profitably by the end of the fiscal year.
