Symbion Inc., the company originally formed in Salt Lake City to market the Jarvik 7 artificial heart, announced a net loss of $714,000 for the first quarter.
A company spokesman attributed the loss to "continuing costs related to regulatory affairs and a $386,000 non-cash expense item resulting from amendments to employment agreements and corresponding adjustments to compensation accruals.Sales for the quarter were $213,000, down from $226,000 in the same period last year. All sales in both years are attributable to the company's Mitroflow heart valve product. The company has not made any sales of its artificial heart or acute ventricular assist device products since the fourth quarter of 1989.
As earlier announced, Symbion said it is continuing its preparations to submit to a vote of shareholders a proposal to liquidate and dissolve the company. It is expected that a meeting of shareholders to approve a plan of liquidation will be held this summer.