Symbion Inc., the Salt Lake-based company manufacturing cardiovascular support systems, had $1 million in sales in the first quarter of 1989, a decline from $1.3 million in the same quarter a year ago.
Lane J. Castleton, chief financial officer, said the company had total revenue of $1.1 million, compared to $1.4 million in the same quarter a year ago, resulting in a $545,000 net loss this year, higher than the $299,000 net loss in the period ending March 31, 1988.He said Symbion escalated its development efforts on a new cardiovascular product scheduled for market introduction later this year. Research and development costs increased 9 percent over last year's first quarter and additional costs were incurred in establishing and validating manufacturing processes for this new product.
Castleton said selling and administrative costs were reduced by 24 percent in the first quarter as a result of the company's continued focus on controlling costs and effectively managing its resources. He said the company remains strong with $5.8 million in cash and no long-term debt.