TranS1 reports higher Q3 net loss, provides outlook for Q4

TranS1 Inc., a medical device company, has reported that net loss for the third quarter ended September 30, 2012 was $5.86 million, or $0.22 loss per share, compared to net loss of $3.33 million, or $0.16 loss per share, for the same quarter ended September 30, 2011. The company expects total revenues to be in the range of $3.8 million to $4.2 million for the fourth quarter ending December 31, 2012.

Revenue for the third quarter ended September 30, 2012 was $3.2 million, compared to $4.7 million for the same quarter ended September 30, 2011.

Net loss for the nine months ended September 30, 2012 was $17.92 million, or $0.66 loss per share, compared to net loss of $13.36 million, or $0.64 loss per share, for the same period ended September 30, 2011.

Revenue for the nine months ended September 30, 2012 was $10.44 million, compared to $15.16 million for the same period ended September 30, 2011.

"In the third quarter we made significant progress on our key operational goals including further reimbursement clarity, expanding clinical publications and driving adoption of the VEO direct lateral system," said Ken Reali, President and CEO of TranS1.

"We have commenced the re-launch activities for AxiaLIF in the fourth quarter as we await the activation of our Category I code on January 1st. Through continued execution on our operational goals and our re-launch plan we look forward to achieving revenue growth as we gain market share in the minimally invasive lumbar spinal fusion market."