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QUEBEC — TSO3 Inc. (TSX:TOS), whose products are used to sterilize medical instruments, reported a reduced second-quarter loss despite a 51 per cent drop in revenue attributed to "budget freezes" at some of its customers.
The Quebec-based medical technology developer posted a loss of $2.3 million compared with year-earlier loss of $2.7 million. The loss for both quarters amounted to five cents a share.
Quarterly revenues were $510,626, down from $1 million.
The company attributes the lower results "to the length of the sales cycle and short term delays owing to the current North American economy, as we witnessed budget freezes within certain accounts," said president and chief executive R.M. Rumble.
TSO3's first product is the TSEO3 Sterizone 125L Sterilizer which is designed for sterile processing centres in the hospital.
Shares of TSO3 fell six cents to 44 cents on the Toronto Stock Exchange.