Echo Therapeutics, Inc.
) soared nearly 73% to $4.65 yesterday following the release of
positive results of its study on wireless glucose monitoring
system, Symphony CGM. The study revealed that Symphony is capable
of monitoring glucose levels as it did on 32 patients in critical
care units at four hospitals.
The Continuous Glucose-Error Grid Analysis showed that readings
in Symphony CGM were 97.9% accurate and 1.8% were benign errors,
with a combined A+B value of 99.7%. The glucose values
range was 49 to 324 mg/dL.
Based in Philadelphia, Pa., Echo Therapeutics is a medical device
company aimed at developing enhanced skin permeation technology
Prelude SkinPrep System, and non-invasive, wireless, and glucose
monitoring system. ECTE stated that it will apply for market
approval of Symphony CGM system in the European Union in the
fourth quarter of this year.
Echo Therapeutics posted a narrower loss of 49 cents per share
for the third quarter of the year compared with $1.07 in the
comparable quarter of 2012 as well as the Zacks Consensus
Estimate of 56 cents. The decrease in loss was attributable to
lower shares outstanding at the end of the quarter. Net loss, in
fact, increased 22.8% to $5.2 million from $4.3 million a year
Revenues in the quarter slid 27.1% to $22.6 thousand,
significantly lower than the operating expenses of $4.95 million.
This resulted in operating loss of $4.9 million compared with
$3.6 million in the third quarter of 2012.
The company's research and development expenses rose 28.8% to
$2.8 million from $2.1 million in the third quarter of 2012. The
increase was attributable to higher development, regulatory and
clinical expenses, as well as manufacturing preparation costs.
Currently, ECTE retains a Zacks Rank #2 (Buy). Other preferable
stocks from the medical instruments industry include
Natus Medical Inc.
). Natus Medical carries a Zacks Rank #1 (Strong Buy) while both
Cynosure and AngioDynamics carry a Zacks Rank #2 (Buy).
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ECHO THERAPEUT (ECTE): Free Stock Analysis
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