Echo Therapeutics Announces 2014 Financial Results
ISELIN, N.J., April 15, 2015 /PRNewswire/ — Echo Therapeutics, Inc. (NASDAQ: ECTE), a medical device company focused on non-invasive continuous glucose monitoring and associated technologies, today announced financial results for the year ended December 31, 2014.
Echo’s Annual Report on Form 10-K, as filed with the SEC, will be available by visiting the Investors section of Echo’s website at www.echotx.com on April 15, 2015 after the close of the financial markets.
Fiscal Year 2014 Financial Results
For fiscal year 2014, the Company was principally involved with the product development and clinical studies of its continuous glucose monitoring system. Echo’s net loss for fiscal year 2014 was $15.3 million, or ($1.24) per share, compared to $19.4 million, or ($2.33) per share during 2013. The operating loss for fiscal year 2014 was $12.3 million compared to $19.6 million for fiscal year 2013. Research and development expenses were $5.0 million for fiscal year 2014 compared to $13.0 million for fiscal year 2013. The decrease in research and development expenses was primarily related to the lack of financing that eventually led to a temporary shut down of operations in the fourth quarter of 2014. Selling, general and administrative expenses were $7.4 million during 2014 compared to $6.7 million in 2013. The increase in selling, general and administrative expenses was primarily due to increased legal costs and expenses associated with the proxy fight that enveloped the Company in 2014. Echo reported a cash balance of approximately $1.3 million as of December 31, 2014.