Share prices for Cyberkinetics Neurotechnology Systems Inc. (OTCBB: CYKN) were up 12.5 percent today, apparently bolstered by the company’s recent second quarter financial results.
According to the financials, total revenues for this quarter were at $439,000, down $32,000 from the previous year’s second quarter revenues of $471,000. Although the revenues were down year over year for the second quarter, for the first half of the fiscal year 2007 the company has generated $80,000 more dollars in revenues. This will help the company get on track to increase yearly revenues for the second year in a row.
Grant revenue fell as well, down to $110,000 from $177,000 the year before, and the company reported a net loss of $3.1 million, or 8 cents a share, compared to a net loss of only $2.6 million, or 9 cents a share, the previous year. Just like the revenues, the second quarter net loss wasn’t as favorable as the prior year, but half yearly totals do show the company has made improvements with the net loss about $83,000 dollars less than this point last year.
The company also used $2.8 million to fund the company’s operations this quarter as compared to the $1.9 million the previous year. Lastly, the company ended the quarter with less cash-in-hand than the previous year, holding only $5.9 million as compared to the $11.8 million in the previous year.
Despite these negative numbers, share prices for Cyberkinetics were actually up in response, moving to 54 cents a share.
One of the few companies in the marketplace that works with this new technology, Cyberkinetics Neurotechnology Systems Inc., is developing neural stimulation, sensing and processing technology to improve the lives of those with severe paralysis from spinal cord injuries, neurological disorders and other conditions of the nervous system. Some of its products include the company’s cleared-to-market NeuroPort System, a neural monitor designed for acute inpatient applications; the Andara Oscillating Field Stimulator for the regeneration of neural tissue; and the BrainGate System, which will let paralysis victims control a computer, assistive device or limb movement through an advanced electronic system.
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