Medical device company TSO3 Inc (TSX:TOS) stated on Tuesday that it recorded a net loss of USD4.5m (USD0.05 per share) for the first quarter 2018 ended 31 March 2018.

This marks a decrease in earnings when compared with a lower net loss of USD2.0m (USD0.02 per share) in the year-ago quarter.

Revenues of USD0.3m were generated for Q1 2018, down over revenues of USD4.2m in the first quarter of 2017. TSO3 did not ship any STERIZONE VP4 Sterilizers to Getinge in the Q1 2018, but recorded revenue from sales of consumables and service parts. It shipped 50 sterilizers in in the first quarter of 2017.

Research and Development expenses of USD1.7m were recorded in the Q1 2018, a rise versus R&D of USD1.4m in the year-ago quarter. The company added that it incurred expenditures in connection with its laboratory in Myrtle Beach, extended regulatory claims activity and product development.