Newport Beach-based NMS Pharmaceuticals Inc. reported reduced losses during its second quarter of 1984, despite a drop in revenues from the year-ago quarter.
The company, which makes diagnostic tests for the early detection of tumors, heart attack, pregnancy and birth defects, posted a loss of $120,823 for the quarter ended Nov. 30, 1984, compared with a $127,956 loss for the same period in 1983.
Revenues for the three-month period were $1.1 million, a 14.5% decline from $1.3 million reported during the same quarter of 1983.
For the first half, the company had a loss of $290,168, compared with a loss of $327,767 for the same period in 1983. Six-month revenues were $2.1 million, a 15% decline from the $2.5 million reported during the 1983 first half.
A company spokeswoman attributed the slight financial improvement to decreased losses in the company's Medex division. The division terminated a number of unprofitable contracts, according to Jennifer Anderson, assistant to NMS President Joseph Irani.
In response to "severe competitive pressure" NMS lowered its price on some of its products, said Anderson, which resulted in reduced revenues.
The company, which has not had a profit since 1981, expects revenues to increase for the third quarter, which ended Feb. 28. Anderson said that during the quarter sales of its early pregnancy detection product, called Nimbus, increased. Those increased sales will be reflected in the upcoming financial report, she said.
Increased sales of the product, which the company said can detect pregnancy within five days of conception, have prompted the company to add to its sales staff to allow it to market the product nationally.
The company, which first went public in 1971, raised $9 million in a stock offering in July 1983. In the past, Irani said that cash has provided financial security for the company.