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Net loss at Dallas-based healthcare staffing firm Crdentia Corp. (OTCBB: CRDT.OB) narrowed in the fourth quarter and in full-year 2007.
The company posted a net loss of $2.6 million in the fourth quarter of 2007 compared with a net loss of $13.6 million in the same period in the previous year. Crdentia said the fourth quarter of 2006 included a goodwill impairment of $10 million.
Fourth-quarter revenue, however, rose 14.9% to $9.8 million from $8.5 million in the fourth quarter of 2006. Gross margin improved to 22.7% from 19.0%.
During the fourth quarter, Crdentia raised $5.75 million in private equity transactions which the company said were primarily used to acquire Medical People Healthcare Services Inc. and ATS Health Services. Crdentia CEO John Kaiser said the two acquisitions "contributed meaningfully to fourth-quarter revenue."
Net loss for full-year 2007 was $15.5 million compared to $16.1 million in 2006. Full-year revenue was down 9.2% in 2007 to $32.5 million from $35.7 million in 2006. Gross margin improved to 21.4% from 20.1%.
Crdentia Corp. (OTCBB: CRDT.OB)
For the fourth quarter ended Dec. 31, 2007, compared with the same period in 2006.
Revenue: $9.8 million, +14.9%
Net loss: $2.6 million vs. net loss of $13.6 million
For full-year 2007 ended Dec. 31, 2007, compared with the previous year.
Revenue: $32.5 million, -9.2%
Net loss: $15.5 million vs. net loss of $16.1 million