Phytosterols Growth Boosts Forbes Medi-Tech 2Q Sales

Following its May 2008 restructuring plan to discontinue its pharmaceutical research operations and focus on its nutraceuticals business, Forbes Medi-Tech Inc. (NASDAQ:FMTI) posted second quarter (2Q) revenue growth of 22 percent, including a significant increase in Reducol® phytosterol sales. Cost of sales improved to 81 percent, from 95 percent a year ago, and net loss improved to $3.0 million (CDN), or $0.63 per share, from $4.7 million (CDN), or $0.71 per share, lost in 2Q last year.

On the strength of its performance, management projected annual sales for fiscal 2008 will be between $9.75 million (CDN) and $10.5 million CDN, for a growth rate of about 18 percent.

Source: Forbes Medi-Tech.