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Last $0.01 USD
Change Today +0.0005 / 4.17%
Volume 38.0K
KIPS On Other Exchanges
Symbol
Exchange
OTC US
As of 2:02 PM 09/1/15 All times are local (Market data is delayed by at least 15 minutes).

kips bay medical inc (KIPS) Snapshot

Open
$0.01
Previous Close
$0.01
Day High
$0.01
Day Low
$0.01
52 Week High
09/2/14 - $0.40
52 Week Low
08/14/15 - $0.01
Market Cap
412.7K
Average Volume 10 Days
10.0K
EPS TTM
$-0.17
Shares Outstanding
33.0M
EX-Date
--
P/E TM
--
Dividend
--
Dividend Yield
--
Current Stock Chart for KIPS BAY MEDICAL INC (KIPS)

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kips bay medical inc (KIPS) Details

Kips Bay Medical, Inc., a medical device company, develops, manufactures, and commercializes external saphenous vein support technology (eSVS Mesh), for use in coronary artery bypass grafting (CABG) surgery. Its eSVS Mesh is designed to be fitted like a sleeve on the outside of saphenous vein grafts (SVG) to strengthen SVGs used in CABG surgery. The company sells its products to distributors who, in turn, sell to hospitals and clinics, primarily in the European Union. Kips Bay Medical, Inc. was founded in 2007 and is based in Minneapolis, Minnesota.

8 Employees
Last Reported Date: 03/12/15
Founded in 2007

kips bay medical inc (KIPS) Top Compensated Officers

Founder, Chairman and Chief Executive Officer
Total Annual Compensation: $377.9K
Chief Financial Officer, Chief Operating Offi...
Total Annual Compensation: $239.5K
Compensation as of Fiscal Year 2014.

kips bay medical inc (KIPS) Key Developments

Kips Bay Medical, Inc. Reports Unaudited Earnings Results for the Second Quarter and Six Months Ended June 27, 2015; Reports Impairment of Manufacturing Equipment and Inventory for the Second Quarter Ended June 27, 2015

Kips Bay Medical, Inc. reported unaudited earnings results for the second quarter and six months ended June 27, 2015. For the quarter, the company reported net sales of $16,000 compared to $31,000 a year ago. Net loss was $1,848,000 or $0.06 per basic and diluted share compared to $1,428,000 or $0.04 per basic and diluted share a year ago. For the six months, the company reported net sales of $24,000 compared to $57,000 a year ago. Net loss was $2,692,000 or $0.08 per basic and diluted share compared to $2,866,000 or $0.09 per basic and diluted share a year ago. Net cash used in operating activities was $1,642,000 compared to $2,590,000 a year ago. For the second quarter ended June 27, 2015, the company reported impairment of manufacturing equipment and inventory of $979,000.

Kips Bay Medical, Inc. Terminates eMESH I Clinical Feasibility Trial

On June 26, 2015, Kips Bay Medical, Inc. terminated the company's eMESH I clinical feasibility trial due to poor early angiographic results from enrolled patients who had an eSVS Mesh implanted using a new surgical implant technique approved by the U.S. Food and Drug Administration (FDA") in March 2014 and determined to cease the development of the eSVS Mesh. Also on June 26, 2015, in light of the termination of its feasibility trial, the results of its review of available strategic alternatives and its current cash position, the Board of Directors of the Company unanimously approved the liquidation and dissolution of the Company pursuant to a Plan of Dissolution and Complete Liquidation (the Plan of Dissolution and Liquidation"), subject to obtaining requisite stockholder approval. On June 26, 2015, the Company terminated the Company's eMESH I clinical feasibility trial due to poor early angiographic results from enrolled patients who had an eSVS Mesh implanted using the new surgical implant technique and determined to cease the development of the eSVS Mesh.

Kips Bay Medical Reviews Strategic Alternatives

Kips Bay Medical, Inc. (OTCPK:KIPS) announced that in light of the termination of its feasibility trial, the results of its review of available strategic alternatives and its current cash position, the Board of Directors of the company unanimously approved a plan of dissolution and liquidation of the company. Of the strategic alternatives available to the company, the Board of Directors determined that it is in the best interests of the company and its stockholders to dissolve the company wind up its operations and return any remaining cash to its stockholders. The Board of Directors made its decision to approve a plan of dissolution and liquidation of the Company after completing an exhaustive evaluation of various strategic alternatives available to the company for enhancing stockholder value.

 

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Price/Sales 7.8x
Price/Book 0.2x
Price/Cash Flow NM Not Meaningful
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