TranS1, a Wilmington, N.C.-based spine device company, reported a 26 percent decrease in revenue for the first quarter of 2012. The company reported revenue at $3.8 million and net loss at $5.8 million. However, President and CEO Ken Reali said the company made progress during the first quarter toward securing physician reimbursement and driving the adoption of the VEO direct lateral system. The company is also investing in a Category I code for its AxiaLIF technology, which will be available January 2013.
The company reported cash and cash-equivalents at $38.5 million at the end of the first quarter.
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The company reported cash and cash-equivalents at $38.5 million at the end of the first quarter.
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