March 17, 2010 / 11:30 AM / 8 years ago

CORRECTED - CORRECTED-UPDATE 1-TSO3 Q4 loss wider than expected

(Corrects headline to clarify that the company’s loss was wider than expected)

* Q4 loss/shr C$0.05 vs est loss/shr C$0.04

* Rev down 60 pct

* To ship units to 3M by Q2

March 17 (Reuters) - Canada’s TSO3 Inc (TOS.TO), which designs low temperature sterilization technology for medical devices using ozone, posted a quarterly loss that missed estimates by a penny, hurt by lower sales of its sterilizers.

Net loss for the fourth quarter was C$2.7 million, or 5 Canadian cents a share, compared with a loss of C$2.9 million, or 6 Canadian cents a share, a year ago.

Net sales for the quarter fell 60 percent to C$154.3 million. In 2009, the company completed the sale of 5 sterilizers and related accessories, compared with 13 sterilizers in 2008, it said.

Analysts on average were expecting a loss of 4 Canadian cents a share, according to Thomson Reuters I/B/E/S.

TSO3, however, said it received initial purchase commitment from diversified manufacturer 3M Co (MMM.N) on units intended for internal use, and expects to start shipping these units in early second quarter.

Shares of the company closed at C$1.55 Tuesday on the Toronto Stock Exchange. (Reporting by Gowri Jayakumar in Bangalore; Editing by Anil D‘Silva)

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