More Red Ink at Radiance Medical Systems

Radiance Medical Systems Inc., an Irvine maker of catheters and coronary stents, reported a $1.1-million fourth-quarter loss and said Monday that it will restate its third-quarter and nine-month results to show an additional loss of about $500,000.

The company’s fourth-quarter loss, amounting to 10 cents a share, was an improvement over the previous year’s final quarter loss of $2.8 million, or 31 cents a share. Quarterly revenue fell more than 50% to $1.7 million.

For the year, Radiance lost $12.5 million, or $1.14 a share, a greater loss than the $8 million, or 90 cents a share, lost the previous year. Annual revenue fell nearly in half to $6.7 million.

An audit caused prior results to be adjusted for the $8-million cash-and-stock acquisition last year in which CardioVascular Dynamics Inc. bought Radiance and took the Radiance name. The third-quarter loss will be restated to $1.3 million, or 12 cents a share, from $767,000, or 7 cents a share. The net loss for the first nine months will be restated to $11.4 million from $10.9 million.