Zila has announced that concerns over what the company calls "suspicious" end-of-day trading in its stock during the past several weeks have prompted the company to make an "urgent request" that Nasdaq undertake an investigation to determine the reasons for this activity, according to a company press release.
Zila manufactures and markets ViziLite Plus with TBlue, a system for the early detection of oral cancer.
In related news, the company announced financial results for the fourth quarter of 2008 (end-July 31) and the fiscal year. Net revenues increased 14% to $11.9 million, compared with $10.4 million for the fourth quarter of fiscal 2007. Gross profit grew to $7.8 million from $6.3 million in the fourth quarter of fiscal 2007.
Sales of ViziLite Plus in the fourth quarter grew to $3.9 million, a 46% increase compared with the fourth quarter of fiscal 2007, representing the eighth consecutive quarter of revenue growth for the ViziLite Plus product line.
Net revenues for the year increased 57% to $45.1 million, compared with $28.8 million for fiscal 2007. Sales of ViziLite Plus grew to $13.7 million, a 107% increase compared with fiscal 2007, and gross profit grew to $27.7 million from $16.9 million for fiscal 2007.
The company noted that the overall revenue growth was largely driven by the acquisition of Pro-Dentec in November 2006, as well as by selling directly to dental offices through the company's national sales organization and the positive impact this had on sales of ViziLite Plus.