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MONTREAL - CryoCath Technologies Inc. (TSX:CYT) added more red ink to its bottom line in the third quarter, as the divestiture of a business unit reduced overall sales and operational spending increased.

Sales were $9.2 million in the third quarter of its 2008 fiscal year. A year earlier, revenue was $11.6 million. including $3.4 million in sales from the divested surgical business.

CryoCath's net loss for the third quarter of fiscal 2008 was $7.9 million or 20 cents per share compared to a net income of $2.4 million or six cents per share in the third quarter of fiscal 2007. The year-earlier profit was due to a $10.1 million gain on the sale of its surgical business.

For the first nine months of fiscal 2008, CryoCath has a net loss of $20.1 million - or just under $7 million per quarter on average - with $28 million in revenue.

For the same period of fiscal 2007, the net loss was $7.2 million - or an average of $2.4 million per quarter - with $32.9 million in revenue, including from the divested business.

In the most recent quarter, operating spending was $6.4 million, compared to $4.7 million in the third quarter of fiscal 2007.

For the nine-month period ended June 30, 2008, the operating burn was $16.1 million compared to $10.0 million for the corresponding period in 2007.

Variations are mainly due to the divested surgical business combined with the impact of interests on long-term debt no longer capitalized and unrealized foreign exchange variations.