PLAINVIEW, N.Y. January 13, 2025 – Vaso Corporation (“Vaso”) (OTCQX: VASO), a leader in human capital, information technology and MedTech, today announced new executive appointments to the Vaso management team and Board of Directors, effective January 1, 2025.
Furthermore, Vaso Corporation named new corporate and securities outside counsel, Kimberly Decker of the law firm Barley Snyder LLP.
Dr. Jun Ma, President and Chief Executive Officer of Vaso Corporation commented, “Today’s executive changes and board appointments reflect Vaso Corporation’s commitment to its human capital mission and our focus on advancing our dedicated leaders. As we implement our 2025 strategy during this pivotal time in our corporate history, we are optimistic on our path and our competitive position as a leading human capital, MedTech, and information technology business. As we have recently articulated, our top priority in 2025 will be to continue growing organically across our diversified portfolio businesses, working closely with our customers and partners, while continuing to explore new strategic opportunities. We cannot be prouder of having leaders such as Jane and Jonathan in their expanded executive roles. Their devotion to Vaso has contributed to our success and I am looking forward to continuing to work with them and our entire leadership team.”
“We are also delighted to name Kimberly Decker from the prestigious law firm Barley Snyder LLP to work with us as legal counsel on corporate and securities matters. Lastly, the election of Edgar Rios, a respected and trusted Board Member, as Vaso’s new Vice Chairman is a natural progression and on behalf of the entire Board, I would like to thank him for his continued service to the Vaso mission,” Dr. Ma added.
About Vaso Corporation
Headquartered in Plainview New York, Vaso Corporation is a leading human capital, information technology and MedTech business with a focus on healthcare professional sales services, network and IT services across sectors, and proprietary medical products. Vaso Corporation is a diversified organization with three core businesses operating as wholly-owned subsidiaries: VasoHealthcare, the professional sales service arm for GEHealthCare’s diagnostic imaging and ultrasound products; VasoTechnology, an information technology and managed connectivity leader serving customers in healthcare provision and other sectors; and VasoMedical, the designer and manufacturer of proprietary medical devices including Biox series devices and the developer and operator of the ARCS cloud-based SaaS platform.
Investor Contacts:
Michael J. Beecher
Investor Relations
Phone: 516-508-5840
Email: mbeecher@vasocorporation.com
V&S Strategic Consulting
Except for historical information contained in this release, the matters discussed are forward-looking statements that involve risks and uncertainties. When used in this report, words such as “anticipates”, “believes”, “could”, “estimates”, “expects”, “may”, “optimistic”, “plans”, “potential”, “looking forward”, and “intends” and similar expressions, as they relate to the Company or its management, identify forward-looking statements. Such forward-looking statements are based on the beliefs of the Company’s management, as well as assumptions made by and information currently available to the Company’s management. Among the factors that could cause actual results to differ materially are the following: the effect of business and economic conditions, including the possibility of a downturn in the US economy and the continued impact of the COVID-19 pandemic; the effect of the dramatic changes taking place in IT and healthcare; continuation of the GEHC agreement; the impact of competitive technology and products and their pricing; medical insurance reimbursement policies; manufacturing or supplier problems; unforeseen difficulties and delays in product development programs; the actions of regulatory authorities and third-party payers in the United States and overseas; and the risk factors reported from time to time in the Company’s SEC reports. The Company undertakes no obligation to update forward-looking statements as a result of future events or developments.
Plainview, N.Y. December 16, 2024 – Vaso Corporation (“Vaso”) (OTCQX: VASO), a leader in human capital, information technology and MedTech, today released a letter to shareholders and employees summarizing the company’s achievements throughout the year and outlining key strategic developments and priorities for the upcoming year.
Highlights in the letter include operational developments, product updates, financial performance, and insights on thought-leadership initiatives. The goal is also to provide a business outlook and priorities for the year ahead.
To access the CEO Shareholder Letter, please see below:
Vaso-2024-Yearhend-Shareholder-Letter-FINAL-12-16-24-3About Vaso Corporation
Headquartered in Plainview New York, Vaso Corporation is a leading human capital, information technology and MedTech business with a focus on healthcare professional sales services, network and IT services across sectors, and proprietary medical products. Vaso Corporation is a diversified organization with three core businesses operating as wholly-owned subsidiaries: VasoHealthcare, the professional sales service arm for GEHealthCare’s diagnostic imaging and ultrasound products; VasoTechnology, an information technology and managed connectivity leader serving customers in healthcare provision and other sectors; and VasoMedical, the designer and manufacturer of proprietary medical devices including Biox series devices and the developer and operator of the ARCS cloud-based SaaS platform.
Investor Contacts:
Michael J. Beecher
+516-508-5840
mbeecher@vasocorporation.com
V&S Strategic Consulting
Except for historical information contained in this release, the matters discussed are forward-looking statements that involve risks and uncertainties. When used in this report, words such as “anticipates”, “believes”, “could”, “estimates”, “expects”, “may”, “optimistic”, “plans”, “potential”, “looking forward”, and “intends” and similar expressions, as they relate to the Company or its management, identify forward-looking statements. Such forward-looking statements are based on the beliefs of the Company’s management, as well as assumptions made by and information currently available to the Company’s management. Among the factors that could cause actual results to differ materially are the following: the effect of business and economic conditions, including the possibility of a downturn in the US economy and the continued impact of the COVID-19 pandemic; the effect of the dramatic changes taking place in IT and healthcare; continuation of the GEHC agreement; the impact of competitive technology and products and their pricing; medical insurance reimbursement policies; manufacturing or supplier problems; unforeseen difficulties and delays in product development programs; the actions of regulatory authorities and third-party payers in the United States and overseas; and the risk factors reported from time to time in the Company’s SEC reports. The Company undertakes no obligation to update forward-looking statements as a result of future events or developments.
Investor Contacts
Investor Contact:
Michael J. Beecher
Investor Relations
Phone: 516-508-5840
Email: mbeecher@vasocorporation.com
PLAINVIEW, N.Y., Nov. 14, 2024 (GLOBE NEWSWIRE) — Vaso Corporation (“Vaso”) (OTCQX: VASO), a leading medtech company with a diversified business portfolio in network and healthcare IT services, professional sales services, and proprietary medical products, today reported its operating results for the three months ended September 30, 2024.
“For the third quarter of 2024, the Company’s revenue was $20.8 million, an increase of 7% when compared to the prior year’s third quarter revenue of $19.4 million, mainly due to higher revenue from the network services business in our IT segment. The Company recorded an operating loss of $1.4 million for the third quarter of 2024 compared to operating income of $907 thousand for the same quarter in 2023, as operating expenses increased including a significant amount in investment banking activities,” commented Dr. Jun Ma, President and Chief Executive Officer of Vaso Corporation.
“As the Company continues to generate positive operating cashflow, which was $3.6 million during the first nine months of the year, its balance sheet continues to be strong, with $26.8 million in cash, cash equivalents and short-term investments as of September 30, 2024. In addition, total deferred revenue increased by $1.4 million during the quarter to $33.1 million, which will be recognized as revenue in future reporting periods when the underlying products or services are delivered,” Dr. Ma continued.
“Our mission is to continue to grow our current business and revenue streams organically while working closely with our partners and customers across all our business segments. We are cautiously optimistic about the Company’s performance for the remainder of the year, as historically the fourth quarter has been the quarter with highest revenue and income of the year due to the cyclical nature of our business. As we approach yearend, we are focused on optimizing our strong business performance to seize new growth opportunities in 2025,” concluded Dr. Ma.
Financial Results for Three Months Ended September 30, 2024
Total revenue for the three months ended September 30, 2024 was $20.8 million, representing an increase of 7% from revenue of $19.4 million for the same period in the prior year. On a segment basis, revenue in the professional sales services segment increased $0.3 million, or 3%, year-over-year, mainly as a result of higher volume of underlying equipment delivered by our partner and higher commission rates on these deliveries; revenue in the IT segment increased $1.2 million, or 12%, compared to the third quarter of 2023, principally due to higher network services revenue; while revenue in the equipment segment decreased $172,000, or 23%, due mainly to lower ARCS® software sales.
Gross profit for the three months ended September 30, 2024 decreased by $287 thousand, or 2%, to $11.8 million, from $12.0 million for the third quarter of 2023. This decrease was mainly due to product mix with lower margins in the IT and equipment segments.
Selling, general and administrative (SG&A) expenses for the third quarter of 2024 increased by 5% to $11.4 million when compared to the third quarter of 2023. The increase is primarily attributable to higher personnel costs in the professional sales services segment due to an expansion of services for our partner as compared to 2023, and an increase in personnel costs in the IT segment.
Net loss for the three months ended September 30, 2024 was $1.2 million, compared to net income of $1.2 million for the three months ended September 30, 2023. The principal cause of the net loss was the costs incurred for the business combination of $1.5 million and the increase in SG&A costs.
Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization, and non-cash stock-based compensation) was negative $1.2 million for the quarter ended September 30, 2024, compared to positive $1.2 million for the third quarter of 2023. The decrease is the result of the decrease in net income.
Net cash provided by operating activities in the first nine months of 2024 was $3.6 million, compared to $6.9 million for the same period in 2023. As of September 30, 2024 and December 31, 2023, the Company had cash, cash equivalents and short term investments of approximately $26.8 million and $25.3 million, respectively, an increase of $1.5 million.
About Vaso
Vaso Corporation is a diversified medical technology company with several distinctive but related specialties: managed IT systems and services, including healthcare software solutions and network connectivity services; professional sales services for medical equipment; and design, manufacture, and sale of proprietary medical devices.
The Company operates through three wholly owned subsidiaries:
Additional information is available on the Company’s website at www.vasocorporation.com.
Investor Contacts
Investor Contact:
Michael J. Beecher
Investor Relations
Phone: 516-508-5840
Email: mbeecher@vasocorporation.com
PLAINVIEW, N.Y., Aug. 26, 2024 — Vaso Corporation (“Vaso”) (OTCQX: VASO) today announced that at its special stockholders meeting on August 26, 2024, the meeting was adjourned without any consideration of the proposals to 10:00 AM Eastern on September 10, 2024 at the same location, the Lever House located at 390 Park Avenue, New York, NY 10022. With the adjourned date being well after the Labor Day holiday, it will provide more stockholders with the opportunity to attend the stockholders meeting in person.
About Vaso
Vaso Corporation is a diversified medical technology company operating in three business segments:
Except for historical information contained in this release, the matters discussed are forward-looking statements that involve risks and uncertainties. When used in this report, words such as “anticipates”, “believes”, “could”, “estimates”, “expects”, “may”, “optimistic”, “plans”, “potential”, “looking forward”, and “intends” and similar expressions, as they relate to the Company or its management, identify forward-looking statements. Such forward-looking statements are based on the beliefs of the Company’s management, as well as assumptions made by and information currently available to the Company’s management. Among the factors that could cause actual results to differ materially are the following: the effect of business and economic conditions, including the possibility of a downturn in the US economy and the continued impact of the COVID-19 pandemic; the effect of the dramatic changes taking place in IT and healthcare; continuation of the GEHC agreement; the impact of competitive technology and products and their pricing; medical insurance reimbursement policies; manufacturing or supplier problems; unforeseen difficulties and delays in product development programs; the actions of regulatory authorities and third-party payers in the United States and overseas; and the risk factors reported from time to time in the Company’s SEC reports. The Company undertakes no obligation to update forward-looking statements as a result of future events or developments.
Investor Contacts
For Vaso:
Michael J. Beecher
Investor Relations
Phone: 516-997-4600
Email: mbeecher@vasocorporation.com
High deferred revenue and backlog setting stage for 2024 revenue and income growth
PLAINVIEW, N.Y., Aug. 14, 2024 (GLOBE NEWSWIRE) — Vaso Corporation (“Vaso”) (OTCQX: VASO) today reported its operating results for the three months ended June 30, 2024.
“The Company recorded a total revenue of $20.2 million for the second quarter of 2024, in line with revenue of $20.3 million for the second quarter of 2023,” commented Dr. Jun Ma, President and Chief Executive Officer of Vaso Corporation. “Deferred revenue in our professional sales service segment remains substantial, at $31.7 million as of June 30, 2024, and backlog in our IT segment reached a multi-year high of $39.4 million at the end of the second quarter, setting a good foundation for revenue and income growth in future quarters.”
“As stated before, we are a seasonal business in that a substantial amount of our revenue and income is usually generated in the last six months of any year. We are optimistic about the Company’s performance for the remainder of the year, as both top- and bottom-line numbers are tracking ahead of our 2024 goals year-to-date. We also continue to generate positive cashflow from operating activities, in the amount of $2.8 million during the second quarter of 2024. The Company had $25.7 million in cash and cash equivalents as of June 30, 2024, despite significantly increased expenses in the last several months for investment banking activities related to our efforts to list our common stock on NASDAQ through our previously announced proposed business combination with Achari Ventures Holdings Corp. I,” Dr. Ma continued.
“With regard to listing on NASDAQ, we anticipate it will afford the Company the opportunity of broadening its stockholder base as institutional investors have a very limited interest in OTC stocks. We also believe that, based on the historical performance and financial fundamentals of the Company, our common stock is undervalued as it is subject to trading restrictions under the penny stock rules which impose certain sales practice requirements on broker-dealers in transactions involving our stock. In addition, listing on NASDAQ should assist the Company in its goal of expanding operations through internal growth, new partnerships, and strategic investments with a concentration on medical and IT service companies,” concluded Dr. Ma. “A special stockholders meeting has been scheduled for August 26, 2024 in New York City to seek stockholders’ approval of the business combination, and I look forward to seeing you then.”
Financial Results for Three Months Ended June 30, 2024
For the three months ended June 30, 2024, total revenue decreased slightly to $20.2 million from $20.3 million for the same period of 2023. Revenue in our IT segment increased by $156 thousand or 1% when compared to the second quarter of 2023, mostly because of growth in the network services business. Revenue in the professional sales service segment decreased by $30 thousand, relatively flat compared to the second quarter of 2023, due primarily to lower deliveries of diagnostic imaging equipment, mostly offset by an increase in sales of ultrasound systems. Revenue in the equipment segment decreased by $223 thousand or 30% when compared to the same quarter of last year, due to lower sales of ARCS® cloud software subscription in the US and lower equipment deliveries in our China operations.
Gross profit for the second quarter of 2024 was $12.2 million, compared to $12.7 million for the same quarter of 2023, representing a decrease of 4% year over year. This decrease was the combined result of the decrease in revenue and lower gross margin.
Selling, general and administrative (SG&A) expenses for the second quarter of 2024 increased 2% to $10.8 million, when compared to the second quarter of 2023. The increase is primarily attributable to additional headcount for the new ultrasound sales program in the professional sales segment and an increase in personnel costs in the IT segment, partially offset by lower board fees. Total operating expenses increased 3% to $11.2 million due mainly to higher SG&A and business combination transaction costs.
Net income for the three months ended June 30, 2024 was $1.2 million, compared to net income of $2.0 million in the second quarter 2023. The lower income is due to the lower gross profit and higher expenses.
Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization and non-cash stock-based compensation) was $1.2 million for the three months ended June 30, 2024, compared to $2.1 million for the same period a year ago.
Net cash provided by operating activities in the first six months of 2024 was $1.7 million, compared to cash provided by operations of $6.0 million for the same period in 2023. As of June 30, 2024 and December 31, 2023, the Company had cash, cash equivalents and short-term investments of approximately $25.7 million and $25.3 million, respectively.
About Vaso
Vaso Corporation is a diversified medical technology company operating in three business segments:
Except for historical information contained in this release, the matters discussed are forward-looking statements that involve risks and uncertainties. When used in this report, words such as “anticipates”, “believes”, “could”, “estimates”, “expects”, “may”, “optimistic”, “plans”, “potential”, “looking forward”, and “intends” and similar expressions, as they relate to the Company or its management, identify forward-looking statements. Such forward-looking statements are based on the beliefs of the Company’s management, as well as assumptions made by and information currently available to the Company’s management. Among the factors that could cause actual results to differ materially are the following: the effect of business and economic conditions, including the possibility of a downturn in the US economy and the continued impact of the COVID-19 pandemic; the effect of the dramatic changes taking place in IT and healthcare; continuation of the GEHC agreement; the impact of competitive technology and products and their pricing; medical insurance reimbursement policies; manufacturing or supplier problems; unforeseen difficulties and delays in product development programs; the actions of regulatory authorities and third-party payers in the United States and overseas; and the risk factors reported from time to time in the Company’s SEC reports. The Company undertakes no obligation to update forward-looking statements as a result of future events or developments.
Investor Contacts
For Vaso:
Michael J. Beecher
Investor Relations
Phone: 516-997-4600
Email: mbeecher@vasocorporation.com
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