Revenue Grew 135% Year-over-Year; Adjusted EBITDA Improved to $0.71 Million
PLAINVIEW, NY / ACCESSWIRE / May 13, 2016 / Vasomedical, Inc. (“Vasomedical”) (OTC PK: VASO) today reported its operating results for the three months ended March 31, 2016.
“We are excited to report that during the first quarter 2016, the Company recorded $17.5 million of revenue, a 135% increase compared to the same quarter a year ago, mainly as a result of including $9.2 million from the NetWolves operations we acquired at the end of May 2015. Adjusted EBITDA was $0.71 million compared to a negative adjusted EBITDA of $0.02 million in the first quarter 2015, representing an improvement of $0.73 million,” commented Dr. Jun Ma, President and Chief Executive Officer of Vasomedical, Inc. “While we usually incur a loss for the beginning part of the fiscal year due to the seasonality of our business, our net loss for the first quarter was reduced again this year, to only $0.10 million. Given this momentum, we expect to continue profitability on an annual basis in 2016.”
“We also booked $0.49 million of revenue from our healthcare IT VAR operations in the first quarter of 2016, compared to no revenue in the first quarter of 2015. We have built a substantial backlog in our IT VAR operations and anticipate significant revenue growth from this business for the full year,” concluded Dr. Ma.
Three Months Ended March 31, 2016 Financial Results
For the three months ended March 31, 2016, revenue increased by 135% to $17.5 million from $7.5 million for the same period of 2015. This is mainly attributable to $9.7 million of revenue from our IT segment, $9.2 million of which was from the NetWolves subsidiary the Company acquired in May 2015, and an increase of $456 thousand, or 7%, in our professional sales services segment.
Gross profit for the first quarter of 2016 increased 80% to $10.0 million, compared with $5.6 million for the first quarter of 2015. The increase was principally due to the increase of $4.0 million in the IT segment, including $3.9 million from our NetWolves operations, and an increase of $568 thousand in our professional sales services segment.
Selling, general and administrative (SG&A) expenses for the first quarter of 2016 increased to $9.7 million from $5.7 million for the first quarter last year. The increase is primarily due to including the NetWolves operations in the quarter.
Operating income for the first quarter 2016 was $159 thousand, compared to an operating loss of $286 thousand for the same period in 2015. The improvement in operating income was due to the increase in gross profit and lower SG&A expenses relative to revenue. SG&A expenses were 55% of revenues for the quarter ended March 31, 2016, compared to 77% of revenues for the same period in 2015. Net loss for the three months ended March 31, 2016 was $104 thousand, compared with a net loss of $252 thousand for the three months ended March 31, 2015.
Net cash generated from operating activities in the first quarter of 2016 was $1.9 million. As of March 31, 2016, the Company had cash and cash equivalents of approximately $4.7 million, compared to cash and cash equivalents of $2.2 million at December 31, 2015. We anticipate continued positive cash flows from operations for the remainder of the year.
Conference Call Information
The Company will host a conference call on Friday, May 13, 2016 at 10:00 a.m. ET featuring remarks by Jun Ma, Ph.D., President and CEO, Peter Castle, Chief Operating Officer, and Michael Beecher, Chief Financial Officer of Vasomedical. To join the conference call, please dial 1-877-407-8033 from the U.S. or 1-201-689-8033 internationally. Please call at least five minutes before the scheduled start time. The conference call will also be available via webcast and can be accessed through the Investor Relations section of Vasomedical’s website, http://www.vasomedical.com/. Please allow extra time prior to the call to visit the site and download any necessary software to listen to the live broadcast.
A replay of the conference call will be available approximately two hours after completion of the live conference call at http://www.vasomedical.com/. To access the dial-in replay of the call, which will be available until June 13, 2016, please dial 1-877-660-6853 or 1-201-612-7415. All dial-in participants must use the following code to access the call: 13637214.
About Vasomedical
Vasomedical, Inc. is a diversified medical technology company with several distinctive but related specialties: professional sales services for diagnostic imaging products; managed IT systems and services, including healthcare software solutions and network connectivity services; and design, manufacture and sale of proprietary medical devices.
Vasomedical operates through four wholly owned subsidiaries. Vaso Diagnostics, Inc. d.b.a. VasoHealthcare (www.vasohealthcare.com), provides professional sales services and is the operating subsidiary for the exclusive sales representation of GE Healthcare diagnostic imaging products in certain market segments in the USA. Vaso Technology, Inc. provides network and IT services through two business units: VasoHealthcare IT Corp., a national value added reseller of GE Healthcare IT’s Radiology PACS (Picture Archiving and Communication System) software solutions and related services, including implementation, management and support, and NetWolves Network Services LLC (www.netwolves.com), a managed network services provider with an extensive, proprietary service platform to a broad base of customers. Vasomedical Solutions, Inc. (www.vasosolutions.com), manages and coordinates the design, manufacture and sales of EECP® Therapy Systems and other medical equipment operations. Vasomedical Global Corp. (www.vasoglobal.com), operates the Company’s China-based subsidiaries, including Biox Instruments Co. Ltd. and Life Enhancement Technology Limited. It is also the minority shareholder of VSK Medical Limited, a marketing and sales company for ECP products in the international market. Additional information is available on the Company’s website at www.vasomedical.com.
Summarized Financial Information
Except for historical information contained in this report, 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,” “plans,” “potential” 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; the effect of the dramatic changes taking place in IT and healthcare; continuation of the GEHC agreements; the impact of competitive technology and products and their pricing; medical insurance reimbursement policies; unexpected manufacturing or supplier problems; unforeseen difficulties and delays in the conduct of clinical trials and other 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:
Michael J. Beecher / Amanda Jiang
Investor Relations
Phone: 516-508-5840
Email: mbeecher@vasomedical.com / ajiang@vasomedical.com
SOURCE: Vasomedical, Inc.
Link to Accesswire: https://www.accesswire.com/439947/Vasomedical-Announces-First-Quarter-2016-Financial-Results
Management to Hold Investor Conference Call on May 13, 2016 at 10:00 a.m. ET
PLAINVIEW, NY / ACCESSWIRE / May 6, 2016 / Vasomedical, Inc. (PINKSHEETS: VASO) announced today that it will release its financial results for the three months ended March 31, 2016 on Friday, May 13, 2016, before market open.
The Company will host a conference call on Friday, May 13, 2016 at 10:00 a.m. ET featuring remarks by Jun Ma, Ph.D., President and CEO, Peter Castle, Chief Operating Officer, and Michael Beecher, Chief Financial Officer of Vasomedical. To join the conference call, please dial 1-877-407-8033 from the U.S. or 1-201-689-8033, internationally. Please call at least five minutes before the scheduled start time. The conference call will also be available via webcast and can be accessed through the Investor Relations section of Vasomedical’s website, www.vasomedical.com. Please allow extra time prior to the call to visit the site and download any necessary software to listen to the live broadcast.
A replay of the conference call will be available at www.vasomedical.com approximately two hours after completion of the live conference call. To access the replay of the call, which will be available until June 13, 2016, please dial 1-877-660-6853 or 1-201-612-7415, use the code 13637214.
About Vasomedical
Vasomedical, Inc. is a diversified medical technology company specializing in the manufacture and sale of medical devices and in the domestic sale of diagnostic imaging products and healthcare software solutions as well as in the provision of managed network services. The Company conducts its business through four wholly owned subsidiaries as follows. Vaso Diagnostics, Inc. d.b.a. VasoHealthcare provides professional sales services and is the operating subsidiary for the exclusive sales representation of GE Healthcare diagnostic imaging products in certain market segments. Vaso Technology, Inc. provides network and IT services through two business units: VasoHealthcare IT Corp., a national value added reseller of GE Healthcare IT’s Radiology PACS (Picture Archiving and Communication System) software solutions and related services, including implementation, management and support, and NetWolves Network Services LLC, a managed network services provider with an extensive proprietary service platform to a broad base of customers. Vasomedical Solutions, Inc. manages and coordinates the design, manufacture and sales of EECP® Therapy systems and other medical equipment operations. Vasomedical Global Corp. operates the Company’s China-based subsidiaries. Additional information is available on the Company’s website at www.vasomedical.com.
Investor Contacts:
Michael Beecher / Amanda Jiang
Investor Relations
516-508-5805
mbeecher@vasomedical.com / ajiang@vasomedical.com
SOURCE: Vasomedical, Inc.
Link to Yahoo Finance: http://finance.yahoo.com/news/vasomedical-report-first-quarter-2016-130000291.html
Net Income Increased 239% to $3.8 Million; Adjusted EBITDA Increased 205% to $5.8 Million on Record Revenue
PLAINVIEW, NY / ACCESSWIRE / March 29, 2016 / Vasomedical, Inc. (“Vasomedical”) (OTC PK: VASO) today reported its operating results for the three months and year ended December 31, 2015.
“With a 63% year-over-year growth in annual revenue to a record $57.1 million, including revenue of $20.7 million from seven months of NetWolves operations, we are excited to report a net income of $3.8 million for fiscal year 2015, an increase of 239% from $1.1 million reported for the prior year,” stated Dr. Jun Ma, President and Chief Executive Officer of Vasomedical, Inc. “Our VasoHealthcare subsidiary continued to be a successful and most significant contributor to our financial results in 2015, and our VasoTechnology division began to play an important role in our total revenue during the year, while performance in our proprietary equipment business also improved for 2015, especially in the international market. Further, our operations generated positive cash flow of $6.5 million in 2015, substantially strengthening the Company’s financial position with cash balances of approximately $5 million as of March 25, 2016.”
“The year 2015 represented another milestone as we not only saw great growth in the top- and bottom-line numbers, we have also built our Company into a robust enterprise with a diversified revenue stream, with approximately 44%, 50% and 6% of revenue in 2015 from our professional sales services, IT and equipment segments, respectively, on an annualized basis. We expect continued revenue growth and profitability in 2016 as our growth strategy continues to show positive results. We remain optimistic of the outlook for NetWolves and the value added reseller business for the GEHC IT solutions, and look forward to significant progress in this IT segment,” concluded Dr. Ma.
Financial Results for Three Months Ended December 31, 2015
For the three months ended December 31, 2015, revenue increased 73.1% to $21.4 million from $12.4 million for the same period of 2014. This is primarily attributable to the inclusion of $9.2 million of revenue from the NetWolves operations in the fourth quarter 2015, offset by a small decrease in revenues from our professional sales services and equipment segments.
Gross profit for the fourth quarter of 2015 increased 37.6% to $12.6 million, compared with a gross profit of $9.2 million for the fourth quarter of 2014. This increase is primarily a result of revenue from our NetWolves subsidiary as noted above, offset by a decrease in gross profit in our equipment segment.
Selling, general and administrative (SG&A) expenses for the fourth quarter of 2015 increased 52.6% to $9.9 million compared to $6.5 million for the fourth quarter of 2014. The increase is primarily attributable to including SG&A costs from the NetWolves operations, offset by a decrease in expenses in our professional sales services and equipment segments. SG&A expenses were 46.1% of revenue in the fourth quarter 2015 compared to 52.3% of revenue for the same quarter of 2014.
Net income for the three months ended December 31, 2015 was $2.7 million, compared with a net income of $2.5 million for the three months ended December 31, 2014.
Financial Results for Year Ended December 31, 2015
For the year ended December 31, 2015, revenue increased $22.1 million, or 63.3%, to $57.1 million, compared with $35.0 million for the year 2014. Commission revenues in our professional sales services segment increased by 4.5% to $31.6 million for the year 2015, as compared with $30.2 million for the prior year. The increase was due primarily to higher installations of underlying equipment by GEHC in 2015, offset by lower commission rates for the equipment installed in 2015. Revenue in our IT segment was $21.1 million for the year ended December 31, 2015, compared to revenue of $48 thousand in 2014, mainly as a result of including $20.7 million of revenue from NetWolves in 2015. Equipment segment revenue for the year 2015 decreased by 7% to $4.3 million, compared to $4.7 million in 2014, principally due to a decrease in volume from EECP® sales.
Gross profit for the year ended December 31, 2015 increased 40.4% to $35.4 million, from $25.2 million in 2014. This increase is due primarily to $8.5 million of gross profit from NetWolves and to higher revenue in the professional sales services segment as noted above.
Link to Yahoo Finance: http://finance.yahoo.com/news/vasomedical-announces-financial-results-fourth-130000531.html
Management to Hold Investor Conference Call on March 29, 2016 at 10:00 a.m. ET
PLAINVIEW, NY / ACCESSWIRE / March 22, 2016 / Vasomedical, Inc. (PINKSHEETS: VASO) announced today that it will release its financial results for the three months and year ended December 31, 2015 on Tuesday, March 29, 2016, before market open.
The Company will host a conference call on Tuesday, March 29, 2016 at 10:00 a.m. ET featuring remarks by Jun Ma, Ph.D., President and CEO, Peter Castle, Chief Operating Officer, and Michael Beecher, Chief Financial Officer of Vasomedical. To join the conference call, please dial 1-877-407-8033 from the U.S. or 1-201-689-8033, internationally. Please call at least five minutes before the scheduled start time. The conference call will also be available via webcast and can be accessed through the Investor Relations section of Vasomedical’s website, http://www.vasomedical.com/. Please allow extra time prior to the call to visit the site and download any necessary software to listen to the live broadcast.
A replay of the conference call will be available at http://www.vasomedical.com/approximately two hours after completion of the live conference call. To access the replay of the call, which will be available until June 29, 2016, please dial 1-877-660-6853 or 1-201-612-7415, use the code 13633491.
About Vasomedical
Vasomedical, Inc. is a diversified medical technology company specializing in the manufacture and sale of medical devices and in the domestic sale of diagnostic imaging products and healthcare software solutions as well as in the provision of managed network services. The Company conducts its business through four wholly owned subsidiaries as follows. Vaso Diagnostics, Inc. d.b.a. VasoHealthcare provides professional sales services and is the operating subsidiary for the exclusive sales representation of GE Healthcare diagnostic imaging products in certain market segments. Vaso Technology, Inc. provides network and IT services through two business units: VasoHealthcare IT Corp., a national value added reseller of GE Healthcare IT’s Radiology PACS (Picture Archiving and Communication System) software solutions and related services, including implementation, management and support, and NetWolves Network Services LLC, a managed network services provider with an extensive, proprietary service platform to a broad base of customers. Vasomedical Solutions, Inc. manages and coordinates the design, manufacture and sales of EECP(R) Therapy systems and other medical equipment operations. Vasomedical Global Corp. operates the Company’s China-based subsidiaries. Additional information is available on the Company’s website at www.vasomedical.com.
Investor Contacts:
Michael Beecher / Amanda Jiang
Investor Relations
516-508-5805
mbeecher@vasomedical.com / ajiang@vasomedical.com
SOURCE: Vasomedical, Inc.
Link to Yahoo Finance: http://finance.yahoo.com/news/vasomedical-report-fourth-quarter-fiscal-130000153.html
PLAINVIEW, NY / ACCESSWIRE / January 6, 2016 / Vasomedical, Inc. (“Vasomedical”) (VASO) today announced the appointment of Shawl Lobree as President of Vaso Diagnostics, Inc. d/b/a/ VasoHealthcare, a wholly owned subsidiary of Vasomedical, effective January 1, 2016. VasoHealthcare has since July 1, 2010 been the exclusive representative for the sale of select GE Healthcare Diagnostic Imaging products to specific market segments in the 48 contiguous states of the United States and the District of Columbia. GE Healthcare (“GEHC”) is the healthcare business of General Electric Company (NYSE:GE).
Mr. Lobree is succeeding Randy Hill, who has been President and CEO of VasoHealthcare since July 2012. Mr. Hill will remain a member of board of directors of Vasomedical as well as an active and strategic advisor to VasoHealthcare. With over 25 years of experience in the medical diagnostic imaging industry, Mr. Lobree has been involved in all aspects of imaging equipment business from product launch, marketing, sales, to services and support, at various capacities and with various responsibilities. He was Vice President, Global Sales and Marketing at Volpara Solutions Limited, a multinational company focused on optimization of multimodality breast imaging workflow until December 31, 2015. Prior to that, he spent over three years at Philips Healthcare as Vice President in charge of marketing strategy and operations for imaging systems and Vice President responsible for global marketing for diagnostic X-ray, as well as many more years in other major diagnostic imaging system manufacturers such as Hologic, Inc. and Siemens Medical Systems at different senior leadership positions in sales and marketing.
“Independent sales channels are an important part of overall sales strategy in the diagnostic imaging industry,” commented Mr. Lobree upon accepting the position. “I am very excited about the opportunity at Vasomedical and helping the company meet and exceed its growth plans. I truly look forward to working with Randy Hill and the exceptional team of Vaso sales professionals to further grow the business with our partner GE Healthcare.”
“We are fortunate to have another experienced industry leader joining the VasoHealthcare team,” Dr. Jun Ma, President and CEO of Vasomedical, stated in welcoming Mr. Lobree to Vasomedical. “Under the leadership of Randy Hill, VasoHealthcare has in the last several years established an exceptional track record and has grown into a major sales force in the domestic diagnostic imaging system market. I am confident that Shawl will continue to develop the business and expand our relationship with GEHC, bringing the operation to a new level.”
About Vasomedical
Vasomedical, Inc. is a diversified medical technology company with several distinct but related specialties: design, manufacture and sale of proprietary medical devices; professional sales services for diagnostic imaging products; and managed IT systems and services, including healthcare software solutions and network connectivity services.
Vasomedical operates through four wholly owned subsidiaries. Vaso Diagnostics, Inc. d.b.a. VasoHealthcare (www.vasohealthcare.com) provides professional sales services and is the operating subsidiary for the exclusive sales representation of GE Healthcare diagnostic imaging products in certain market segments in the USA. Vaso Technology, Inc. provides network and IT services through two business units: VasoHealthcare IT Corp., a national value added reseller of GE Healthcare IT’s Radiology PACS (Picture Archiving and Communication System) software solutions and related services, including implementation, management and support; and NetWolves Network Services LLC (www.netwolves.com), a managed network services provider with an extensive, proprietary service platform to a broad base of customers. Vasomedical Solutions, Inc. (www.vasosolutions.com) manages and coordinates the operations of design, manufacture and sales of EECP(R) Therapy Systems and other proprietary medical equipment. Vasomedical Global Corp. (www.vasoglobal.com)operates the Company’s China-based subsidiaries, including Biox Instruments Co. Ltd. and Life Enhancement Technology Limited. It is also the minority shareholder of VSK Medical Limited, a marketing and sales company for ECP/EECP products in the international market. Additional information is available on the Company’s website at www.vasomedical.com.
Link to Yahoo Finance: http://finance.yahoo.com/news/shawl-lobree-joins-vasomedical-president-140000170.html;_ylt=AwrC0CZpu5NWKGkA0kSTmYlQ;_ylu=X3oDMTEyNW9oMnUwBGNvbG8DYmYxBHBvcwMzBHZ0aWQDVklEMDNfMQRzZWMDc2M-
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