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-
PLAINVIEW, NY / ACCESSWIRE / November 16, 2015 / Vasomedical, Inc. (“Vasomedical”) (OTC BB: VASO) today announced that it has been named on the Deloitte’s Technology Fast 500(TM) list for the fourth consecutive year.
Deloitte’s Technology Fast 500 is a ranking of the 500 fastest growing technology, media, telecommunications, life sciences and energy tech companies – both public and private – in North America, based on percentage fiscal year revenue growth from 2011 to 2014.
Vasomedical’s Chief Executive Officer, Jun Ma, credits continued focus on the development of the Company’s existing operations as well as the diversification of its business portfolio for the growth the Company enjoyed during the three-year period. “We are honored to be included on this prestigious list of fast growing companies four years in a row,” stated Mr. Ma. “As we continue to execute our strategy based on the solid business foundation that we have built in the last several years, we expect continued growth of our Company.”
“Amid a fierce business climate, there seems to be no shortage of new and established companies that are unlocking a seemingly unlimited potential for growth and advancement through technology’s continued disruption and proliferation across industries,” said Sandra Shirai, principal, Deloitte Consulting LLP and U.S. technology, media and telecommunications leader. “It is inspiring to witness the innovative ways that companies are incorporating emerging technologies for business gains, be it cognitive computing, or the Internet of Things. We congratulate all those ranked on this year’s Fast 500 and look forward to seeing their continued growth into 2016.”
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.
Forward-Looking Statements:
Except for historical information contained in this release, the matters discussed are forward-looking statements that involve risks and uncertainties. When used in this release, 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 the healthcare environment; the impact of competitive procedures 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; uncertainties about the acceptance of a novel therapeutic modality by the medical community; continuation of the GEHC agreements; 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.
Link to Yahoo Finance: http://finance.yahoo.com/news/vasomedical-named-2015-technology-fast-140000652.html
Reporting 128% Revenue Growth and Operating Profit of $1.3 Million for the Quarter
PLAINVIEW, NY–(Marketwired – Nov 12, 2015) – Vasomedical, Inc. (“Vasomedical”) (OTC PINK: VASO) today reported its operating results for the three months ended September 30, 2015.
“We are very excited to report a 128% year-over-year revenue growth at Vasomedical for the third quarter of 2015, during which our total revenue grew to $17.4 million from $7.6 million a year ago. The majority of the growth was from the acquisition of NetWolves, which we completed at the end of May 2015. Our existing operations also saw significant year-over-year growth of 13.8% and 7.2% for the three- and nine-month periods ended September 30, 2015, respectively,” stated Jun Ma, President and CEO of Vasomedical, Inc. “As a result, we recorded an operating profit of $1.3 million for the third quarter of 2015, a positive change of $1.5 million from an operating loss of $149 thousand for the same quarter of 2014. The operating results for the first nine months of the year were even more encouraging, as we reported an operating profit of $1.3 million, a remarkable turnaround from last year’s $1.4 million operating loss. Based on our performance year to date, we expect to be profitable again for the year 2015.”
“The NetWolves acquisition successfully diversified our business and reduced our dependence on any single source of revenue. We also expect to see much improved profitability down the road as we continue to recognize the benefits of our cost reduction initiatives implemented earlier this year,” added Dr. Ma.
Three Months Ended September 30, 2015 Financial Results
For the three months ended September 30, 2015, revenue increased $9.8 million, or 128% year-over-year, to $17.4 million compared to $7.6 million for the same period of 2014. The increase was principally due to $8.7 million in revenue from our recently acquired NetWolves operations. Sales Representation segment revenue increased $1.2 million, or, 18% to $7.6 million for the third quarter, due primarily to increased commission rates and increased equipment deliveries during the quarter, while revenue from the Equipment segment declined $217 thousand or 18% to $1.0 million, due primarily to a lower revenues from the EECP®business.
Gross profit for the third quarter of 2015 increased 83% to $9.9 million, compared with $5.4 million for the third quarter of 2014. The increase is primarily due to $3.5 million of gross profit in the IT segment as a result of the NetWolves acquisition and an increase of $1.3 million in our Sales Representation segment, arising from higher commission rates in this segment, partially offset by lower gross profit in the Equipment segment.
Selling, general and administrative (SG&A) expenses for the third quarter of 2015 was $8.4 million or 48% of revenues, compared with $5.3 million, or 70% of revenues for the same period last year. The increase in SG&A expenditures is primarily due to the inclusion of the NetWolves operations for the quarter, partially offset by lower costs in our Equipment and Sales Representation segments.
Net income for the three months ended September 30, 2015 was $1.2 million, a significant improvement compared to the net loss of $0.1 million for the same period in 2014. This improvement is principally due to an increase in gross profit as discussed above.
At September 30, 2015 the Company had net cash and cash equivalents of $1.9 million compared to $9.1 million at December 31, 2014. The decrease is principally due to the cash used for the NetWolves acquisition in May 2015.
Conference Call Information
The Company will host a conference call at 2:00 p.m. ET on November 12, 2015 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 dial-in replay of the call, which will be available until November 20, 2015, please dial 1-877-660-6853 or 1-201-612-7415 and use the code 13624444.
About Vasomedical
Vasomedical, Inc. is a diversified medical technology company with several distinctive 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 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
| FOR THE THREE MONTHS ENDED | FOR THE NINE MONTHS ENDED | |||||||||||||||
| STATEMENTS OF OPERATIONS | September 30, 2015 | September 30, 2014 | September 30, 2015 | September 30, 2014 | ||||||||||||
| (In thousands) | ||||||||||||||||
| Revenue | $ | 17,401 | $ | 7,643 | $ | 35,698 | $ | 22,599 | ||||||||
| Gross profit | 9,850 | 5,375 | 22,746 | 16,023 | ||||||||||||
| Operating income (loss) | 1,337 | (149) | 1,257 | (1,443) | ||||||||||||
| Other (expense) income, net | (69) | 52 | (40) | 150 | ||||||||||||
| Income (loss) before taxes | 1,268 | (97) | 1,217 | (1,293) | ||||||||||||
| Income tax benefit (expense) | (38) | (26) | (51) | (50) | ||||||||||||
| Net income (loss) | $ | 1,230 | $ | (123) | $ | 1,166 | $ | (1,343) | ||||||||
| BALANCE SHEETS | September 30, 2015 | December 31, 2014 | ||||
| (In thousands) | ||||||
| Total current assets | $ | 15,923 | $ | 28,994 | ||
| Total assets | $ | 47,384 | $ | 40,991 | ||
| Total current liabilities | $ | 24,158 | $ | 19,779 | ||
| Total stockholders’ equity | $ | 9,104 | $ | 7,751 | ||
Except for historical information contained in this release, the matters discussed are forward-looking statements that involve risks and uncertainties. When used in this release, 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 the healthcare environment; the impact of competitive procedures 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; uncertainties about the acceptance of a novel therapeutic modality by the medical community; continuation of the GEHC agreements; 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: 516-508-5805
Email: mbeecher@vasomedical.com / ajiang@vasomedical.com
Link to iR Direct: http://irdirect.net/pr/release/id/1601427
Management to Hold Investor Conference Call on November 12, 2015 at 2:00 p.m. ET
PLAINVIEW, NY / ACCESSWIRE / November 5, 2015 / Vasomedical, Inc. (PINKSHEETS: VASO) announced today that it will release its financial results for the three months ended September 30, 2015 on Thursday, November 12, 2015, before market open.
The Company will host a conference call on Thursday, November 12, 2015 at 2:00 p.m. ET featuring remarks by Jun Ma, Ph.D., President and CEO of Vasomedical, 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 February 12, 2016, please dial 1-877-660-6853 or 1-201-612-7415, use the code 13624444.
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 iR Direct: http://irdirect.net/pr/release/id/1587766
© 2024 Vaso Corporation | Terms of Service | Privacy Policy
