WESTBURY, NY / ACCESSWIRE / September 25, 2015 / Vasomedical, Inc. (“Vasomedical”) (VASO) today announced the relocation of its corporate office, effective Monday, September 28, 2015, to 137 Commercial Street, Plainview, NY 11803. In addition to the headquarters, this facility at Plainview, Long Island will also house the operations of Vasomedical Solutions, Inc. and the New York offices of NetWolves Network Services, both of which are wholly owned subsidiaries of Vasomedical, Inc.
The relocation takes places upon the expiration of the lease of the Company’s Westbury, NY facility, which has housed the Company’s headquarters and main operations for the last twenty years. The consolidated use of the new facility, together with the reduced need for space as the Company’s EECP(R) systems manufacturing has been transferred to its subsidiary located in China, results in improved operational efficiency and significant cost savings.
All communications to Vasomedical, Inc. as well as to Vasomedical Solutions and NetWolves Network Services New York offices should be addressed to 137 Commercial Street, Suite 200, Plainview, NY 11803, USA.
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.
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: 516-508-5840
Email: mbeecher@vasomedical.com / ajiang@vasomedical.com
SOURCE: Vasomedical, Inc.
Link to Yahoo Finance: http://finance.yahoo.com/news/vasomedical-announces-relocation-corporate-office-130000716.html
WESTBURY, NY–(Marketwired – Aug 13, 2015) – Vasomedical, Inc. (“Vasomedical”) ( OTCBB : VASO ) today reported its operating results for the three months ended June 30, 2015.
“We are pleased to report continued growth at Vasomedical in the second quarter of 2015, during which our total revenue grew to $10.9 million, a $3.0 million increase from the same quarter a year ago. The growth was primarily due to the inclusion of one month of operations of NetWolves, which we acquired at the end of May 2015. Our existing operations also saw a year-over-year growth of 2.1% and 3.5% during the 3-month and 6-month periods ended June 30, 2015, respectively,” stated Jun Ma, President and CEO of Vasomedical, Inc. “As a result, we recorded a net income of $191 thousand for the second quarter of 2015, compared to a net loss of $176 thousand for the same period in 2014. We are confident that, based on our current expectations, we are on track to be profitable for the year 2015.”
“We are very excited about the newly acquired NetWolves, as, again, the second quarter financial results reflected only one month of activity from its operations. However, the impact of NetWolves operations to our revenue and profitability is beyond just the consolidation of its current operations. We believe the synergies it brings to our healthcare IT unit are more significant: while the integration enhances our healthcare IT value added resale business, we will also see more growth opportunities for NetWolves managed network services among healthcare customers,” added Dr. Ma.
Three Months Ended June 30, 2015 Financial Results
For the three months ended June 30, 2015, revenue increased $3.0 million, or 38% year-over-year, to $10.9 million compared to $7.9 million for the same period of 2014. The increase was principally due to $2.8 million in revenue from our recently acquired NetWolves operations. Sales Representation segment revenue increased $352 thousand or 5% to $7.0 million, due primarily to increased commission rates, while revenue from the Equipment Segment declined $184 thousand or 16% to $1.0 million, due primarily to lower EECP® revenues.
Gross profit for the second quarter of 2015 increased 34% to $7.3 million, compared with $5.5 million for the second quarter of 2014. The increase is primarily due to $1.2 million of gross profit in the IT segment as a result of the NetWolves acquisition and an increase of $0.7 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 second quarter of 2015 was $7.0 million or 64% of revenues, compared with $5.5 million, or 70% of revenues for the same period last year. The increase in SG&A expenditures resulted primarily from the acquisition of NetWolves, partially offset by lower costs in our Equipment and Sales Representation segments.
Net income for the three months ended June 30, 2015 was $0.2 million, a significant improvement compared to the net loss of $0.2 million for the three months ended June 30, 2014. This improvement is principally due to an increase in gross profit and a decrease in SG&A costs in the Sales Representation segment and lower costs in the Equipment segment.
At June 30, 2015 the Company had net cash and cash equivalents of $2.9 million compared to $9.1 million at December 31, 2014. The decrease is principally due to the cash used for the NetWolves acquisition. We expect our cash position to improve during the remainder of 2015.
Conference Call Information
The Company will host a conference call at 11:00 a.m. ET on August 20, 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 dial into 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.
Link to Yahoo Finance: http://finance.yahoo.com/news/vasomedical-announces-second-quarter-2015-130000064.html
Further Diversifying Operations and Enhancing the Healthcare IT Segment
WESTBURY, NY / ACCESSWIRE / June 1, 2015 / Vasomedical, Inc. (“Vasomedical”) (OTCBB: VASO) today announced the acquisition of all assets of NetWolves, LLC and affiliates (collectively “NetWolves”) on May 29, 2015.
“The NetWolves acquisition is extremely important to the future success of Vasomedical, both strategically and operationally, as it immediately eliminates our prior need to build a comprehensive technology infrastructure for our recently launched healthcare IT business. At the same time, it further expands our business into network services especially for the customers in healthcare provision, where reliable, high-fidelity and secure network connectivity is in high demand,” stated Dr. Jun Ma, President and Chief Executive Officer of Vasomedical, Inc. “More significantly, it also provides us with the platform for huge potential growth in the rapidly expanding telemedicine and connected healthcare markets.”
“NetWolves, as a stand-alone private entity, has been a growing and profitable business for over six years. As it will be integrated into our healthcare IT business to provide implementation, training and support services to our healthcare IT value-added-resale operation, its technical expertise in IT infrastructure and network connectivity readily complements our market presence and customer relations in the healthcare industry. It also presents us with significant cross-selling and up-selling opportunities for its proprietary managed network services to our existing entrenched nationwide customer base in the diagnostic imaging business. We are very excited by the acquisition and are even more optimistic about the future of our new healthcare IT segment now that we have established a solid technical and customer foundation,” concluded Dr. Ma.
NetWolves, LLC, a Florida based limited liability company, and its affiliates have been engaged in managed network services with an extensive, proprietary service platform to a broad base of customers – predominantly domestically based, however supporting their needs globally as well – including many Fortune 500 corporations. Substantially all of its customers are under multi-year agreements which provide us with a recurring revenue model to complement our existing operations. Fiscal 2013 and 2014 revenues were approximately $28 million and $30 million, respectively, and adjusted operating income was approximately $1.2 million and $1.4 million, respectively. Vasomedical completed the acquisition of all NetWolves assets on May 29, 2015, including all proprietary technology and intellectual properties, service provider and customer contracts, licenses, etc., for $18 million in cash and the assumption of certain liabilities, virtually all of which are operations related.
“We are very excited to be part of the Vasomedical team,” commented Peter Castle, President and Chief Executive Officer of NetWolves, who is also a director of Vasomedical. “We believe the combined operations are a perfect fit and come at an opportune time for us to potentially be a major participant in the rapidly growing healthcare connectivity market. A number of financial institutions have already expressed interest in assisting us in the rapid expansion of business.”
Conference Call Information
The Company will host a conference call on June 10, 2015 at 10:00 a.m. ET to discuss first quarter 2015 financial results as well as the acquisition and integration of NetWolves, featuring remarks by Jun Ma, Ph.D., President and CEO of Vasomedical, Michael Beecher, Chief Financial Officer of Vasomedical and Peter Castle, President of NetWolves, who will continue to manage our new NetWolves subsidiary. To dial into 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 approximately two hours after completion of the live conference call at www.vasomedical.com. To access the dial-in replay of the call, which will be available until June 10, 2015, please dial 1-877-660-6853 or 1-201-612-7415. All dial-in participants must use the following code to access the call: 13611267.
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. The Company operates through four wholly owned subsidiaries: Vasomedical Solutions, Inc., Vasomedical Global Corp., Vaso Diagnostics, Inc. d.b.a. VasoHealthcare, and VasoHealthcare IT Corp. Vasomedical Solutions manages and coordinates the design, manufacture and sales of EECP® Therapy systems and other medical equipment operations; Vasomedical Global operates the Company’s China-based subsidiaries; VasoHealthcare is the operating subsidiary for the exclusive sales representation of GE Healthcare diagnostic imaging products in certain market segments; and VasoHealthcare IT is 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.. Additional information is available on the Company’s website at www.vasomedical.com.
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 agreement; 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 iR Direct: http://irdirect.net/pr/release/id/1326896
The Company Reports 5% Revenue Growth Year-Over-Year
WESTBURY, NY–(Marketwired – May 14, 2015) – Vasomedical, Inc. (“Vasomedical”) (OTCBB: VASO) today reported its operating results for the three months ended March 31, 2015.
“We are excited to report that during the quarter, the Company generated a 5% increase in revenue compared to the first quarter of 2014 as well as a positive cash flow of $6.3 million from operating activities, thanks to improved performance in the Equipment segment and in the Sales Representation segment,” 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 of 2015 reduced significantly to $252 thousand compared to a loss of $1.0 million for the same quarter a year ago. Given this momentum, we expect to maintain annual profitability in 2015.”
“Our recently formed IT segment, which only began operations in the second half of 2014, accounted for an operating loss of $355 thousand for the quarter, but through its booked orders and pipeline, it is beginning to penetrate the market and starting to show the potential for significant future revenue growth. We are optimistic about the future of this business as well as our VSK joint venture for international EECP sales, which began operations in the first quarter of 2015, and we anticipate positive results from these new endeavors in the near future,” concluded Dr. Ma.
Three Months Ended March 31, 2015 Financial Results
For the three months ended March 31, 2015, revenue increased by 5% to $7.5 million from $7.1 million for the same period of 2014. This is mainly attributable to an increase of 25% in our Equipment segment revenue resulting from an increase in volume of EECP system sales and an increase in sales in our China operations. Commission revenue in our Sales Representation segment increased by 2% as a result of an increase in equipment deliveries by GEHC.
Gross profit for the first quarter of 2015 increased 8% to $5.6 million, compared with $5.2 million for the first quarter of 2014. Gross profit increased due to an increase in margin in our Equipment segment as a result of an increase in EECP system shipments, and an increase in profit margin in our Sales Representation segment due to an increase in deliveries of equipment and a decrease in commission expense.
Selling, general and administrative (SG&A) expenses for the first quarter of 2015 decreased 5% to $5.7 million or 77% of revenues, compared with $6.0 million, or 85% of revenues for the same period last year. This is mainly attributable to our cost reduction program in our Equipment segment and the holding of the annual national sales meeting in the Sales Representation segment in the second quarter of 2015 instead of the first quarter as in 2014.
Net loss for the three months ended March 31, 2015 was $0.3 million, a 76% decrease compared with a net loss of $1.0 million for the three months ended March 31, 2014. Included in the loss was the approximately $0.4 million loss in our newly launched IT segment. The significant loss reduction was a result of an increase in gross profit and reduced SG&A expenses as discussed above.
As of March 31, 2015, the Company had cash and cash equivalents of approximately $15.3 million and short-term investments of $109 thousand. We anticipate continued positive cash flows from operations for the current year.
Conference Call Information
The Company will host a conference call at a date to be announced later.
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. The Company operates through four wholly owned subsidiaries: Vasomedical Solutions, Inc., Vasomedical Global Corp., Vaso Diagnostics, Inc. d.b.a. VasoHealthcare, and VasoHealthcare IT Corp. Vasomedical Solutions manages and coordinates the design, manufacture and sales of EECP® Therapy systems and other medical equipment operations; Vasomedical Global operates the Company’s China-based subsidiaries; VasoHealthcare is the operating subsidiary for the exclusive sales representation of GE Healthcare diagnostic imaging products in certain market segments; and VasoHealthcare IT is 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. Additional information is available on the Company’s website at www.vasomedical.com.
| Summarized Financial Information | ||||||||
| FOR THE THREE MONTHS ENDED | ||||||||
| STATEMENTS OF OPERATIONS | March 31, 2015 | March 31, 2014 | ||||||
| (In thousands) | ||||||||
| Revenue | $ | 7,453 | $ | 7,091 | ||||
| Gross profit | 5,567 | 5,164 | ||||||
| Operating loss | (286) | (1,090) | ||||||
| Other income, net | 40 | 56 | ||||||
| Loss before taxes | (246) | (1,034) | ||||||
| Income tax benefit (expense) | (6) | (10) | ||||||
| Net loss | $ | (252) | $ | (1,044) | ||||
| BALANCE SHEETS | March 31, 2015 | December 31, 2014 | ||||||
| (In thousands) | ||||||||
| Total current assets | $ | 25,464 | $ | 28,994 | ||||
| Total assets | $ | 36,298 | $ | 40,991 | ||||
| Total current liabilities | $ | 18,015 | $ | 19,779 | ||||
| Total stockholders’ equity | $ | 7,525 | $ | 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 agreement; 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
Link to iR Direct: http://irdirect.net/pr/release/id/1299551
The Company Reports Annual Revenue Growth of 6.3% and Annual Profit of $1.13 Million
WESTBURY, NY–(Marketwired – Mar 30, 2015) – Vasomedical, Inc. (“Vasomedical”) (OTCQB: VASO) today reported its operating results for the three months and year ended December 31, 2014.
“With a 6.3% year-over-year growth in annual revenue in 2014, we are pleased to report Vasomedical’s return to profitability as we recorded a net profit of $1.13 million for the year,” stated Dr. Jun Ma, President and Chief Executive Officer of Vasomedical, Inc. “Our VasoHealthcare subsidiary continued to be the most significant contributor to our success in 2014 and again exceeded its annual performance target. Currently our cash balances are approximately $16 million and our total deferred revenue has grown 25.0% in 2014 to $22.5 million, providing additional financial stability to the Company.”
“Looking forward to 2015, we remain committed to our growth and diversification strategy and expect continued profitability for the year. Our partnership with General Electric Healthcare (“GEHC”) continues to be strong as evidenced in the extension of our exclusive sales representation agreement to December 31, 2018 and the start of our value added reseller business for the sales, implementation and ongoing support of the GEHC IT products in the second half of 2014. We expect significant growth in 2015 in this recently initiated healthcare IT business segment and in the wireless patient monitoring product and related intellectual properties we acquired in August 2014,” concluded Dr. Ma.
Financial Results for Three Months Ended December 31, 2014
For the three months ended December 31, 2014, revenue increased 23% to $12.4 million from $10.1 million for the same period of 2013. This is attributable to a 30% increase in our commission revenue from our Sales Representation segment resulting from an increase in deliveries of GEHC equipment in the quarter and higher commission rates for the equipment delivered, offset by a decrease in Equipment segment revenues.
Gross profit for the fourth quarter of 2014 increased 33% to $9.2 million, compared with a gross profit of $6.9 million for the fourth quarter of 2013. This increase is primarily a result of the higher revenue as noted above.
Selling, general and administrative (SG&A) expenses for the fourth quarter of 2014 increased 3% to $6.5 million compared to $6.3 million for the fourth quarter of 2013. The increase is primarily attributable to expenses incurred in the commencement of our new IT segment, offset by a decrease in expenses in our Equipment segment resulting from our cost reduction efforts. SG&A expenses were 52% of revenue in the fourth quarter 2014 compared to 62% of revenue for the same quarter of 2013.
Net income for the three months ended December 31, 2014 was $2.5 million, a 390% improvement compared with a net income of $.5 million for the three months ended December 31, 2013.
Financial Results for Year Ended December 31, 2014
For the year ended December 31, 2014, revenue increased $2.1 million, or 6%, to $35.0 million, compared with $32.9 million for the year 2013. Commission revenues in our Sales Representation segment increased by 14% to $30.2 million for the year 2014, as compared with $26.6 million for the prior year. The increase was due primarily to higher installations of underlying equipment by GEHC in 2014 as well as higher commission rates for the equipment installed in 2014. Equipment segment revenue for the year decreased by 25% to $4.7 million, principally due to a decrease in volume from EECP sales and a decrease in sales in our Biox subsidiary in China.
Gross profit for the year ended December 31, 2014 increased 12% to $25.2 million, compared with $22.5 million in 2013. This increase is due primarily to higher revenue in the Sales Representation segment as noted above.
Selling, general and administrative expenses for the year ended 2014 increased 1% to $23.3 million, compared with $23.1 million for the same period in 2013. The increase resulted primarily from costs incurred in our new IT segment which began operations in the third quarter 2014, offset by a decrease in expenses in our Equipment segment as a result of our cost reduction efforts beginning in the third quarter 2014 in this segment.
For the year ended December 31, 2014, the Company had net income of $1.1 million, or $0.01 per common share, compared with a net loss of $1.1 million, or $0.01 per common share, for the year ended December 31, 2013.
Net cash increased by $1.1 million to $9.1 million at December 31, 2014, compared with net cash of $8.0 million at December 31, 2013. As of March 27, 2015, the Company’s net cash was approximately $16.0 million. Working capital increased to $9.2 million at December 31, 2014, compared to $6.7 million at December 31, 2013, an improvement of 37%.
Deferred revenue remains substantial, at approximately $22.5 million as of December 31, 2014, to be recognized in the future when the underlying equipment or services is delivered and accepted at the customer site. Our shareholders’ equity increased to $7.8 million as of December 31, 2014, compared with $6.5 million as of December 31, 2013.
Conference Call Information
The Company will host a conference call on Monday, March 30, 2015 at 11:00 a.m. ET featuring remarks by Jun Ma, Ph.D., President and CEO of Vasomedical, 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 30, 2015, please dial 1-877-660-6853 or 1-201-612-7415. All dial-in participants must use the following code to access the call: 13604624.
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. The Company operates through four wholly owned subsidiaries: Vasomedical Solutions, Inc., Vasomedical Global Corp., Vaso Diagnostics, Inc. d.b.a. VasoHealthcare, and VasoHealthcare IT Corp. Vasomedical Solutions manages and coordinates the design, manufacture and sales of EECP® Therapy systems and other medical equipment operations; Vasomedical Global operates the Company’s China-based subsidiaries; VasoHealthcare is the operating subsidiary for the exclusive sales representation of GE Healthcare diagnostic imaging products in certain market segments; and VasoHealthcare IT is 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. Additional information is available on the Company’s website at www.vasomedical.com.
| Summarized Financial Information | |||||||||||||||
| FOR THE THREE MONTHS ENDED | FOR THE YEAR ENDED | ||||||||||||||
| STATEMENTS OF OPERATIONS | December 31, 2014 | December 31, 2013 | December 31, 2014 | December 31, 2013 | |||||||||||
| (In thousands) | |||||||||||||||
| Revenue | $ | 12,355 | $ | 10,095 | $ | 34,954 | $ | 32,890 | |||||||
| Gross profit | 9,169 | 6,900 | 25,192 | 22,513 | |||||||||||
| Operating income (loss) | 2,506 | 414 | 1,063 | (1,290) | |||||||||||
| Other income, net | 39 | 67 | 192 | 87 | |||||||||||
| Income (loss) before taxes | 2,545 | 481 | 1,255 | (1,203) | |||||||||||
| Income tax benefit (expense) | (77) | 23 | (127) | 58 | |||||||||||
| Net income (loss) | $ | 2,468 | $ | 504 | $ | 1,128 | $ | (1,145) | |||||||
| BALANCE SHEETS | December 31, 2014 | December 31, 2013 | |||||||||||||
| (In thousands) | |||||||||||||||
| Total current assets | $ | 28,994 | $ | 25,931 | |||||||||||
| Total assets | $ | 40,991 | $ | 33,517 | |||||||||||
| Total current liabilities | $ | 19,779 | $ | 19,215 | |||||||||||
| Total stockholders’ equity | $ | 7,751 | $ | 6,465 | |||||||||||
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 agreement; 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
Link to iR Direct: http://irdirect.net/pr/release/id/1211311
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