WESTBURY, NY / ACCESSWIRE / November 13, 2014 / Vasomedical, Inc. (VASO), a diversified medical technology company specializing in the design, manufacture and sale of medical devices, today announced that, for the third consecutive year, it has been named on the Deloitte’s Technology Fast 500(TM) list, with a ranking of 166, up from 207 last year.
The Deloitte’s Technology Fast 500(TM) is a ranking of the 500 fastest growing technology, media, telecommunications, life sciences and clean technology companies in North America. The ranking is based on percentage growth of annual revenue from 2009 to 2013, during which Vasomedical’s growth rate was 636%.
“We are proud to be named on this prestigious list three years in a row, which clearly indicates the success the Company has made in the right direction,” commented Dr. Jun Ma, President and CEO of Vasomedical, Inc., upon receiving the award. “We will continue to execute the business strategy we have embarked on in our effort to build value for our shareholders.”
“The companies ranked on the 2014 Deloitte Technology Fast 500 continue to set the bar for their industry higher each year,” said Eric Openshaw, vice chairman, Deloitte LLP and U.S. technology, media and telecommunications leader. “There are so many exciting products and smart thought leaders driving this list. We congratulate the Fast 500 companies and look forward to seeing them continue their momentum into 2015.”
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(R) 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 http://www.vasomedical.com/.
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-ranked-number-166-deloittes-153000273.html
WESTBURY, NY–(Marketwired – Nov 12, 2014) – Vasomedical, Inc. (“Vasomedical”) (OTCBB: VASO) today reported its operating results for the three months ended September 30, 2014.
“We are pleased to report that during the third quarter of 2014 revenue from our Sales Representation segment increased 9.3% to $6.4 million compared to the same period in 2013, resulting in a 3.6% increase in gross profit to $5.4 million in the quarter. In addition, our selling, general and administrative costs decreased 3.0% to $5.3 million compared to $5.5 million for the third quarter of 2013. The net result was a significant decrease in our net loss for the quarter to $0.1 million, from a loss of $0.5 million a year ago,” stated Jun Ma, President and CEO of Vasomedical.
For the third quarter ended September 30, 2014, total revenue was $7.6 million, approximately the same as for the third quarter of 2013. Compared to 2013, Sales Representation segment quarterly revenue increased $547 thousand, or 9.3%, to $6.4 million, while revenue from the Equipment segment declined $510 thousand, or 29.2%, to $1.2 million. The decrease in Equipment segment revenue was primarily due to lower EECP® revenues as a result of lower sales volume and a decrease in revenue from our China operations. As previously reported, we have implemented a plan to significantly reduce our EECP expenses — part of the effect having already been reflected in the reduction of selling, general and administrative expenses for the quarter — while at the same time remaining poised for future growth in the event of positive changes in the EECP business environment.
Gross profit for the third quarter of 2014 increased 3.6% to $5.4 million, compared with $5.2 million for the third quarter of 2013. This increase is primarily a result of the higher commission revenues from the Sales Representation segment, arising primarily from higher commission rates for orders booked in 2013 and delivered in the quarter, partially offset by lower equipment shipments in the Equipment segment.
Selling, general and administrative (SG&A) expenses for the third quarter of 2014 was $5.3 million or 70% of revenues, compared with $5.5 million, or 72% of revenues for the same period last year. The decrease in SG&A expenditures in the third quarter of 2014 resulted primarily from a $329,000 decrease in SG&A expenses in the Equipment segment, partially offset by start up expenses incurred for the new IT segment.
Net loss for the three months ended September 30, 2014 was $0.1 million, a 73% improvement compared to the net loss of $0.5 million for the three months ended September 30, 2013. The decrease in the loss is principally due to the increase in gross profit from our Sales Representation segment partially offset by a decrease in the gross profit in our Equipment segment.
At September 30, 2014 the Company had net cash and cash equivalents of $9.1 million and working capital of $3.7 million.
Conference Call Information
The Company will host a conference call today at 10:00 a.m. ET featuring remarks by Jun Ma, Ph.D., President and CEO of Vasomedical, and Michael Beecher, Chief Financial Officer of Vasomedical. To 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 February 12, 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: 13595144.
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 andsupport. 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, 2014 | September 30, 2013 | September 30, 2014 | September 30, 2013 | ||||||||||||
| (In thousands) | ||||||||||||||||
| Revenue | $ | 7,643 | $ | 7,606 | $ | 22,599 | $ | 22,795 | ||||||||
| Gross profit | 5,375 | 5,187 | 16,023 | 15,613 | ||||||||||||
| Operating loss | (149) | (492) | (1,443) | (1,704) | ||||||||||||
| Other income (expense), net | 52 | (63) | 150 | 20 | ||||||||||||
| Loss before income taxes | (97) | (555) | (1,293) | (1,684) | ||||||||||||
| Income tax benefit (expense) | (26) | 91 | (50) | 35 | ||||||||||||
| Net loss | $ | (123) | $ | (464) | $ | (1,343) | $ | (1,649) | ||||||||
| BALANCE SHEETS | September 30, 2014 | December 31, 2013 | ||||||||||||||
| (In thousands) | ||||||||||||||||
| Total current assets | $ | 21,182 | $ | 25,931 | ||||||||||||
| Total assets | $ | 32,319 | $ | 33,517 | ||||||||||||
| Total current liabilities | $ | 17,462 | $ | 19,215 | ||||||||||||
| Total stockholders’ equity | $ | 5,206 | $ | 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 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
Link to iR Direct: http://irdirect.net/pr/release/id/993184
Management to hold investor conference call on November 12th at 10:00 a.m. ET
WESTBURY, NY / ACCESSWIRE /November 5, 2014 / Vasomedical, Inc. (VASO) announced today that it will release its financial results for the three months ended September 30th, 2014 on Wednesday, November 12th, 2014, before markets open.
The Company will host a conference call on Wednesday, November 12th at 10:00 a.m. ET featuring remarks by Jun Ma, Ph.D., President and CEO of Vasomedical, and Michael Beecher, Chief Financial Officer of Vasomedical. To 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, 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 February 12th, 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: 13595144.
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(R) 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 http://www.vasomedical.com/.
Investor Contacts:
Michael Beecher / Amanda Jiang
Investor Relations
212-508-5840
mbeecher@vasomedical.com / ajiang@vasomedical.com
SOURCE: Vasomedical, Inc.
Link to Yahoo Finance: http://finance.yahoo.com/news/vaso-vasomedical-report-third-quarter-140000213.html
Vasomedical to Market and Sell EECP Therapy, BIOX ECG Holter and Ambulatory Blood Pressure Monitoring Products in Brazil
According to the latest World Health Organization (WHO) data, cardiovascular diseases accounted for 31 percent of total deaths in Brazil in 2013 and are the leading cause of death in the country. With a large, aging population, Brazil represents a significant market for Vasomedical’s products for the diagnosis and treatment of heart diseases. While medical device imports still hold a relatively small share of the market, the annual growth percentage rate has been averaged in double digits lately.
“This untapped territory will enable us to pursue opportunities that we expect will generate additional revenue for the Company in the long term. As a result of the approvals, we will be able to organize direct and indirect sales channels and work with the local healthcare community to create awareness and acceptance of our products in both the private and public healthcare sectors in Brazil. We believe this regulatory success will jumpstart our business as we penetrate the South American market,” concluded Dr. Ma.
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.
Investor Contacts:
Michael Beecher/Amanda Jiang
516-508-5840
Larry Liebman/Deanna Goldstein
516-508-5831
SOURCE: Vasomedical, Inc.
Link to iR Direct: http://irdirect.net/pr/release/id/779294
WESTBURY, NY–(Marketwired – Aug 13, 2014) – Vasomedical, Inc. (“Vasomedical”) (OTCBB: VASO) today reported its operating results for the three months ended June 30, 2014.
“We are pleased to report that during the second quarter of 2014 revenue from our Sales Representation Segment increased 4.6% to $6.7 million compared to the same period in 2013. While we experienced a decline in revenue from our Equipment Segment, the effect of the increased revenue in the Sales Representation Segment resulted in a 2.2% increase in gross profit to $5.5 million in the quarter. In addition, our selling, general and administrative costs decreased 4.4% to $5.5 million compared to $5.7 million for the second quarter of 2013. The net result was a decrease in our net loss to less than $0.2 million for the second quarter of 2014, compared to a loss of over $0.5 million for the same period in 2013. Based on current forecasts, the Company expects to be profitable for the year ended December 31, 2014,” stated Jun Ma, President and CEO of Vasomedical.
“We were also excited to announce the signing of a multi-year Value Added Reseller Agreement (“VAR Agreement”) with GEHC to become a national value added reseller of GE Healthcare IT’s Radiology PACS (Picture Archiving and Communication System) software solutions and to provide related services, including implementation, management and support. We anticipate that this new business will result in a significant increase in revenue and profitability over time,” added Dr. Ma.
Three Months Ended June 30, 2014 Financial Results
For the three months ended June 30, 2014, revenue was relatively flat at $7.9 million compared to $7.9 million for the same period of 2013. Sales Representation segment revenue increased $293 thousand or 4.6% to $6.7 million while revenue from the Equipment Segment declined $325 thousand or 21.6% to $1.2 million. The decrease in equipment segment revenue is primarily due to a lower EECP® revenues as a result of lower volumes and a decrease in revenue from our China operations. As we have stated previously, EECP sales are expected to remain soft unless the acceptance level for its currently indicated use and reimbursement policies change positively. Accordingly, we have engaged in a plan effective July 1, 2014, significantly reducing our EECP expenses, while at the same time remaining poised for future growth in the event of positive changes in the EECP business environment. The uncertain timing for expanded reimbursement or clearance for new clinical indications for EECP therapy to occur was ultimately the reason behind the Company’s diversification strategy, which included entering the GEHC sales representation agreement for certain diagnostic imaging products and the recently signed GEHC IT VAR Agreement, as well as expanding the Company’s product portfolio through acquisitions and partnerships.
Gross profit for the second quarter of 2014 increased 2.2% to $5.5 million, compared with $5.4 million for the first quarter of 2013. This increase is primarily a result of the higher commission revenues from the Sales Representation segment, arising from higher commission rates for orders booked in 2013, partially offset by lower equipment shipments in the Equipment segment.
Selling, general and administrative (SG&A) expenses for the second quarter of 2014 was $5.5 million or 70% of revenues, compared with $5.7 million, or 73% of revenues for the same period last year. The decrease in SG&A expenditures in the second quarter of 2014 resulted primarily from the national sales meeting costs in the Sales Representation segment (as the meeting took place in the first quarter of 2014 but in the second quarter in 2013), partially offset by increased staffing costs associated with the recently introduced MobiCare™ product in the Equipment segment.
Net loss for the three months ended June 30, 2014 was $0.2 million, a 67% improvement compared to the net loss of $0.5 million for the three months ended June 30, 2013. The decrease in the loss is principally due to the increase in gross profit from our Sales Representation segment partially offset by a decrease in the gross profit in our Equipment segment.
At June 30, 2014 the Company had net cash and cash equivalents of $10.0 million and working capital of $5.5 million.
Conference Call Information
The Company will host a conference call today at 10:00 a.m. ET featuring remarks by Jun Ma, Ph.D., President and CEO of Vasomedical, and Michael Beecher, Chief Financial Officer of Vasomedical. To 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 November 13, 2014, please dial 1-877-660-6853 or 1-201-612-7415. All dial-in participants must use the following code to access the call: 13588072.
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
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.
| FOR THE THREE MONTHS ENDED | FOR THE SIX MONTHS ENDED | |||||||||||||||
| STATEMENTS OF OPERATIONS | June 30, 2014 | June 30, 2013 | June 30, 2014 | June 30, 2013 | ||||||||||||
| (In thousands) | ||||||||||||||||
| Revenue | $ | 7,864 | $ | 7,896 | $ | 14,956 | $ | 15,189 | ||||||||
| Gross profit | 5,482 | 5,363 | 10,648 | 10,425 | ||||||||||||
| Operating income (loss) | (206) | (532) | (1,294) | (1,214) | ||||||||||||
| Other (expense) income, net | 44 | 44 | 98 | 82 | ||||||||||||
| Income (loss) before taxes | (162) | (488) | (1,196) | (1,132) | ||||||||||||
| Income tax benefit (expense) | (14) | (49) | (24) | (57) | ||||||||||||
| Net income (loss) | $ | (176) | $ | (537) | $ | (1,220) | $ | (1,189) | ||||||||
| BALANCE SHEETS | June 30, 2014 | December 31, 2013 | ||||||||||||||
| (In thousands) | ||||||||||||||||
| Total current assets | $ | 22,359 | $ | 25,931 | ||||||||||||
| Total assets | $ | 31,232 | $ | 33,517 | ||||||||||||
| Total current liabilities | $ | 16,851 | $ | 19,215 | ||||||||||||
| Total stockholders’ equity | $ | 5,332 | $ | 6,465 | ||||||||||||
Link to iR Direct: http://irdirect.net/pr/release/id/755250
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