WESTBURY, N.Y., May 6, 2014 /PRNewswire/ — Vasomedical, Inc. (OTC BB: VASO) announced today that it will release its financial results for the three months ended March 31, 2014 on Wednesday, May 14, 2014, before markets open.
The Company will host a conference call on Wednesday, May 14th 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 1-866-393-1344 from the U.S. or 1-631- 291-4669, internationally. All dial-in participants must use the following code to access the call: 42076306. 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 14, 2014, please dial 1-855-859-2056 or 1-404-537-3406. All dial-in participants must use the following code to access the call: 42076306.
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’s main proprietary products are EECP®Therapy systems, the gold standard of ECP treatment. The Company operates through three wholly owned subsidiaries: VasoSolutions, Vasomedical Global and VasoHealthcare. VasoSolutions 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; and VasoHealthcare is the operating subsidiary for the exclusive sales representation of GE Healthcare diagnostic imaging products in certain market segments. Additional information is available on the Company’s website at www.vasomedical.com.
Investor Contacts:
Todd Fromer / Garth Russell
KCSA Strategic Communications
212-896-1215 / 212-896-1250
tfromer@kcsa.com / grussell@kcsa.com
SOURCE Vasomedical, Inc.
Link to PR Newswire: http://www.prnewswire.com/news-releases/vasomedical-to-report-first-quarter-2014-results-on-may-14-2014-258092541.html
WESTBURY, N.Y., April 16, 2014 /PRNewswire/ — Vasomedical, Inc. (“Vasomedical”) (OTC BB: VASO), a diversified medical technology company specializing in the design, manufacture and sale of medical devices, including EECP® Therapy systems, the gold standard of ECP therapy, today announced that it has entered into an agreement with Chongqing PSK-Health Sci-Tech Development Co., Ltd. (“PSK”) of Chongqing, China, a leading manufacturer of ECP therapy systems in China, to form a joint venture company, VSK Medical Limited (“VSK”), for the global marketing and sale of EECP and ECP therapy systems.
The agreement provides for Vasomedical and PSK to appoint the joint venture company as the exclusive distributor to market, distribute and sell EECP and ECP therapy products globally, except for the United States and China. In this regard, the agreement provides for PSK to be the exclusive distributor of Vasomedical’s EECP therapy systems in Chinaand for Vasomedical to be the exclusive distributor of PSK’s ECP therapy systems in the United States, subject to certain conditions.
“Chongqing PSK in the last several years has been actively revitalizing the Chinese market for external counterpulsation treatment and has become a serious competitor in the international market,” stated Dr. Jun Ma, President and CEO of Vasomedical, Inc. “This cooperative venture with PSK will enable the partners to better serve the global external counterpulsation market by offering tiered products to meet various demands for the therapy. It should also allow us to substantially reduce the risks and expenses associated with our international plan for EECP therapy.
“Our global strategy is designed to bring the combined resources of both companies to the marketing and clinical development of external counterpulsation therapy. The ultimate goal is to broaden the reach of this powerful technology so that more patients worldwide may enjoy its benefits,” concluded Dr. Ma.
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’s main proprietary products are EECP® Therapy systems, the gold standard of ECP treatment. The Company operates through three wholly owned subsidiaries: Vasomedical Solutions, Vasomedical Global and VasoHealthcare. 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; and VasoHealthcare is the operating subsidiary for the exclusive sales representation of GE Healthcare diagnostic imaging products in certain markets. Additional information is available on the Company’s website at www.vasomedical.com
About Chongqing PSK-Health
Chongqing PSK-Health Sci-tech Development Co., Ltd. (“PSK”), based in Chongqing, China and with over 200 employees around the country, has been dedicated to the research, development and manufacturing of ECP (External Counterpulsation) systems for more than 10 years. The research and development team of PSK is considered one of the strongest in the ECP field. The company has supported independent research and cooperation with universities in Chinafor the future of ECP technology. PSK products are produced in compliance with ISO9001 and ISO13485 quality standards and have received CFDA and US FDA clearance as well as CE certification.
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:
Todd Fromer / Garth Russell
KCSA Strategic Communications
212-896-1215 / 212-896-1250
tfromer@kcsa.com / grussell@kcsa.com
Media Contact:
Samantha Wolf
KCSA Strategic Communications
212-896-1220
swolf@kcsa.com
SOURCE: Vasomedical, Inc.
Link to PR Newswire: http://www.prnewswire.com/news-releases/vasomedical-announces-cooperative-agreement-with-psk-for-international-marketing-of-ecp-systems-255464621.html
WESTBURY, N.Y., March 27, 2014 /PRNewswire/ — Vasomedical, Inc. (“Vasomedical”) (OTC BB: VASO) today reported its operating results for the three months and year ended December 31, 2013.
“Our equipment segment, which includes EECP® and Biox™ products, showed momentum in the last quarter of 2013 with equipment sales up by 26% for the quarter, and, as a result, we increased our fourth quarter net profit by 19% from a year ago. Equipment sales also went up by 9% for the year; combined with a 15% increase in annual commission revenue in the sales representation segment, our net loss for the year was significantly narrowed to $1.1 million from $3.4 million last year, an improvement of $2.3 million,” stated Dr. Jun Ma, President and Chief Executive Officer of Vasomedical, Inc. “Our VasoHealthcare subsidiary continues to deliver remarkable performance and in 2013 achieved the highest commission rate payable under our agreement with GEHC. Its overall impact, however, is not entirely reflected in the top line numbers since we recognize revenues when the underlying equipment or services are delivered to customers; prior to that we record commission receivables as deferred revenue, which is roughly 50% of the total commission revenue to be recognized in the future. As such, our total deferred revenue increased to $18.0 million as of December 31, 2013compared with $15.6 million at December 31, 2012.”
“The activities within each of our businesses are exciting and we are encouraged by the growth from both of our business segments. Looking ahead to 2014, we remain committed to our growth and diversification strategy and achieving profitability for the full year. We will continue to pursue opportunities to expand our product portfolio; the recently announced MobiCare™ wireless patient monitoring device, which has received marketing approval in China, is such an example. We are in continued discussions with our sales representation partner with regard to further developing the VasoHealthcare business to include more products and broader customer base. In addition, we continue to review potential accretive acquisitions and partnerships in the international and domestic markets,” concluded Dr. Ma.
Three Months Ended December 31, 2013 Financial Results
For the three months ended December 31, 2013, revenue increased 3% to $10.1 million from $9.8 million for the same period of 2012. This is attributable to a 26% increase in our equipment sales revenue to $1.3 million, as a result of continued growth from our Biox subsidiary in China.
Gross profit for the fourth quarter of 2013 increased 1.2% to $6.9 million, compared with a gross profit of $6.8 million for the fourth quarter of 2012. This increase is primarily a result of the higher sales from our Biox subsidiary.
Selling, general and administrative (SG&A) expenses for the fourth quarter of 2013 was $6.3 million or 62% of revenues, compared with $6.3 million, or 64% of revenues for the same period last year.
Net income for the three months ended December 31, 2013 was $504,000, a 19% improvement compared with a net income of $425,000 for the three months ended December 31, 2012.
Year Ended December 31, 2013 Financial Results
For the year ended December 31, 2013, revenue increased $3.7 million, or 12%, to $32.9 million, compared with $29.2 million for the same period of 2012. Equipment sales revenues for the year increased by 9% to $4.6 million, principally due to growth in volume from our Biox subsidiary in China. Commission revenues in our Sales Representation segment increased by 15% to $26.6 million for the year 2013, as compared with $23.2 million for prior year. The increase was due primarily to higher installations of underlying equipment in 2013 as well as higher commission rates.
Gross profit for the year ended 2013 increased 9% to $22.5 million, compared with $20.6 million for the same period in 2012. This increase is due primarily to higher revenues in both the Sales Representation and Equipment segments, partially offset by a lower gross profit rate in the Sales Representation segment resulting from the new Medical Device Excise Tax imposed by the Patient Protection and Affordable Care Act. Equipment segment gross profit margin increased to 58% for the year ended December 31, 2013 from 55% for the same period in 2012. The increase in the margin is primarily due to higher sales volume and improved margins resulting from the Chinese subsidiaries.
Selling, general and administrative expenses for the year ended 2013 decreased 2% to $23.1 million, compared with $23.5 million for the same period in 2012, resulting primarily from decreased compensation expenses in the Sales Representation segment. In 2012 this segment incurred higher costs in conjunction with the extension of the GEHC agreement.
For the year ended December 31, 2013, the Company had a net loss of $1.1 million, or $0.01 per common share, compared with a net loss of $3.4 million, or $0.02 per common share, for the year ended December 31, 2012.
Net cash decreased by $3.5 million to $8.0 million at December 31, 2013, compared with net cash of $11.5 million as of December 31, 2012. This decrease in cash is mainly attributable to the $1.8 million incurred for our stock repurchase program and an increase in other assets. Based on current forecast, we anticipate cash flow from operating activities to be positive for 2014. As of February 28, 2014, the Company’s cash balances were approximately $13.8 million.
Deferred revenue remains substantial, at approximately $18.0 million as of December 31, 2013, to be recognized in the future when the underlying equipment is accepted at the customer site. Our shareholders’ equity decreased to $6.5 million as of December 31, 2013, compared with $9.0 million as of December 31, 2012, principally due to the stock buyback and net loss for the year.
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 1-866-393-1344 from the U.S. or 1-631-291-4669, internationally. All dial-in participants must use the following code to access the call: 15577369. 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 April 28, 2014, please dial 1-855-859-2056 or 1-404-537-3406. All dial-in participants must use the following code to access the call: 15577369.
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’s main proprietary products are EECP® Therapy systems, the gold standard of ECP treatment. The Company operates through three wholly owned subsidiaries: VasoSolutions, Vasomedical Global and VasoHealthcare. VasoSolutions 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; and VasoHealthcare is the operating subsidiary for the exclusive sales representation of GE Healthcare diagnostic imaging products in certain markets. 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, 2013 |
December 31, 2012 |
December 31, 2013 |
December 31, 2012 |
|
|
(In thousands) |
|||||
|
Revenue |
$10,095 |
$9,778 |
$32,890 |
$29,240 |
|
|
Gross profit |
6,900 |
6,820 |
22,513 |
20,594 |
|
|
Operating income (loss) |
414 |
377 |
(1,290) |
(3,508) |
|
|
Other (expense) income, net |
67 |
28 |
87 |
179 |
|
|
Income (loss) before taxes |
481 |
405 |
(1,203) |
(3,329) |
|
|
Income tax benefit (expense) |
23 |
20 |
58 |
(52) |
|
|
Net income (loss) |
$504 |
$425 |
$(1,145) |
$(3,381) |
|
|
BALANCE SHEETS |
December 31, 2013 |
December 31, 2012 |
|||
|
(In thousands) |
|||||
|
Total current assets |
$25,931 |
$25,716 |
|||
|
Total assets |
$33,517 |
$32,381 |
|||
|
Total current liabilities |
$19,215 |
$18,178 |
|||
|
Total stockholders’ equity |
$6,465 |
$9,010 |
|||
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:
Todd Fromer / Garth Russell
KCSA Strategic Communications
Phone: 212-896-1215 / 212-896-1250
Email: tfromer@kcsa.com / grussell@kcsa.com
SOURCE: Vasomedical, Inc.
Link to PR Newswire: http://www.prnewswire.com/news-releases/vasomedical-announces-financial-results-for-fourth-quarter-and-full-year-for-2013-252635411.html
WESTBURY, N.Y., March 21, 2014 /PRNewswire/ — Vasomedical, Inc. (OTC BB: VASO) announced today that it will release its financial results for the three months ended and year ended December 31, 2013 on Thursday, March 27, 2014.
The Company will host a conference call on Thursday, March 27th 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 1-866-393-1344 from the U.S. or 1-631-291-4669, internationally. All dial-in participants must use the following code to access the call: 15577369. 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 April 28, 2014, please dial 1-855-859-2056 or 1-404-537-3406. All dial-in participants must use the following code to access the call: 15577369.
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’s main proprietary products are EECP®Therapy systems, the gold standard of ECP treatment. The Company operates through three wholly owned subsidiaries: VasoSolutions, Vasomedical Global and VasoHealthcare. VasoSolutions 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; and VasoHealthcare is the operating subsidiary for the exclusive sales representation of GE Healthcare diagnostic imaging products in certain market segments. Additional information is available on the Company’s website at www.vasomedical.com.
Investor Contacts:
Todd Fromer / Garth Russell
KCSA Strategic Communications
212-896-1215 / 212-896-1250
tfromer@kcsa.com / grussell@kcsa.com
SOURCE Vasomedical, Inc.
Link to PR Newswire: http://www.prnewswire.com/news-releases/vasomedical-to-report-fourth-quarter-and-year-end-2013-results-on-march-27-2014-251391311.html
WESTBURY, N.Y., March 17, 2014 /PRNewswire/ — Vasomedical, Inc. (“Vasomedical”) (OTC BB: VASO), a diversified medical technology company specializing in the design, manufacture and sale of medical devices, including EECP® Therapy systems, the gold standard of ECP therapy, today announced that its wholly owned subsidiary Biox Instruments Co. Ltd., based in Wuxi, China, has received approval from the Chinese Food and Drug Administration (CFDA) to begin marketing its new MobiCare Wireless Patient Monitors in China.
MobiCare Wireless Patient Monitor is a vital signs monitoring system that acquires and displays multiple physiological signals, including electrocardiogram (ECG), blood pressure, respiration, peripheral capillary oxygen saturation (SpO2), body temperature, as well as provides real-time detection and alerts for certain abnormalities in these vital signs. Unlike traditional bedside patient monitoring systems, the MobiCare system transmits patient signals wirelessly to a touch-screen tablet receiver or a bedside monitor. The MobiCare system’s wireless connectivity untethers patients from the bedside monitor allowing them movement within a certain range. The Biox MobiCare system will first be sold to hospitals in China as a new type of bedside patient monitor, in order to cultivate acceptance of the technology and set the stage for future introduction into the fast growing global home care market.
“Our MobiCare system is a breakthrough into the relatively mature but still growing market of vital sign monitoring devices. More importantly, with its current configuration and planned future derivatives, the MobiCare system provides a natural bridge to telemedicine and home care systems, putting us in a strong position in these healthcare markets of the future,” commented Dr. Jun Ma, President and CEO of Vasomedical. “This innovative device is another example of making good on our promise to deliver advanced quality products at affordable prices so that patients all over the world may benefit as we continue to build shareholder value in our company.”
The MobiCare prototypes were first exhibited in November 2013 at CMEF Autumn 2013 in Xiamen, China and at MEDICA 2013 in Dusseldorf, Germany, and then at Arab Health 2014 in Dubai, UAE in January 2014. Based on the positive feedback from attendees at these events, the Company is preparing applications for CE marking and US FDA clearance.
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’s main proprietary products are EECP®Therapy systems, the gold standard of ECP treatment. The Company operates through three wholly owned subsidiaries: Vasomedical Solutions, Vasomedical Global and VasoHealthcare. 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; and VasoHealthcare is the operating subsidiary for the exclusive sales representation of GE Healthcare diagnostic imaging products in certain market segments. Additional information is available on the Company’s website at www.vasomedical.com.
About Biox Instruments
Biox Instruments Co., Ltd., a wholly owned subsidiary of Vasomedical, is based in Wuxi, Jiangsu Province, China. With long established expertise in miniaturization and low power consumption medical devices, it is a leading company in ambulatory monitoring systems consisting of ECG Holter recorders, ambulatory blood pressure monitoring (ABPM) systems as well as related analysis and reporting software. Biox is in full compliance of revered quality and manufacturing standards such as ISO 13485, ISO 9001, US FDA cGMP as well as the Medical Device Directive of the European Union. Biox products are FDA Cleared, CE Marked and Health Canada Listed. Furthermore, Biox continues to provide OEM and OED services to many businesses that require effective solutions to product design and performance. Additional information is available on the Company’s website at www.biox.com.cn.
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:
Todd Fromer / Garth Russell
KCSA Strategic Communications
212-896-1215 / 212-896-1250
tfromer@kcsa.com / grussell@kcsa.com
Media Contacts:
Samantha Wolf / Andrew Herweg
KCSA Strategic Communications
212-896-1220/212-896-1273
swolf@kcsa.com / aherweg@kcsa.com
SOURCE: Vasomedical, Inc.
Link to PR Newswire: http://www.prnewswire.com/news-releases/vasomedical-announces-bioxs-mobicare-wireless-patient-monitors-receives-marketing-approval-in-china-250592061.html
© 2024 Vaso Corporation | Terms of Service | Privacy Policy
