WESTBURY, N.Y., July 16, 2014 /PRNewswire/ — Vasomedical, Inc. (“Vasomedical”) (“the Company”) (OTC BB: VASO) today announced the signing on June 27, 2014 of a Value Added Reseller Agreement (“VAR Agreement”) with GE Healthcare (“GEHC”), a division of General Electric Company (NYSE: GE), to become a national value added reseller for GE Healthcare IT’s Radiology PACS (Picture Archiving and Communication System) software solutions and related services, including implementation, management and support. This multiyear VAR Agreement focuses primarily on existing customer segments currently served by VasoHealthcare, a wholly owned subsidiary of Vasomedical, on behalf of GE Healthcare and is effective immediately.
“The VAR Agreement with GE Healthcare IT is another significant step in our diversification strategy, as it immediately places the Company into the rapidly growing business of information technology and service provision. Healthcare information technology and healthcare connectivity are important game changers for the improvement of healthcare quality, increased efficiency and enhanced accuracy, all at reduced costs. They are among the very few industries that are enjoying double-digit annual growth rate,” commented Dr. Jun Ma, President and CEO of Vasomedical, Inc. “This new business opportunity will also provide our service business model with recurring revenue for the future,” he continued.
“It is a great honor to be selected by GE HCIT, one of the major healthcare IT solutions providers, as a national Radiology PACS value added reseller. Also, it is certainly a reflection of the success with our VasoHealthcare subsidiary, which has been an exclusive United States representative for various GEHC diagnostic imaging products in certain market segments for the last four years. We believe that our strong nationwide reach and deep customer relationships of Vasomedical in the healthcare market will provide us with a tremendous advantage as we enter into this high growth business,” Dr. Ma concluded.
“We’re excited to have entered into this comprehensive VAR agreement with Vasomedical,” said David Hale, VP & General Manager of GE Healthcare IT for the US. “The VAR channel is an important part of our growth strategy and Vasomedical is ideally positioned to help us grow in specific market segments with our Radiology PACs software solutions.”
Vasomedical has committed significant commercial resources, including capital, incremental sales management and leadership personnel, and will start the new business in multiple phases. The initial phase will be the marketing and sales of GE Healthcare IT Radiology PACS software solutions in specific segments and will be followed by implementation and service provisioning upon certification by GE HCIT.
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 three wholly owned subsidiaries: Vasomedical Solutions, Inc., Vasomedical Global Corp. and Vaso Diagnostics, Inc. d.b.a. 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.
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
Media Contacts:
Lewis Goldberg / Samantha Wolf
KCSA Strategic Communications
212-896-1216 / 212-896-1220
lgoldberg@kcsa.com / swolf@kcsa.com
Link to PR Newswire: http://www.prnewswire.com/news-releases/vasomedical-signs-agreement-with-ge-healthcare-it-to-become-national-value-added-reseller-for-radiology-pacs-software-solutions-267324261.html
WESTBURY, N.Y., May 14, 2014 /PRNewswire/ — Vasomedical, Inc. (“Vasomedical”) (OTC BB: VASO) today reported its operating results for the three months ended March 31, 2014.
“We are excited to report that during the quarter, the Company generated positive cash flow of $4.2 million from operating activities, mainly due to our VasoHealthcare subsidiary achieving the highest commission rate, which is applied retroactively for all orders booked in 2013,” stated Jun Ma, President and CEO of Vasomedical. “As our GEHC business continues to grow, we are taking advantage of the higher cash inflows and reinvesting in our business, while continuing our search for opportunities to complement and diversify our business.”
“While total revenues slightly declined by 3% to $7.1 million for the quarter, mainly due to a decrease in EECP equipment sales, we are optimistic that our international performance will improve once the recently announced cooperative agreement with PSK-Health Sci-Tech Development Co. Ltd., the leading manufacturer of ECP therapy systems in China, is implemented. This venture should help Vasomedical expand existing sales presence and tap into new geographical territories internationally, as well as substantially reduce sales and marketing costs. We are currently in the process of reorganizing our EECP business model, both domestically and internationally, in view of this cooperative agreement.”
“In addition, we strengthened our product portfolio within BIOX with the introduction of MobiCare™ system, a patented wireless multi-parameter patient monitoring system, and expect our China operations to grow. Looking forward, we believe we are well positioned to achieve profitability and maintain positive cash flow, and continue to achieve superior performance from our sales representation business,” concluded Dr. Ma.
Three Months Ended March 31, 2014 Financial Results
For the three months ended March 31, 2014, revenue decreased by 3% to $7.1 million from $7.3 million for the same period of 2013. This is mainly attributable to a 45% decline in equipment sales due to decreased EECP® revenues, which was partially offset by the 4% growth in commission revenues to $6.2 million, from our Sales Representation segment. As we have stated previously, EECP sales are expected to remain soft unless acceptance level for its currently indicated use and reimbursement policies change positively. The uncertain timing for this to occur was ultimately the reason behind the Company’s diversification strategy, which included entering the GEHC representation agreement and acquiring its Chinese operating companies.
Gross profit for the first quarter of 2014 increased 2% to $5.2 million, compared with $5.1 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 first quarter of 2014 was $6.0 million or 85% of revenues, compared with $5.6 million, or 77% of revenues for the same period last year. This is mainly attributable to the annual sales team meeting in the Sales Representation segment during the quarter, which took place in the second quarter last year.
Net loss for the three months ended March 31, 2014 was $1.0 million, a 60% increased loss compared with a net loss of $652,000 for the three months ended March 31, 2013, as a result of an 8% increase in selling, general and administrative costs.
Net cash increased by $4.0 million to $12.0 million at March 31, 2014, compared with net cash of $8.0 million as of December 31, 2013. This increase in cash is mainly attributable to the significantly higher commission rate generated in the fourth quarter of 2013, resulting in significant cash inflows early in 2014. Based on current forecast, we anticipate cash flow from operating activities to be positive for 2014.
Deferred revenue remains substantial, at approximately $17.0 million as of March 31, 2014, to be recognized in the future when the underlying equipment is delivered and accepted at the customer site.
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: 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 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.
(Tables to follow)
Summarized Financial Information
|
FOR THE THREE MONTHS ENDED |
||||
|
STATEMENTS OF OPERATIONS |
March 31, 2014 |
March 31, 2013 |
||
|
(In thousands) |
||||
|
Revenue |
$ |
7,091 |
$ |
7,293 |
|
Gross profit |
$ |
5,164 |
$ |
5,062 |
|
Operating loss |
$ |
(1,090) |
$ |
(682) |
|
Other income (expense), net |
$ |
56 |
$ |
38 |
|
Loss before taxes |
$ |
(1,034) |
$ |
(644) |
|
Income tax expense |
$ |
(10) |
$ |
(8) |
|
Net loss |
$ |
(1,044) |
$ |
(652) |
|
BALANCE SHEETS |
March 31, 2014 |
December 31, 2013 |
||
|
(In thousands) |
||||
|
Cash and cash equivalents |
$ |
12,009 |
$ |
7,961 |
|
Total current assets |
$ |
22,140 |
$ |
25,931 |
|
Total assets |
$ |
29,923 |
$ |
33,517 |
|
Total current liabilities |
$ |
17,162 |
$ |
19,215 |
|
Total stockholders’ equity |
$ |
5,667 |
$ |
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:
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-first-quarter-2014-results-259203861.html
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
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