WESTBURY, N.Y., Jan. 6, 2014 /PRNewswire/ — Vasomedical, Inc. (“Vasomedical”) (OTCBB: VASO), a diversified medical technology company specializing in the design, manufacture and sale of medical devices including EECP® (Enhanced External Counterpulsation) Therapy systems, the gold standard of ECP therapy, announced today that the U.S. Food and Drug Administration (FDA), Department of Health and Human Services, issued its final order on December 30, 2013, reclassifying external counter-pulsating (ECP) devices for treatment of chronic stable angina for patients that are refractory to anti-anginal medical therapy and without options for revascularization from class III to class II (special controls).
Under a number of federal regulations, FDA administers a comprehensive system for the regulation of medical devices intended for human use. The system established three categories (classes) of devices, reflecting the regulatory controls needed to provide reasonable assurance of their safety and effectiveness, namely general controls (class I), special controls (class II) and premarket approval or PMA (class III). FDA’s reclassification of ECP devices for treatment of refractory angina, which was a preamendments class III device, into class II is based upon its conclusion that the available scientific evidence is adequate to support the safety and effectiveness of ECP devices for this specific intended use.
In addition, FDA in the final order is requiring the filing of a PMA or a notice of completion of a product development protocol (PDP) for ECP devices for other intended uses such as unstable angina, acute myocardial infarction, cardiogenic shock and congestive heart failure, which were previously cleared for marketing by means of premarket notification (510(k)) procedure. In accordance with federal regulations, ECP manufacturers may continue to commercially distribute their devices for these intended uses for a period of 90 days after the issuance of the final order. The devices may continue to be marketed only for refractory angina if a PMA or a notice of completion of a PDP is not filed before the end of the 90-day period.
“The reclassification of ECP devices is long overdue, and we thank FDA for confirming once again the safety and efficacy of ECP treatment of refractory angina in its class II decision,” stated Dr. Jun Ma, President and CEO of Vasomedical, Inc. “Until this FDA final order, ECP systems, as a class III preamendments device, had been cleared for marketing in the U.S. by the 510(k) procedure, which only requires a demonstration of substantial equivalence. Consequently, certain manufacturers have been marketing their devices without much, if any, clinical evidence, which ultimately hurt the reputation of external counterpulsation therapy, a great technology if done right, as we have seen in numerous cases.”
“The requirement of a PMA, which requires device-specific clinical evidence, for intended uses of ECP devices other than refractory angina is a positive development for Vasomedical and for patients that receive the therapy. We believe, since almost all of the publicly available scientific and clinical studies as published in peer reviewed medical journals and conferences were generated using Vasomedical EECP systems, there is sufficient clinical data for the Company to immediately proceed with the preparation of PMA applications or PDP filings for certain indications other than refractory angina,” Dr. Ma continued. “With this final order by FDA and given the breadth of clinical evidence for our EECP Therapy, we appreciate the opportunity to distinguish, from a regulatory standpoint now, our EECP Therapy system from other external counterpulsation (ECP) devices.”
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
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/fda-reclassifies-ecp-devices-for-refractory-angina-as-class-ii-238949311.html
WESTBURY, N.Y., Nov. 14, 2013 /PRNewswire/ — Vasomedical, Inc. (“Vasomedical”) (OTC BB: VASO) today reported its operating results for the three months ended September 30, 2013.
“We are pleased to report that during the third quarter of 2013 the Company recorded significant growth in both the Equipment segment and the Sales Representation segment. Total equipment sales were particularly impressive, with an increase of 97% compared to the same period last year, as we experienced a spike in sales of our EECP® equipment in certain international markets as well as the steady sales growth from our Biox subsidiary,” stated Dr. Jun Ma, President and Chief Executive Officer of Vasomedical, Inc. “The excellent performance and continued growth of Biox not only benefits the Company financially, it also provides us with a successful track record in China, paving the way for us to pursue additional acquisition and partnership opportunities there.”
“We continue to see strong results from our sales representation segment. Given the overall strength of our team, we believe our independent sales channel model can be successfully expanded or replicated with other OEMs in different markets,” concluded Dr. Ma.
Three Months Ended September 30, 2013 Financial Results
For the three months ended September 30, 2013, revenue increased 33% to $7.6 million from $5.7 million for the same period of 2012. This is attributable to a 97% increase in our equipment sales revenue to $1.4 million, as a result of a higher EECP® sales volume and continued growth from our Biox subsidiary in China. Our Sales Representation business also had significant improvement, with commission revenue increasing 26% to $5.9 million compared to $4.7 million in the third quarter 2012.
Gross profit for the third quarter of 2013 increased 28% to $5.2 million, compared to a gross profit of $4.1 million for the third quarter of 2012. This increase is primarily a result of higher commission revenues in our Sales Representation segment arising from higher equipment delivery by GE Healthcare (GEHC) and an increase of equipment shipments from our Equipment segment.
Selling, general and administrative (SG&A) expenses for the third quarter of 2013 were $5.5 million or 72% of revenues, compared to $6.6 million, or 115% of revenues for the same period last year. The decrease in SG&A expenditures in the third quarter of 2013 resulted primarily from the completion in the second quarter of 2013 of certain non-recurring costs attributable to the renewal of the GEHC contract.
Net loss for the three months ended September 30, 2013 was $464,000, or $0.00 per basic and diluted common share, a substantial improvement compared to the net loss of $2.5 million, or $0.02 per basic and diluted common share, for the three months ended September 30, 2012.
Net cash decreased by $2.3 million to $9.1 million at September 30, 2013 compared to net cash of $11.4 million at December 31, 2012. The decrease is principally due to the repurchase of our common shares and payment of certain accrued liabilities. Under the Company’s share repurchase program initiated in April 2013, Vasomedical has acquired through November 8, 2013, approximately 9.3 million shares of its common stock.
Conference Call Information
The Company will host a conference call today at 1:00 p.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: 94523097. 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, and www.kcsa.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 or www.kcsa.com. To access the dial-in replay of the call, which will be available until December 16, 2013, please dial 1-855-859-2056 or 1-404-537-3406. All dial-in participants must use the following code to access the call: 94523097.
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.
|
FOR THE THREE MONTHS ENDED |
FOR THE SIX MONTHS ENDED |
||||
|
STATEMENTS OF OPERATIONS |
September 30, 2013 |
September 30, 2012 |
September 30, 2013 |
September 30, 2012 |
|
|
(In thousands) |
|||||
|
Revenue |
$7,606 |
$5,722 |
$22,795 |
$19,462 |
|
|
Gross profit |
5,187 |
4,063 |
15,613 |
13,774 |
|
|
Operating loss |
(492) |
(2,659) |
(1,704) |
(3,885) |
|
|
Other (expense) income, net |
(63) |
97 |
20 |
151 |
|
|
Loss before taxes |
(555) |
(2,562) |
(1,684) |
(3,734) |
|
|
Income tax benefit (expense) |
91 |
44 |
35 |
(72) |
|
|
Net (loss) income |
$(464) |
$(2,518) |
$(1,649) |
$(3,806) |
|
|
BALANCE SHEETS |
September 30, 2013 |
December 31, 2012 |
|||
|
(In thousands) |
|||||
|
Total current assets |
$18,405 |
$25,716 |
|||
|
Total assets |
$25,410 |
$32,381 |
|||
|
Total current liabilities |
$13,965 |
$18,178 |
|||
|
Total stockholders’ equity |
$6,036 |
$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-recorded-33-year-over-year-growth-in-revenue-for-the-third-quarter-of-2013-231888811.html
WESTBURY, N.Y., Nov. 13, 2013 /PRNewswire/ — Vasomedical, Inc. (“Vasomedical”) (OTC BB: VASO), a diversified medical technology company specializing in the design, manufacture and sale of medical devices for noninvasive cardiology, including EECP® Therapy systems, the gold standard of ECP therapy, today announced it has been named to the Deloitte’s Technology Fast 500™ for the second consecutive year, with a ranking of 207 on the 2013 list, up from 443 on the 2012 list.
The Deloitte’s Technology Fast 500 List is an annual ranking of the 500 fastest growing technology, media, telecommunications, life sciences and clean technology companies in North America. The ranking is based on percentage annual revenue growth from 2008 to 2012, during which Vasomedical’s total annual revenue increased by 501.2 percent.
“Vasomedical’s success over the past several years is clearly a direct result of effective implementation of the strategy the Board of Directors put into place. This includes diversifying our business, broadening our product offering and market presence through development and acquisition, as well as restructuring the leadership team with individuals with deep industry experience,” commented Dr. Jun Ma, President and CEO of Vasomedical, Inc.
“We are pleased to be included on this list of prestigious companies, and this honor highlights the strides our Company has made in the right direction. We will continue to implement our growth strategy in the domestic and international medical marketplaces and continue to build value for our shareholders.”
“The Deloitte’s 2013 Technology Fast 500 companies are exemplary cases of those spurring growth in a tough market through innovation,” said Eric Openshaw, vice chairman, Deloitte LLP and U.S. technology, media and telecommunications leader. “This year’s list is a who’s who of companies behind the most exciting and innovative products and services in the technology space. We congratulate the Fast 500 companies and look forward to what they do next.”
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
Forward-Looking Statement
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-again-named-on-deloittes-technology-fast-500-list-231729911.html
WESTBURY, N.Y., Sept. 9, 2013 /PRNewswire/ — Vasomedical, Inc. (“Vasomedical”) (OTCBB: VASO), a diversified medical technology company specializing in the design, manufacture and sale of medical devices for noninvasive cardiology including EECP® (Enhanced External Counterpulsation) Therapy systems, the gold standard of ECP therapy, announced today that its EECP Therapy has been given a lla Class of Recommendation in the 2013 European Society of Cardiology (ESC) Guidelines on the Management of Stable Coronary Artery Disease (SCAD). The guidelines were released during ESC’s annual meeting which took place from August 31 to September 3, 2013 in Amsterdam, the Netherlands.
The IIa classification signifies that the weight of evidence and level of opinion are in favor of a treatment and, in this case, that physicians should consider EECP Therapy as a treatment option for patients suffering from refractory angina.
Last November, The American College of Cardiology Foundation and The American Heart Association (ACCF/AHA) Task Force on Practice Guidelines issued its new Guideline for the Diagnosis and Management of Patients With Stable Ischemic Heart Disease. In this Guideline, EECP Therapy retained the same IIb Class of Recommendation rating it had received in the ACC/AHA 2002 Guideline Update for the Management of Patients with Chronic Stable Angina. The Company has been in active communication with the ACCF/AHA task force, as well as its guideline writing committee, requesting a review of more recent data than was referenced in the 2012 Guideline, for the purpose of upgrading EECP Therapy’s level of recommendation to lla in its future guideline.
“It is a breakthrough that EECP Therapy was included in the ESC Guidelines for the first time, and at the same time was given a level IIa recommendation, which means it ‘should be considered’ as a treatment option as opposed to ‘may be considered’ recommendation for a IIb rating,” said Dr. Jun Ma, President and Chief Executive Officer of Vasomedical, Inc. “We are pleased that the European Society of Cardiology has recognized the value and efficacy of this treatment, as has been demonstrated by many studies. On behalf of all heart patients, we thank the many physicians in the U.S. and Europe who have done great research on EECP Therapy and presented data to ESC for consideration.”
“Throughout the past decade, EECP Therapy has been offered to hundreds of thousands of patients in numerous centers and hospitals in the Unites States and abroad. During this time, we have gathered a wealth of data from many different studies, including randomized controlled trials published in peer-reviewed journals, and have received countless testimonials regarding an improvement to patients’ quality of life,” continued Dr. Ma. “We believe this treatment option should be made available to a wider patient base. Our responsibility is not only to support and improve this technology, but also to champion the patient who is not receiving this therapy and its benefits. Furthermore, we have a social obligation to support healthcare cost reduction through expanding role of EECP Therapy, which has been demonstrated in clinical literature to reduce re-hospitalizations and emergency room visits. We believe this high recommendation by ESC should help promote a broader acceptance of the EECP Therapy around the world.”
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
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.
WESTBURY, N.Y., Aug. 13, 2013 /PRNewswire/ — Vasomedical, Inc. (“Vasomedical”) (OTC BB: VASO) today reported its operating results for the three months ended June 30, 2013.
“We are pleased by the continued growth reported for the second quarter of 2013, mostly attributable to the increased activity in our sales representation business in the U.S. and our operations in China,” stated Dr. Jun Ma, President and Chief Executive Officer of Vasomedical, Inc. “We are encouraged by the success of our diversification and growth strategy, and look forward to seeing our efforts through to fruition in all aspects of our business.”
“Looking ahead, we will continue to implement the Company’s growth strategy by expanding the sales teams for each of our subsidiaries and looking to develop new services and product lines. These investments have already had an early impact on our results establishing a solid foundation from which to drive future growth. While it is still early in the process, we believe these investments will have a positive impact on a long-term basis.”
“As previously announced, we initiated a share repurchase program in April, which we believe provides a strong vote of confidence to the investment community. As of July 30, 2013, we had acquired approximately 8 million shares of the Company’s common stock. Our board of directors recently increased the buyback program by $500,000, for a total of $2 million. This program is part of our multi-pronged strategy to build shareholder value,” concluded Dr. Ma.
Three Months Ended June 30, 2013 Financial Results
For the three months ended June 30, 2013, revenue increased 3% to $7.9 million from $7.7 million for the three months ended June 30, 2012. This is primarily attributable to an increase in commission revenue recognized from our Sales Representation business in the second quarter of 2013, as a result of an increase in volume of equipment delivered by GEHC.
Gross profit for the second quarter of 2013 was $5.4 million, compared to a gross profit of $5.5 million for the second quarter of 2012. The decrease is primarily due to a decrease in the sales representation segment margin, offset by an increase in equipment segment margin. The equipment segment gross margin increased to 62.9% for the three months ended June 30, 2013 from 56.7% for the same period in 2012. The decrease in the margin in the sales representation segment is due to the lower commission rate on GEHC orders received in 2012 and delivered in 2013. We anticipate that these margins will improve in the second half of 2013 as we expect to achieve a higher commission rate on 2013 orders.
Selling, general and administrative (SG&A) expenses for the second quarter of 2013 were $5.7 million compared to $5.3 million for the same period last year. The increase in SG&A expenditures in the second quarter of 2013 resulted primarily from increased costs associated with the expansion of the Equipment segment sales team of approximately $200,000, as well as $140,000 higher costs in the Sales Representation segment, of which $76,000 are non-recurring costs associated with the extension of our GEHC contract.
Net loss for the three months ended June 30, 2013 was $537,000, or $0.00 per basic and diluted common share, compared to net income of $54,000, or $0.00 per basic and diluted common share, for the three months ended June 30, 2012.
Cash flow from operations for the six months ended June 30, 2013 was $336,000. We continue to maintain a strong financial position with a cash balance of $11.6 million at June 30, 2013.
Conference Call Information
The Company will host a conference call tomorrow, Wednesday, August 14th at 11:00 a.m. ET. To dial into the conference call, please dial 1-866-393-1344 from the U.S. or 1-631-291-4996 internationally. All dial-in participants must use the following code to access the call: 26595138. 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, and www.kcsa.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 or www.kcsa.com. A dial-in replay of the call will also be available until September 16, 2013; please dial 1-855-859-2056 or 1-404-537-3406. All dial-in participants must use the following code to access the call: 26595138.
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 SIX MONTHS ENDED |
||||
|
STATEMENTS OF OPERATIONS |
June 30, 2013 |
June 30, 2012 |
June 30, 2013 |
June 30, 2012 |
|
|
(In thousands) |
|||||
|
Revenue |
$7,896 |
$7,697 |
$15,189 |
$13,740 |
|
|
Gross profit |
5,363 |
5,530 |
10,425 |
9,711 |
|
|
Operating (loss) income |
(532) |
75 |
(1,214) |
(1,226) |
|
|
Other income (expense), net |
44 |
71 |
82 |
54 |
|
|
(Loss) income before taxes |
(488) |
146 |
(1,132) |
(1,172) |
|
|
Income tax expense |
49 |
92 |
57 |
116 |
|
|
Net (loss) income |
$(537) |
$54 |
$(1,189) |
$(1,288) |
|
|
BALANCE SHEETS |
June 30, 2013 |
December 31, 2012 |
|||
|
(In thousands) |
|||||
|
Total current assets |
$23,197 |
$25,716 |
|||
|
Total assets |
$29,231 |
$32,381 |
|||
|
Total current liabilities |
$18,002 |
$18,178 |
|||
|
Total stockholders’ equity |
$7,912 |
$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-the-second-quarter-of-2013-219458821.html
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