WESTBURY, N.Y., Aug. 6, 2013 /PRNewswire/ — Vasomedical, Inc. (OTC BB: VASO), announced today that it will release its financial results for the three months ended June 30, 2013 on Tuesday, August 13, 2013.
The Company will host a conference call the following day on Wednesday, August 14th at 11:00 a.m. ET featuring remarks by Jun Ma, Ph.D., President and CEO of Vasomedical, and Michael Beecher, Chief Financial Officer of Vasomedical. To 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: 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. To access the dial-in replay of the call, which will 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 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-second-quarter-2013-results-on-august-13-2013-218494101.html
WESTBURY, N.Y., June 3, 2013 /PRNewswire/ — The American Heart Association (AHA) Heart Disease and Stroke 2013 Statistical Update reported that 19.7 million Americans over the age of twenty have physician-diagnosed diabetes, and there are an additional eight million Americans with undiagnosed diabetes. The top causes of disability and death among patients with diabetes are heart disease and stroke, and these patients suffer more complications and higher failure rate with the current methods of treating heart disease, including medication, stenting and bypass surgery. It has been long established that Enhanced External Counterpulsation (EECP®) Therapy, a noninvasive treatment for patients with ischemic heart disease, is equally effective in treating heart disease for diabetic patients as it is in the non-diabetic patient population.
As such, 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 technology, announced today that it will attend and showcase the Therapy, at the 73rd Scientific Sessions of the American Diabetes Association taking place on June 21-25, 2013 at the McCormick Place Convention Center in Chicago, Illinois. The Company will also exhibit its BIOX™ ambulatory monitoring and analysis products and EZ™ series patient management products.
EECP Therapy is an FDA-cleared, non-invasive outpatient treatment that increases blood flow and reduces the workload of the heart, which is critical for diabetic patients. Published clinical studies have also shown that EECP Therapy reduces arterial stiffness, improves cardiovascular health and has a significant effect on improving patient quality of life. The Therapy is covered by Medicare and most private insurance companies for the treatment of refractory angina.
In addition, recently published clinical studies demonstrated that EECP Therapy is effective in managing glycemic levels and controlling abnormal glucose tolerance in patients with type-2 diabetes. This has increased interest in the effectiveness of EECP Therapy to benefit this patient population.
“While currently EECP Therapy is FDA-cleared for treating patients with certain cardiovascular diseases, clinical studies suggest that this treatment has additional beneficial results when used for patients with diabetes, although it is not a cleared indication yet,” stated Dr. John Hui, Chief Technology Officer of Vasomedical. “We believe EECP Therapy should be more widely utilized to treat heart disease and related complications in diabetic patients, since the majority of these patients suffer or die from cardiovascular diseases. Furthermore, published scientific evidence has demonstrated a reduction of blood sugar levels, improvement in insulin resistivity and exercise ability in diabetic patients who have undergone EECP Therapy. Therefore, the potential of EECP Therapy for diabetic patients should be further explored.”
“The Scientific Sessions, which will be attended by healthcare professionals from around the globe, is a great opportunity to introduce these professionals to EECP Therapy as a treatment option for their diabetic patients suffering from heart disease,” continued Dr. Hui. “By preventing cardiovascular diseases and lowering risk factors, EECP may contribute significantly to reducing the growing threat of diabetes and the high rate of heart disease-related complications and deaths in this patient population, potentially saving billions of dollars for our healthcare system.”
Vasomedical will be located in Booth #1054 in the exhibition hall.
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.
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 / Michaela Morales
KCSA Strategic Communications
212-896-1220 / 212-896-1273
swolf@kcsa.com / mmorales@kcsa.com
SOURCE: Vasomedical, Inc.
Link to PR Newswire: http://www.prnewswire.com/news-releases/vasomedical-to-raise-awareness-about-eecp-therapy-as-an-effective-treatment-for-heart-disease-in-diabetic-patients-209907401.html
WESTBURY, N.Y., May 15, 2013 /PRNewswire/ — Vasomedical, Inc. (“Vasomedical”) (OTC BB: VASO) today reported its operating results for the three months ended March 31, 2013.
“We are pleased to report that for the first quarter of 2013, we recorded total revenue of $7.3 million, an increase of 21% compared to the same period of 2012,” commented Dr. Jun Ma, President and Chief Executive Officer of Vasomedical, Inc. “The increase in revenue is mainly attributable to a 48% increase in commission revenue recognized by our VasoHealthcare subsidiary during the quarter. We expect that the commission revenue from our sales representation business will continue to be a significant portion of our growth as we seek to expand our sales representation segment.”
“During the first quarter of 2013, we experienced a decrease in revenue for our equipment segment that is mostly attributable to EECP® sales. This decline partially reflects certain customer delays associated with delivering EECP®equipment, which resulted in lower recorded revenue for the period. As such, we believe these quarterly results do not truly reflect the current market demand for our EECP® products or our performance. These types of fluctuations are why we focus on full-year results to determine the success of our sales and marketing efforts for EECP® equipment.”
“We remain committed to expanding our sales and marketing programs for our proprietary equipment in both domestic and international markets, including the expansion of our domestic sales team, which is expected to help drive sales in the coming quarters,” concluded Dr. Ma.
Three Months Ended March 31, 2013 Financial Results
For the three months ended March 31, 2013, revenue increased 21% to $7.3 million, compared to $6.0 million for the three months ended March 31, 2012. This is attributable to a 48% increase in commission revenue recognized in the first quarter of 2013 to $6.0 million, compared to $4.1 million for the same period in 2012. The increase in commission revenue is a result of higher volume of equipment delivered to customers during the first quarter of 2013 compared to the same period of 2012.
Gross profit for the first quarter of 2013 was $5.1 million, for a gross margin of 69.4%, compared to a gross profit of $4.2 million, for a gross margin of 69.2%, for the first quarter of 2012.
Selling, general and administrative (SG&A) expenses for the first quarter of 2013 were $5.6 million compared to $5.3 millionfor the same period last year. The increase in SG&A expense resulted primarily from costs in the Sales Representation segment of approximately $238,000 associated with the extension of the GEHC contract. This cost increase is a non-recurring charge that will be completed in the second quarter 2013.
Net loss for the three months ended March 31, 2013 was $0.7 million, or $0.00 per basic and diluted common share, compared to a net loss of $1.3 million, or $0.01 per basic and diluted common share, for the three months ended March 31, 2012.
In April 2013, the Company’s Board of Directors authorized a share repurchase program of up to $1.5 million of the Company’s common stock, representing approximately 5% of the total outstanding shares of Vasomedical common stock as of April 30, 2013. The repurchase program is being actively implemented in compliance with relevant SEC guidelines; 367,427 shares have been bought back through Friday, May 10, 2013.
Conference Call Information
The Company will host a conference call tomorrow, Thursday, May 16th at 10:00 a.m. ET. 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: 57513438. 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 June 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: 57513438.
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 |
||
|
STATEMENTS OF OPERATIONS |
March 31, 2013 |
March 31, 2012 |
|
(In thousands) |
||
|
Revenue |
$ 7,293 |
$ 6,043 |
|
Gross profit |
$ 5,062 |
$ 4,181 |
|
Operating loss |
$ (682) |
$ (1,301) |
|
Other income (expense), net |
$ 38 |
$ (18) |
|
Loss before taxes |
$ (644) |
$ (1,319) |
|
Income tax expense |
$ (8) |
$ (25) |
|
Net loss |
$ (652) |
$ (1,344) |
|
BALANCE SHEETS |
March 31, 2013 |
December 31, 2012 |
|
(In thousands) |
||
|
Cash and cash equivalents |
$ 12,899 |
$ 11,469 |
|
Total current assets |
$ 22,669 |
$ 25,716 |
|
Total assets |
$ 28,801 |
$ 32,381 |
|
Total current liabilities |
$ 16,447 |
$ 18,178 |
|
Total stockholders’ equity |
$ 8,427 |
$ 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 BioSpace: http://www.biospace.com/News/vasomedical-inc-announces-financial-results-for/296833
WESTBURY, N.Y., May 8, 2013 /PRNewswire/ — Vasomedical, Inc. (OTC BB: VASO), announced today that it will release its financial results for the three months ended March 31, 2013 on Wednesday, May 15, 2013.
The Company will host a conference call the following day on Thursday, May 16th 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: 57513438. 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 June 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: 57513438.
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-2013-results-on-may-15-2013-206572871.html
WESTBURY, N.Y., April 17, 2013 /PRNewswire/ — Vasomedical, Inc. (OTC BB: VASO) (the “Company”), a diversified medical technology company specializing in the design, manufacture and sale of medical devices and in the domestic sale of diagnostic imaging products, today announced the appointment of Mr. Randy Hill to the Board of Directors effective immediately.
Mr. Hill, 66, a veteran of the medical device industry, is currently Senior Vice President of Vasomedical and Chief Executive Officer of Vaso Diagnostics, Inc. d/b/a/ VasoHealthcare, a wholly owned subsidiary of Vasomedical, Inc. Prior to joining Vasomedical in July 2012, Mr. Hill held several senior leadership positions at major medical device and technology companies. Mr. Hill was, until May 2011, interim Chief Executive Officer of Siemens Healthcare USA, the U.S. organization of the healthcare sector of Siemens AG, a German multinational conglomerate. At Siemens Healthcare USA, he was responsible for sales, marketing, service, and logistics across the Siemens Healthcare portfolio, including medical imaging equipment, healthcare information technology and medical therapy. For several years prior to that, Mr. Hill was Chief Operating Officer of Siemens Healthcare USA, responsible for setting and implementing national strategies to sell Siemens products and services, and achieving synchronization across Siemens Healthcare’s U.S. Business Management and Solutions Implementation teams.
As a recognized leader in the medical imaging business, Mr. Hill is also former Chair of the Board of Medical Imaging & Technology Alliance (MITA), a leading organization and collective voice of medical imaging equipment manufacturers, innovators, and product developers. MITA represents companies whose sales comprise more than 90 percent of the global market for medical imaging technology.
“Randy has done an outstanding job in leading VasoHealthcare and we believe he will be an invaluable asset to the Board with his in-depth knowledge of the diagnostic imaging business and broad understanding of the medical device industry,” commented Dr. Jun Ma, President and CEO of Vasomedical. “We are excited to have Randy join the Board and participate in the strategic planning and future of the entire company.”
“I am honored to join the Vasomedical Board of Directors and take an even more active role in helping plan the future strategy for the Company’s overall business,” said Mr. Hill. “I am eager to hit the ground running and share my industry expertise with the group. I look forward to working with my fellow Board members in advancing the interests and growth of the Company.”
Mr. Hill will stand for election as a Class 1 director at the 2013 Annual Meeting of Stockholders.
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.
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
SOURCE: Vasomedical, Inc.
Link to PR Newswire: http://www.prnewswire.com/news-releases/randy-hill-appointed-to-vasomedical-board-of-directors-203381031.html
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