WESTBURY, N.Y., March 21, 2014 /PRNewswire/ — Vasomedical, Inc. (OTC BB: VASO) announced today that it will release its financial results for the three months ended and year ended December 31, 2013 on Thursday, March 27, 2014.
The Company will host a conference call on Thursday, March 27th at 10:00 a.m. ET featuring remarks by Jun Ma, Ph.D., President and CEO of Vasomedical, and Michael Beecher, Chief Financial Officer of Vasomedical. To dial into the conference call, please dial 1-866-393-1344 from the U.S. or 1-631-291-4669, internationally. All dial-in participants must use the following code to access the call: 15577369. Please call at least five minutes before the scheduled start time. The conference call will also be available via webcast and can be accessed through the Investor Relations section of Vasomedical’s website, www.vasomedical.com. Please allow extra time prior to the call to visit the site and download any necessary software to listen to the live broadcast.
A replay of the conference call will be available approximately two hours after completion of the live conference call at www.vasomedical.com. To access the dial-in replay of the call, which will be available until April 28, 2014, please dial 1-855-859-2056 or 1-404-537-3406. All dial-in participants must use the following code to access the call: 15577369.
About Vasomedical
Vasomedical, Inc. is a diversified medical technology company specializing in the manufacture and sale of medical devices and in the domestic sale of diagnostic imaging products. The Company’s main proprietary products are EECP®Therapy systems, the gold standard of ECP treatment. The Company operates through three wholly owned subsidiaries: VasoSolutions, Vasomedical Global and VasoHealthcare. VasoSolutions manages and coordinates the design, manufacture and sales of EECP® Therapy systems, and other medical equipment operations; Vasomedical Global operates the Company’s China-based subsidiaries; and VasoHealthcare is the operating subsidiary for the exclusive sales representation of GE Healthcare diagnostic imaging products in certain market segments. Additional information is available on the Company’s website at www.vasomedical.com.
Investor Contacts:
Todd Fromer / Garth Russell
KCSA Strategic Communications
212-896-1215 / 212-896-1250
tfromer@kcsa.com / grussell@kcsa.com
SOURCE Vasomedical, Inc.
Link to PR Newswire: http://www.prnewswire.com/news-releases/vasomedical-to-report-fourth-quarter-and-year-end-2013-results-on-march-27-2014-251391311.html
WESTBURY, N.Y., March 17, 2014 /PRNewswire/ — Vasomedical, Inc. (“Vasomedical”) (OTC BB: VASO), a diversified medical technology company specializing in the design, manufacture and sale of medical devices, including EECP® Therapy systems, the gold standard of ECP therapy, today announced that its wholly owned subsidiary Biox Instruments Co. Ltd., based in Wuxi, China, has received approval from the Chinese Food and Drug Administration (CFDA) to begin marketing its new MobiCare Wireless Patient Monitors in China.
MobiCare Wireless Patient Monitor is a vital signs monitoring system that acquires and displays multiple physiological signals, including electrocardiogram (ECG), blood pressure, respiration, peripheral capillary oxygen saturation (SpO2), body temperature, as well as provides real-time detection and alerts for certain abnormalities in these vital signs. Unlike traditional bedside patient monitoring systems, the MobiCare system transmits patient signals wirelessly to a touch-screen tablet receiver or a bedside monitor. The MobiCare system’s wireless connectivity untethers patients from the bedside monitor allowing them movement within a certain range. The Biox MobiCare system will first be sold to hospitals in China as a new type of bedside patient monitor, in order to cultivate acceptance of the technology and set the stage for future introduction into the fast growing global home care market.
“Our MobiCare system is a breakthrough into the relatively mature but still growing market of vital sign monitoring devices. More importantly, with its current configuration and planned future derivatives, the MobiCare system provides a natural bridge to telemedicine and home care systems, putting us in a strong position in these healthcare markets of the future,” commented Dr. Jun Ma, President and CEO of Vasomedical. “This innovative device is another example of making good on our promise to deliver advanced quality products at affordable prices so that patients all over the world may benefit as we continue to build shareholder value in our company.”
The MobiCare prototypes were first exhibited in November 2013 at CMEF Autumn 2013 in Xiamen, China and at MEDICA 2013 in Dusseldorf, Germany, and then at Arab Health 2014 in Dubai, UAE in January 2014. Based on the positive feedback from attendees at these events, the Company is preparing applications for CE marking and US FDA clearance.
About Vasomedical
Vasomedical, Inc. is a diversified medical technology company specializing in the manufacture and sale of medical devices and in the domestic sale of diagnostic imaging products. The Company’s main proprietary products are EECP®Therapy systems, the gold standard of ECP treatment. The Company operates through three wholly owned subsidiaries: Vasomedical Solutions, Vasomedical Global and VasoHealthcare. Vasomedical Solutions manages and coordinates the design, manufacture and sales of EECP® Therapy systems, and other medical equipment operations; Vasomedical Global operates the Company’s China-based subsidiaries; and VasoHealthcare is the operating subsidiary for the exclusive sales representation of GE Healthcare diagnostic imaging products in certain market segments. Additional information is available on the Company’s website at www.vasomedical.com.
About Biox Instruments
Biox Instruments Co., Ltd., a wholly owned subsidiary of Vasomedical, is based in Wuxi, Jiangsu Province, China. With long established expertise in miniaturization and low power consumption medical devices, it is a leading company in ambulatory monitoring systems consisting of ECG Holter recorders, ambulatory blood pressure monitoring (ABPM) systems as well as related analysis and reporting software. Biox is in full compliance of revered quality and manufacturing standards such as ISO 13485, ISO 9001, US FDA cGMP as well as the Medical Device Directive of the European Union. Biox products are FDA Cleared, CE Marked and Health Canada Listed. Furthermore, Biox continues to provide OEM and OED services to many businesses that require effective solutions to product design and performance. Additional information is available on the Company’s website at www.biox.com.cn.
Except for historical information contained in this release, the matters discussed are forward-looking statements that involve risks and uncertainties. When used in this release, words such as “anticipates”, “believes”, “could”, “estimates”, “expects”, “may”, “plans”, “potential” and “intends” and similar expressions, as they relate to the Company or its management, identify forward-looking statements. Such forward-looking statements are based on the beliefs of the Company’s management, as well as assumptions made by and information currently available to the Company’s management. Among the factors that could cause actual results to differ materially are the following: the effect of business and economic conditions; the effect of the dramatic changes taking place in the healthcare environment; the impact of competitive procedures and products and their pricing; medical insurance reimbursement policies; unexpected manufacturing or supplier problems; unforeseen difficulties and delays in the conduct of clinical trials and other product development programs; the actions of regulatory authorities and third-party payers in the United States and overseas; uncertainties about the acceptance of a novel therapeutic modality by the medical community; continuation of the GEHC agreement; and the risk factors reported from time to time in the Company’s SEC reports. The Company undertakes no obligation to update forward-looking statements as a result of future events or developments.
Investor Contacts:
Todd Fromer / Garth Russell
KCSA Strategic Communications
212-896-1215 / 212-896-1250
tfromer@kcsa.com / grussell@kcsa.com
Media Contacts:
Samantha Wolf / Andrew Herweg
KCSA Strategic Communications
212-896-1220/212-896-1273
swolf@kcsa.com / aherweg@kcsa.com
SOURCE: Vasomedical, Inc.
Link to PR Newswire: http://www.prnewswire.com/news-releases/vasomedical-announces-bioxs-mobicare-wireless-patient-monitors-receives-marketing-approval-in-china-250592061.html
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
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