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
WESTBURY, N.Y., April 1, 2013 /PRNewswire/ — Vasomedical, Inc. (“Vasomedical”) (OTC BB: VASO) today reported its operating results for the three months and year ended December 31, 2012.
“This year we saw an increase in activity across each of our business segments, even though not everything was reflected in our total revenue for 2012, which declined by 6% compared to 2011,” commented Dr. Jun Ma, President and Chief Executive Officer of Vasomedical, Inc. “The decline in revenue for 2012 is due to the lower commission rate earned by our VasoHealthcare unit as a result of the aggressive sales performance target set earlier in the year. We believe the sales target was aggressive given it was approximately 16% higher than the 2011 target and approximately 10% higher than 2011 actual performance, and on the other hand we saw in 2012 a relatively flat market for diagnostic imaging products, year-over-year. We believe the performance target for 2013 is more in line with current market conditions and our sales team’s historical results, putting us in a position to achieve strong revenue growth in 2013.”
“Revenue from our equipment segment grew 34% for the full year of 2012, compared to 2011. This was a direct result of the increased sales achieved from our Biox subsidiary, coupled with growth in international EECP® sales. As most of this growth was organic, we plan to expand distribution, sales and marketing for each area of our equipment segment in order to build on this momentum.”
“Upon execution of our growth strategy, we expect to improve upon all fronts of our business and return to profitability. This strategy includes expanding on the domestic and international sales and marketing efforts for our EECP solutions and investing in further growth of our China operations. We will also seek out opportunities for partnerships and acquisitions in order to enhance our product lines. Most importantly, we have the capital resources needed to invest in our business and properly support future growth. As of March 1, 2013 our cash and cash equivalents were $12.9 million,” concluded Dr. Ma.
Three Months Ended December 31, 2012 Financial Results
For the three months ended December 31, 2012, revenue decreased 32.9% to $9.8 million, compared to $14.6 million for the three months ended December 31, 2011. The decrease in revenue is attributable to the Sales Representation segment, which recorded a lower commission rate in 2012 than in 2011. The lower commission rate was a direct result of a higher sales performance target preset early in the year and a flat domestic market for the products in 2012, despite a good performance by the VasoHealthcare sales team. According to our sales representation agreement with our partner, we earn a progressively higher commission rate as performance targets are met during the year, and the higher commission rate is applied retroactively to all booked orders in the year. Therefore, we normally see higher commission revenue in the fourth quarter of the year when the relevant sales targets are met and the retroactive adjustments are made. Consequently, the full impact of the lower commission rate in 2012 was also recorded in the fourth quarter results. Commission revenue from the retroactive adjustment in the fourth quarter 2012 was 64.8% lower than in the fourth quarter of 2011.
Gross profit for the fourth quarter of 2012 was $6.8 million, for a gross margin of 69.7%, compared to a gross profit of $10.5 million, for a gross margin of 71.8%, for the fourth quarter of 2011.
Selling, general and administrative (SG&A) expenses for the fourth quarter of 2012 were $6.3 million compared to $5.2 million for the same period last year. SG&A increased principally from higher sales and marketing expenses incurred in conjunction with the extension of our exclusive representation agreement with GE Healthcare, a division of General Electric Company (“GEHC”).
Net income attributable to common stockholders for the three months ended December 31, 2012 was $0.4 million, or $0.00 per common share, compared to a net income of $5.0 million, or $0.03 per common share, for the three months ended December 31, 2011.
Year Ended December 31, 2012 Financial Results
(For purposes of comparison, the Company compares the year ended December 31, 2012 results with the unaudited financial results for the year ended December 31, 2011. The Company’s 2011 audited results, which are included in its 10K filing with the SEC, are for the seven months ended December 31, 2011 and full year ended May 31, 2011, reflecting its decision in 2011 to change to a fiscal year ended December 31st from May 31st.)
The Company reported a decrease in revenue of 6% to $29.2 million for the year ended December 31, 2012, compared to $31.1 million for the year ended December 31, 2011. The slight decrease in revenue is primarily due to a 13% decline in commission revenue in our sales representation segment attributable to a lower commission rate in 2012. This was partially offset by a 34% increase in revenue from our equipment segment.
Gross profit for 2012 was $20.6 million, for a gross margin of 70.4%, compared to a gross profit of $21.9 million, for a gross margin of 70.4%, for 2011.
SG&A for 2012 was $23.5 million compared to $17.7 million for 2011. This increase in SG&A is attributable to increased compensation and benefits expenses in the sales representation segment principally related to costs incurred in connection with the extension of the GEHC contract. SG&A also increased in the equipment segment due to higher compensation costs, higher sales and marketing expenses, mainly related to reimbursement consulting, and the inclusion of costs of China operations for a full year, as well as higher corporate expenses, mainly accounting, legal and director’s fees.
For the year ended December 31, 2012, the Company had a net loss attributable to common stockholders of $3.4 million, or $0.02 per common share, compared to a net income of $2.2 million, or $0.02 per common share, for the year ended December 31, 2011.
The Company continues to record a substantial amount of deferred revenues, which will be recognized once the underlying equipment or service is accepted by the customer or performed by the Company. As of December 31, 2012, total deferred revenues were approximately $15.6 million, and the Company recorded cash and cash equivalents of approximately $11.5 million.
Conference Call Information
The Company will host a conference call today, Monday, April 1st at 1:00 p.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: 26000098. 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 May 1, 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: 26000098.
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, 2012 |
December 31, 2011 |
December 31, 2012 |
December 31, 2011 |
|
|
(In thousands except per share amounts) |
|||||
|
Revenue |
$9,778 |
$14,562 |
$29,240 |
$31,112 |
|
|
Gross profit |
$6,820 |
$10,454 |
$20,594 |
$21,917 |
|
|
Operating (loss) income |
$377 |
$5,117 |
$(3,508) |
$3,701 |
|
|
Other income (expense), net |
$28 |
$145 |
$179 |
$208 |
|
|
(Loss) income before taxes |
$405 |
$5,262 |
$(3,329) |
$3,909 |
|
|
Income tax benefit (expense) |
$21 |
$(271) |
$(52) |
$(275) |
|
|
Net (loss) income |
$426 |
$4,991 |
$(3,381) |
$3,634 |
|
|
Preferred stock dividends |
$ – |
$ – |
$ – |
$(1,459) |
|
|
Net (loss) income applicable to common stockholders |
$426 |
$4,991 |
$(3,381) |
$2,175 |
|
|
BALANCE SHEETS |
December 31, 2012 |
December 31, 2011 |
|
(In thousands) |
||
|
Total current assets |
$25,716 |
$27,686 |
|
Total assets |
$32,381 |
$34,335 |
|
Total current liabilities |
$18,178 |
$16,508 |
|
Total stockholders’ equity |
$9,010 |
$11,276 |
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-fourth-quarter-and-year-ended-2012-200853691.html
WESTBURY, N.Y., April 1, 2013 /PRNewswire/ — Vasomedical, Inc. (OTC BB: VASO), announced today that its Board of Directors has authorized a share repurchase program of up to $1.5 million of the Company’s common stock. As of Friday, March 29, 2013, this would represent approximately 5% of the total outstanding shares of Vasomedical common stock.
“We have the capital resources available to implement a fairly aggressive stock repurchase program such as this, which amounts to roughly 5% of our total outstanding shares, and still invest in our company’s business to drive future growth. We believe that our share price does not properly reflect the current value of our business or its potential future performance,” said Dr. Jun Ma, President and Chief Executive Officer of Vasomedical, Inc. “We have a strong financial profile that gives us the flexibility to focus on our future plans to grow sales and achieve profitability, while supporting our stock. We believe this strategy shows our commitment to building shareholder value as well as confidence in achieving long-term growth.”
The share repurchase program is effective immediately. Repurchases will be made in accordance with applicable securities laws in the open market or in privately negotiated transactions. Depending on market conditions and other factors, these repurchases may be commenced or suspended from time to time without prior notice. The Company is under no obligation to fulfill the entire amount of the stock buyback program approved by the Board.
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/vasomedical-announces-share-repurchase-program-of-up-to-15-million-in-common-stock-200857431.html
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