WESTBURY, N.Y., Nov. 20, 2012 /PRNewswire/ — Vasomedical, Inc. (“Vasomedical”) (OTCQB: VASO) today reported its operating results for the three- and nine-month periods ended September 30, 2012.
“We reported another strong quarter of sales for our equipment segment in the third quarter. However, changes to certain sales commission milestones for 2012 compared to 2011 have resulted in a third quarter year-over-year revenue comparison that is non-reflective of our actual performance. As such, we believe that the comparison of our revenue for the nine-month periods ended September 30, 2012 and 2011 offers a more accurate representation of our sales growth. For the nine months ended September 30, 2012, the Company reported a 17.6% increase in total revenue, compared to the same period last year,” commented Dr. Jun Ma, President and Chief Executive Officer of Vasomedical, Inc. “We will continue to pursue additional opportunities to expand our equipment segment and explore avenues to grow our sales representation business.”
For the three months ended September 30, 2012, revenue decreased 12.4% to $5.72 million, compared to $6.53 millionfor the three months ended September 30, 2011, primarily due to a decrease in commission revenues from the Sales Representation segment, resulting from a retroactive commission rate increase that was effected in the second quarter of 2012 as opposed to the third quarter in 2011. The Company had a net loss for the three months ended September 30, 2012 of $2.52 million, compared to a net income of $0.64 million for the same period in 2011. Net loss attributable to common stockholders for the three months ended September 30, 2012 was $2.52 million or $0.02 per common share, compared to a net loss of $1.12 million or $0.01 per common share for the three months ended September 30, 2011.
The Company reported an increase in revenue of 17.6% to $19.46 million for the nine months ended September 30, 2012, compared to revenue of $16.55 million for the same period in 2011. The increase in revenue is the result of improved performance in all areas of the Company’s business, including sales of EECP® Therapy systems and its operations in China, as well as increased commission revenue from VasoHealthcare. For the nine months ended September 30, 2012, the Company reported a net loss of $3.81 million compared to a net loss of $1.36 million for the same period in 2011. The losses were principally due to an increase of costs related to an extension of the sales representation agreement with GE Healthcare, as well as increased sales and marketing costs for the Equipment segment. The costs for the Equipment segment now includes SG&A costs of the recently acquired Chinese entities and one-time costs incurred for incentive compensation for certain key employees. For the nine months ended September 30, 2012, the Company had a net loss attributable to common stockholders of $3.81 million or $0.02 per common share, compared to a net loss applicable to common stockholders of $2.82 million or $0.02 per common share for the nine months ended September 30, 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 September 30, 2012, total deferred revenues were approximately $14.99 million, and the Company reported cash and cash equivalents of approximately $9.69 million.
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 NINE MONTHS ENDED |
||||
|
STATEMENTS OF OPERATIONS |
September 30, 2012 |
September 30, 2011 |
September 30, 2012 |
September 30, 2011 |
|
|
(In thousands except per share amounts) |
|||||
|
Revenue |
$5,722 |
$6,530 |
$19,462 |
$16,549 |
|
|
Gross profit |
$4,063 |
$4,719 |
$13,774 |
$11,462 |
|
|
Operating (loss) income |
$(2,659) |
$26 |
$(3,885) |
$(1,417) |
|
|
Other income (expense), net |
$97 |
$43 |
$151 |
$63 |
|
|
(Loss) income before taxes |
$(2,562) |
$69 |
$(3,734) |
$(1,354) |
|
|
Income tax benefit (expense) |
$44 |
$(5) |
$(72) |
$(4) |
|
|
Net (loss) income |
$(2,518) |
$64 |
$(3,806) |
$(1,358) |
|
|
Preferred stock dividends |
$ – |
$(1,180) |
$ – |
$(1,459) |
|
|
Net (loss) income applicable to common stockholders |
$(2,518) |
$(1,116) |
$(3,806) |
$(2,817) |
|
|
BALANCE SHEETS |
September 30, 2012 |
December 31, 2011 |
|||
|
(In thousands) |
|||||
|
Total current assets |
$23,856 |
$28,500 |
|||
|
Total assets |
$29,509 |
$34,335 |
|||
|
Total current liabilities |
$16,125 |
$17,175 |
|||
|
Total stockholders’ equity |
$8,361 |
$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
Media Contacts:
Lewis Goldberg / Samantha Wolf
KCSA Strategic Communications
Phone: 212-896-1216 / 212-896-1220
Email: lgoldberg@kcsa.com / swolf@kcsa.com
SOURCE: Vasomedical, Inc.
Link to PR Newswire: http://www.prnewswire.com/news-releases/vasomedical-announces-financial-results-for-the-third-quarter-of-2012-180144661.html
WESTBURY, N.Y., Nov. 15, 2012 /PRNewswire/ — Vasomedical, Inc. (“Vasomedical”) (OTCQB: VASO), a diversified medical technology company specializing in the design, manufacture and sale of medical devices for noninvasive cardiology including EECP® systems, the gold standard of ECP therapy, announced today that it was named to Deloitte’s Technology Fast 500™, a ranking of the fastest growing technology, media, telecommunications, life sciences and clean technology companies in North America.
The Deloitte Technology Fast 500™ are selected based on percentage fiscal year revenue growth from 2007 to 2011. Vasomedical’s revenue grew 158 percent during the period.
“We are honored to be included in Deloitte’s prestigious Technology Fast 500 list of companies for 2012,” said Dr. Jun Ma, President and Chief Executive Officer of Vasomedical, Inc. “Our inclusion in this exciting group highlights the development our Company has been experiencing as we continue to implement our growth strategy, which includes product and business diversification, as well as strong support from medical providers of our EECP Therapy, a non-invasive heart disease treatment.”
Vasomedical will appear on the Technology Fast 500™ list on www.fast500.com.
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. 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.
About Deloitte’s 2012 Technology Fast 500™
Technology Fast 500, conducted by Deloitte & Touche LLP, provides a ranking of the fastest growing technology, media, telecommunications, life sciences and clean technology companies – both public and private – in North America. Technology Fast 500 award winners are selected based on percentage fiscal year revenue growth from 2007 to 2011.
In order to be eligible for Technology Fast 500 recognition, companies must own proprietary intellectual property or technology that is sold to customers in products that contribute to a majority of the company’s operating revenues. Companies must have base-year operating revenues of at least $50,000 USD or CD, and current-year operating revenues of at least $5 million USD or CD. Additionally, companies must be in business for a minimum of five years, and be headquartered within North America.
Investor Contacts:
Todd Fromer / Garth Russell
KCSA Strategic Communications
Phone: 212-896-1215 / 212-896-1250
Email: tfromer@kcsa.com / grussell@kcsa.com
Media Contacts:
Lewis Goldberg / Samantha Wolf
KCSA Strategic Communications
Phone: 212-896-1216 / 212-896-1220
Email: lgoldberg@kcsa.com / swolf@kcsa.com
SOURCE: Vasomedical, Inc.
Link to PR Newswire: http://www.prnewswire.com/news-releases/vasomedical-named-on-deloittes-2012-technology-fast-500-list-179475651.html
WESTBURY, N.Y., Oct. 31, 2012 /PRNewswire/ — Vasomedical, Inc. (“Vasomedical”) (OTCQB: VASO), a diversified medical technology company specializing in the design, manufacture and sale of medical devices for noninvasive cardiology as well as in the domestic sale of diagnostic imaging products, announced today that it has retained KCSA Strategic Communications (KCSA), a leading New York-based communications firm, to direct the Company’s investor relations and public relations programs.
KCSA will deploy an integrated investor and public relations campaign designed to increase awareness of Vasomedical, its proprietary technology and its business model among the investment community, targeting the healthcare and medical device sectors, in addition to outreach to business and trade publications.
Since KCSA’s inception more than 40 years ago, the firm has developed a strong reputation for its work representing domestic and international companies across all industries, including medical devices, healthcare services and biotechnology. Todd Fromer and Lewis Goldberg, Managing Partners of KCSA, will lead the communications team and provide strategic counsel on financial and media communication matters.
“We understand the importance of a proactive communications program to effectively reach the investment community in general, our shareholders in particular, as well as the media. As we continue to grow our business, we look forward to working closely with KCSA to effectively communicate our growth strategy and operational progress through all of the appropriate channels. As our superior healthcare solutions move into global markets, we see increased demand from healthcare professionals, distributors and consultants, which will significantly further our business. The engagement of a leading IR/PR firm such as KCSA will greatly assist us in achieving our mission,” said Dr. Jun Ma, President and Chief Executive Officer of Vasomedical, Inc.
“Vasomedical is executing on a clear strategy to expand its operations, increase sales and build shareholder value,” said Todd Fromer, Managing Partner of KCSA Strategic Communications. “The Company’s management team and Board of Directors have expressed a strong commitment to increasing awareness among its core constituents. Based on our successful track record of working with dozens of micro-cap healthcare companies, we believe KCSA is the right firm to help tell this compelling story. We look forward to providing our complete range of services to support Vasomedical’s integrated communications initiatives in the healthcare industry.”
About Vasomedical
Vasomedical, Inc. is a diversified medical technology company specializing in the manufacture and sale of medical devices and in the domestic sale of diagnostic imaging products. The Company operates through three wholly owned subsidiaries. Vasomedical Solutions manages and coordinates the design, manufacture and sales of EECP® Therapy systems, its core product, as well as other medical equipment operations; Vasomedical Global operates the Company’s China-based subsidiaries; and Vaso Diagnostics, d/b/a VasoHealthcare, is the operating subsidiary for the sales representation of GE Healthcare diagnostic imaging products. 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.
About KCSA Strategic Communications
KCSA is a fully-integrated communications agency specializing in public relations, investor relations and marketing with expertise in financial and professional services, technology, healthcare, media, energy and public services companies. Since 1969, the firm has demonstrated strategic thinking and program execution that drives results for its clients in the ever-changing communications and digital landscape. The firm’s clients are its best references. For more information, please visit www.kcsa.com.
Investor Contacts:
Todd Fromer / Garth Russell
KCSA Strategic Communications
Phone: 212-896-1215 / 212-896-1250
Email: tfromer@kcsa.com / grussell@kcsa.com
Media Contacts:
Lewis Goldberg / Samantha Wolf
KCSA Strategic Communications
Phone: 212-896-1216 / 212-896-1220
Email: lgoldberg@kcsa.com / swolf@kcsa.com
SOURCE: KCSA Strategic Communications
Link to PR Newswire: http://www.prnewswire.com/news-releases/vasomedical-retains-kcsa-strategic-communications-as-corporate-communications-counsel-176575611.html
WESTBURY, N.Y.–(BUSINESS WIRE)–Vasomedical, Inc. (“Vasomedical”) (OTCQB: VASO), 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 its engagement of a full service broker dealer to sponsor Vasomedical’s stock for quotation on the OTC Bulletin Board (“OTCBB”). The OTCBB is an electronic quotation system that displays real-time quotes, last-sales price, and volume information for many over-the-counter (“OTC”) securities that are not listed on the Nasdaq Stock Market or a national securities exchange.
Currently, the Company’s stock is quoted on OTC Link (previously, “Pink Sheets”) operated by OTC Markets Group, Inc. By listing onto the OTCBB, the company believes that its shareholders may potentially benefit by, among other things, additional exposure to the investment community, increased liquidity, and enhanced corporate image. The application is subject to acceptance by the Financial Industry Regulatory Authority (“FINRA”).
About Vasomedical
Vasomedical, Inc. is a diversified medical technology company specializing in the manufacture and sale of medical devices and in the domestic sale of diagnostic imaging products. The Company operates through three wholly owned subsidiaries. Vasomedical Solutions manages and coordinates the design, manufacture and sales of EECP® Therapy systems, its core product, as well as other medical equipment operations; Vasomedical Global operates the Company’s China-based subsidiaries; and Vaso Diagnostics, d/b/a VasoHealthcare, is the operating subsidiary for the sales representation of GE Healthcare diagnostic imaging products. 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 Relations:
Vasomedical, Inc.
Dr. Jun Ma, 516-997-4600
President and CEO
or
Michael J. Beecher, 516-997-4600
CFO
or
Amanda Jiang, 516-997-4600
Manager, Investor Relations
ir@vasomedical.com
Link to Business Wire: http://www.businesswire.com/news/home/20121025005154/en
WESTBURY, N.Y.–(BUSINESS WIRE)–Vasomedical, Inc. (“Vasomedical”) (OTCQB: VASO), 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 reported its operating results for the three and six months ended June 30, 2012.
The Company reported an increase in revenue of $2.52 million, or 48.7%, to $7.70 million for the three months ended June 30, 2012, compared to revenue of $5.18 million for the same period in 2011. For the six months ended June 30, 2012, revenue was $13.74 million compared to $10.02 million for the six months ended June 30, 2011, an increase of 37.1%. The increase is the result of improved performance in all areas of our business, namely, sales of our EECP® Therapy systems and sales from our China operations, as well as increased commission revenue for Vaso Diagnostics, Inc. We continue to record substantial amounts of deferred revenues, which will be recognized once the underlying equipment or service is accepted or performed. As of June 30, 2012, total deferred revenues were approximately $15.20 million, and the Company had cash and cash equivalents of approximately $11.78 million.
Net income for the three months ended June 30, 2012 was $54,000, compared to a net loss of $0.96 million for the same period in 2011. For the six months ended June 30, 2012 we had a net loss of $1.29 million compared to a net loss of $1.42 million for the same period in 2011. The improvement to profitability and the reduction in the loss reported for the three and six months ended June 30, 2012, respectively, compared to the same periods in 2011, was due to the increase in revenues for both our equipment operations and our sales representation business, offset by higher selling, general and administrative costs associated mainly with additional sales and marketing investments at our Vaso Diagnostics subsidiary, the addition of the China operations, and increased corporate expenses. Income attributable to common stockholders for the three months ended June 30, 2012 was $54,000 or $0.00 per common share, compared to a net loss of $1.11 million or $0.01 per common share for the three months ended June 30, 2011. For the six months ended June 30, 2012 we had a net loss attributable to common stockholders of $1.29 million or $0.01 per common share compared to a net loss applicable to common stockholders of $1.70 million or $0.01 per common share for the six months ended June 30, 2011.
“We are pleased that we are able to report a net income for the quarter ended June 30, 2012 and anticipate that we will continue to improve results in the second half of this year. Our equipment segment is beginning to show significant growth and we expect that this also will continue,” commented Dr. Jun Ma, President and Chief Executive Officer of the Company. “We will continue to pursue additional opportunities to expand our equipment segment and explore methods to grow our sales representation business,” Dr. Ma added.
About Vasomedical
Vasomedical, Inc. is a diversified medical technology company specializing in the manufacture and sale of medical devices and in the domestic sale of diagnostic imaging products. The Company operates through three wholly-owned subsidiaries. Vasomedical Solutions manages and coordinates the design, manufacture and sales of EECP® Therapy systems, its core product, as well as other medical equipment operations; Vasomedical Global operates the Company’s China-based subsidiaries; and Vaso Diagnostics, d/b/a VasoHealthcare, is the operating subsidiary for the sales representation of GE Healthcare diagnostic imaging products. 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, 2012 | June 30, 2011 | June 30, 2012 | June 30, 2011 | |||||||||||||
|
(In thousands except per share amounts) |
|||||||||||||||||
| Revenue | $ | 7,697 | $ | 5,175 | $ | 13,740 | $ | 10,020 | |||||||||
| Gross profit | $ | 5,530 | $ | 3,488 | $ | 9,711 | $ | 6,745 | |||||||||
| Operating income (loss) | $ | 75 | $ | (960) | $ | (1,226) | $ | (1,442) | |||||||||
| Other income (expense), net | $ | 71 | $ | 6 | $ | 54 | $ | 20 | |||||||||
| Income (loss) before taxes | $ | 146 | $ | (954) | $ | (1,172) | $ | (1,422) | |||||||||
| Income tax expense | $ | 92 | $ | 2 | $ | 116 | $ | – | |||||||||
| Net income (loss) | $ | 54 | $ | (956) | $ | (1,288) | $ | (1,422) | |||||||||
| Preferred stock dividends | $ | – | $ | 151 | $ | – | $ | 279 | |||||||||
| Net income (loss) applicable to common stockholders | $ | 54 | $ | (1,107) | $ | (1,288) | $ | (1,701) | |||||||||
|
BALANCE SHEETS |
June 30, 2012 | December 31, 2011 | ||||
|
(In thousands) |
||||||
| Total current assets | $ | 26,422 | $ | 28,500 | ||
| Total assets | $ | 32,055 | $ | 34,306 | ||
| Total current liabilities | $ | 16,801 | $ | 17,146 | ||
| Total stockholders’ equity | $ | 10,624 | $ | 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.
Vasomedical, Inc.
Investor Relations:
Dr. Jun Ma, President and CEO
Michael J. Beecher, CFO
516-997-4600
ir@vasomedical.com
Link to Business Wire: http://www.businesswire.com/news/home/20120814006185/en
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