Company reports net income of $1.5 million on significant revenue growth
PLAINVIEW, NY / August 15, 2022 / Vaso Corporation (“Vaso”) (OTC PINK:VASO) today reported its operating results for the three months ended June 30, 2022.
“For the second quarter of 2022, the Company recorded a total revenue of $19.5 million, representing a 21% increase year-over-year. As a result, net income improved substantially, to $1.5 million from a net loss of $0.9 million when excluding the PPP loan forgiveness the Company received in the second quarter last year,” commented Dr. Jun Ma, President and Chief Executive Officer of Vaso Corporation. “As we stated before, we usually incur losses in the early quarters of the year due to the seasonality of our businesses; therefore, a profitable second quarter, and first half as well, in 2022 was a promising sign of a very profitable year.”
“On the balance sheet, the Company’s cash and cash equivalents were $15.4 million as of June 30, 2022, up from $9.4 million a year before. Total deferred revenue reached a historical high of $27.1 million at the end of second quarter. In addition, the Company continued to generate positive cashflow from operating activities, in the amount of $9.7 million during the first six months of the year, up from $5.6 million during the same period of the prior year,” Dr. Ma continued. “Given the overall strength of the Company’s businesses and financials, we believe that the Company is well prepared to weather the pandemic and geopolitical uncertainties that continue to negatively impact the world economy.”
Financial Results for Three Months Ended June 30, 2022
For the three months ended June 30, 2022, revenue increased 21% to $19.5 million from $16.1 million for the same period of 2021. Revenue in our professional sales service segment increased $3.9 million or 78%, compared to the second quarter of 2021, as a result of higher deliveries of underlying equipment by our partner and a higher blended commission rate. Revenue in the IT segment decreased $0.4 million or 4% when compared to the second quarter of 2021, mainly due to the recurring service revenue lost during the peak of COVID-19 pandemic exceeding new customer contracts; and revenue in the equipment segment decreased $0.1 million or 12% due to lower equipment volumes in our China operations as impacted by the COVID-19 lockdown.
Gross profit for the second quarter of 2022 increased 31% to $11.3 million, compared with a gross profit of $8.6 million for the same quarter of 2021. This increase was primarily the result of the increase in revenue in the professional sales service segment.
Selling, general and administrative (SG&A) expenses for the second quarter of 2022 increased 5% to $9.6 million, when compared to the second quarter of 2021. The increase is primarily attributable to higher travel and personnel costs in the professional sales service and IT segments, partially offset by a decrease in expenses in the equipment segment as well as a decrease in corporate expenses.
Other expense, net, was $49 thousand in the second quarter, compared to other income of $3.6 million in the second quarter of 2021. In the second quarter of 2021 the Company recorded a $3.6 million gain on the forgiveness of the PPP loan.
Net income for the three months ended June 30, 2022 was $1.5 million, compared to net income of $2.8 million in the second quarter 2021, during which the gain on the forgiveness on the PPP loan was recognized.
Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization and non-cash stock-based compensation) was $2.3 million for the three months ended June 30, 2022, compared to $3.4 million for the same period a year ago.
Net cash provided by operating activities in the first six months of 2022 was $9.7 million, a 74% increase when compared to cash provided by operations of $5.6 million for the same period in 2021. As of June 30, 2022 and December 31, 2021, the Company had cash and cash equivalents of approximately $15.4 million and $6.0 million, respectively.
About Vaso
Vaso Corporation is a diversified medical technology company with several distinctive but related specialties: managed IT systems and services, including healthcare software solutions and network connectivity services; professional sales services for diagnostic imaging products; and design, manufacture and sale of proprietary medical devices.
The Company operates through three wholly owned subsidiaries:
Except for historical information contained in this release, the matters discussed are forward-looking statements that involve risks and uncertainties. When used in this report, words such as “anticipates”, “believes”, “could”, “estimates”, “expects”, “may”, “optimistic”, “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, including the impact of the current COVID-19 pandemic; the effect of the dramatic changes taking place in IT and healthcare; continuation of the GEHC agreement; the impact of competitive technology and products and their pricing; medical insurance reimbursement policies; unexpected manufacturing or supplier problems; unforeseen difficulties and delays in product development programs; the actions of regulatory authorities and third-party payers in the United States and overseas; 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 Contact:
Michael J. Beecher
Investor Relations
Phone: 516-508-5840
Email: mbeecher@vasocorporation.com
Revenue and Profitability Continued to Improve Year-over-year
PLAINVIEW, NY / May 16, 2022 / Vaso Corporation (“Vaso”) (OTC PINK:VASO) today reported its operating results for the three months ended March 31, 2022.
“For first quarter of 2022, the Company recorded a total revenue of $17.0 million, up by 3.0% from $16.5 million for the same quarter in the prior year. Quarterly gross profit reached $9.8 million, up by 14.1% year-over-year, as gross profit margin also increased significantly. Operating loss for the quarter decreased by 34.3% year-over-year to $0.4 million, making it the best first quarter in the Company’s recent history,” commented Dr. Jun Ma, President and Chief Executive Officer of Vaso Corporation. “Again, due to the cyclic nature of our businesses, we often incur losses in the beginning quarters of the year and record high revenue and profit in the later quarters, especially the fourth quarter. Therefore, we are excited to see a strong head start for the fiscal year of 2022.”
“The Company continues to maintain a strong balance sheet as well. Specifically, total deferred revenue as of March 31, 2022 reached a historical high of $27.0 million, representing an $8.5 million increase from March 31, 2021; as of May 6, 2022, cash and cash equivalents were $13.1 million. All these together provide a robust stage for continued profitability for the Company in 2022,” concluded Dr. Ma.
Financial Results for Three Months Ended March 31, 2022
For the three months ended March 31, 2022, revenue increased by 3.0% to $17.0 million from $16.5 million for the same period of 2021, due primarily to the increase of $2.0 million, or 41.9%, in revenue in our professional sales service segment as the result of higher equipment deliveries and a higher average commission rate during the quarter. Revenue in our IT segment decreased by $1.3 million, or 11.1%, in the first quarter 2022 when compared to the same quarter of 2021, due to lower revenue in the NetWolves business; and our equipment segment revenue decreased by $212 thousand, or 34.7%, when compared to the first quarter of 2021, principally due to lower equipment deliveries in our China operations as affected by COVID-19 lockdowns in the country.
Gross profit for the first quarter of 2022 increased by $1.2 million, or 14.1%, to $9.8 million, compared with a gross profit of $8.6 million for the same quarter of 2021. This increase was primarily the result of the increase in revenue in the professional sales service segment.
Selling, general and administrative (SG&A) expenses for the first quarter of 2022 increased by $1.0 million, or 11.7%, to $10.0 million, compared to the first quarter of 2021. The increase is primarily attributable to an increase in the costs of annual national sales meeting, which was held virtually last year, as well as travel and personnel costs. These meeting and travel costs were significantly lower in 2021 as a result of the COVID-19 pandemic.
Operating loss for the three months ended March 31, 2022 was $354 thousand, compared to an operating loss of $539 thousand in the first quarter 2021, representing an improvement of $185 thousand, or 34.3%, resulting from the increase in gross profit, partially offset by the increase in SG&A costs.
Net loss for the three months ended March 31, 2022 was $344 thousand, a significant improvement over the loss of $643 thousand for the first quarter of 2021.
Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization, and stock-based compensation) improved to $147 thousand for the quarter, compared to $101 thousand in the first quarter of 2021.
Net cash used in operating activities were $625 thousand for the first quarter 2022. compared to net cash provided from operations of $5.5 million during the first quarter of 2021. The change was mainly due to the late arrival of a large payment the Company has now received in April 2022. As of May 6, 2022, the Company’s net cash was approximately $13.1 million.
Summarized Financial Information
*Adjusted EBITDA is earnings before interest, taxes, depreciation and amortization and non-cash stock-based compensation
About Vaso
Vaso Corporation is a diversified medical technology company with several distinctive but related specialties: managed IT systems and services, including healthcare software solutions and network connectivity services; professional sales services for diagnostic imaging products; and design, manufacture and sale of proprietary medical devices.
The Company operates through three wholly owned subsidiaries:
Except for historical information contained in this release, the matters discussed are forward-looking statements that involve risks and uncertainties. When used in this report, words such as “anticipates”, “believes”, “could”, “estimates”, “expects”, “may”, “optimistic”, “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, including the impact of the current COVID-19 pandemic; the effect of the dramatic changes taking place in IT and healthcare; continuation of the GEHC agreement; the impact of competitive technology and products and their pricing; medical insurance reimbursement policies; unexpected manufacturing or supplier problems; unforeseen difficulties and delays in product development programs; the actions of regulatory authorities and third-party payers in the United States and overseas; 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 Contact:
Michael J. Beecher
Investor Relations
Phone: 516-508-5840
Email: mbeecher@vasocorporation.com
The Company Reports Significant Growth in Revenue and Profitability
PLAINVIEW, NY / March 30, 2022/ Vaso Corporation (“Vaso”) (OTC PINK:VASO) today reported its operating results for the three months and year ended December 31, 2021.
“Driven by the extraordinary fourth-quarter growth in our professional sales service segment and equipment segment, the Company’s total revenue for fiscal year 2021 reached $75.6 million, a growth of 8.2% over the prior year. Compounding it with an improvement in gross profit margin by 185 basis points, we recorded an annual operating profit of $2.8 million, an increase of 265.0% year-over-year,” commented Dr. Jun Ma, President and Chief Executive Officer of Vaso Corporation. “Such an accomplishment would not be possible without the dedication and professionalism of our employees, who must be constantly balancing their life and work while facing the tremendous uncertainties in business and daily life during the pandemic. On behalf of the board of directors and the management of the Company, I thank you.”
“The Company’s balance sheet has been further strengthened after a total debt paydown of $8.1 million in 2021. In addition, deferred revenue as of December 31, 2021 was at a historical high of $25.0 million, a $7.3 million increase over the prior 12-month period. With a healthy cash position thanks to the positive cash flow of $7.8 million generated in operating activities during the year, and in light of the pandemic’s recent tapering off, we remain optimistic about the Company’s performance going forward,” concluded Dr. Ma.
Financial Results for Three Months Ended December 31, 2021
For the three months ended December 31, 2021, revenue increased by 31.1% to $24.5 million from $18.7 million for the same period of 2020, due primarily to the increase of $5.4 million, or 75.1%, in revenue in our professional sales service segment as the result of higher deliveries of underlying equipment by our partner and a higher blended commission rate during the quarter. Revenue in our IT segment decreased 2.4%, to $10.6 million in the fourth quarter 2021, compared to the same quarter of 2020, while our equipment segment revenue increased 110.1% to $1.3 million from $0.6 million for the fourth quarter of 2020, primarily due to an increase in unit sales of our Biox products in China.
Gross profit for the fourth quarter of 2021 increased by 41.5% to $15.7 million, compared with a gross profit of $11.1 million for the same quarter of 2020. This increase was primarily the result of the increase in revenue in the professional sales service and equipment segments.
Selling, general and administrative (SG&A) expenses for the fourth quarter of 2021 increased by 14.4% to $10.9 million, compared to $9.6 million for the fourth quarter of 2020. The increase was primarily attributable to an increase in personnel and travel costs in the professional sales service segment, offset by a decrease in personnel and other costs in the IT segment. SG&A expenses were 44.7% and 51.2% of revenue in the fourth quarter of 2021 and 2020, respectively.
Net income for the three months ended December 31, 2021 was $3.3 million, compared with a net income of $1.2 million for the three months ended December 31, 2020.
Financial Results for Year Ended December 31, 2021
For the year ended December 31, 2021, revenue increased by $5.7 million or 8.2% to $75.6 million when compared with $69.9 million for the year 2020. Revenue in our IT segment decreased 2.2% to $42.9 million for the year 2021, from 2020 revenue of $43.9 million, primarily due to a decrease of revenue in the network services business. Commission revenues in our professional sales service segment increased by 28.8% to $29.4 million in the year 2021, compared to $22.9 million in 2020. The increase was the result of higher equipment deliveries by our partner and higher blended commission rates for the equipment delivered during the year. Equipment segment revenue for the year 2021 increased by 4.2% to $3.2 million, from $3.1 million in 2020, principally due to an increase in product sales in our China operations, partially offset by the sale of 51% of our EECP business in the second quarter of 2020.
Gross profit for the year ended December 31, 2021 increased 11.8% to $43.1 million, from $38.6 million in 2020, as a result of the higher revenue in our professional sales service and equipment segments.
SG&A expenses for the year ended December 31, 2021 increased $1.5 million or 4.2% to $38.6 million, or 51.1% of revenue, compared with $37.1 million, or 53.0% of revenue, for the same period in 2020. The increase resulted primarily from an increase of $2.4 million in personnel and travel costs in the professional sales service segment, partially offset by a decrease of $1.1 million in the IT segment due to lower personnel and travel costs.
For the year ended December 31, 2021, the Company had net income of $6.1 million, $5.7 million greater than the net income of $358 thousand for the year ended December 31, 2020.
Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization, and share-based compensation) was $10.4 million for the year ended December 31, 2021 compared to Adjusted EBITDA of $3.6 million for the year ended December 31, 2020.
Net cash provided from operating activities in 2021 was $7.8 million, compared to net cash provided from operating activities of $5.9 million in 2020. The increase is principally due to the increase in profitability, offset by the increase in accounts receivable. Net cash decreased to $6.0 million at December 31, 2021, compared to $6.8 million at December 31, 2020. The decrease in cash is the net effect of positive cash from operating activities, reduced by the repayment of $8.1 million of debt. As of March 25, 2022, the Company’s net cash was approximately $11.2 million.
Deferred revenue increased to $25.0 million at December 31, 2021, compared to $17.7 million at December 31, 2020. The increase is primarily the result of high order bookings in the professional sales service segment. The deferred revenue will be recognized in the future when the underlying equipment or services are delivered and accepted at the customer site.
Summarized Financial Information
*Adjusted EBITDA is earnings before interest, taxes, depreciation and amortization and non-cash stock-based compensation
About Vaso
Vaso Corporation is a diversified medical technology company with several distinctive but related specialties: managed IT systems and services, including healthcare software solutions and network connectivity services; professional sales services for diagnostic imaging products; and design, manufacture and sale of proprietary medical devices.
The Company operates through three wholly owned subsidiaries:
Except for historical information contained in this release, the matters discussed are forward-looking statements that involve risks and uncertainties. When used in this report, words such as “anticipates”, “believes”, “could”, “estimates”, “expects”, “may”, “optimistic”, “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, including the impact of the current COVID-19 pandemic; the effect of the dramatic changes taking place in IT and healthcare; continuation of the GEHC agreement; the impact of competitive technology and products and their pricing; medical insurance reimbursement policies; unexpected manufacturing or supplier problems; unforeseen difficulties and delays in product development programs; the actions of regulatory authorities and third-party payers in the United States and overseas; 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 Contact:
Michael J. Beecher
Investor Relations
Phone: 516-508-5840
Email: mbeecher@vasocorporation.com
Revenue for the quarter increased by 6% year-over-year
PLAINVIEW, NY / November 15, 2021 / Vaso Corporation (“Vaso”) (OTC PINK:VASO) today reported its operating results for the three months ended September 30, 2021.
“Total revenue of the Company grew year-over-year for both the three-month and nine-month periods ending September 30, 2021,” commented Dr. Jun Ma, President and Chief Executive Officer of Vaso Corporation. “Bottom line results year-to-date also improved significantly, with operating loss reduced by 29% to approximately $0.6 million. Given the cyclical nature of our business with the fourth quarter the most profitable quarter of the year, we anticipate that full year 2021 will be another profitable year for Vaso, without including the PPP loan forgiveness we received in the second quarter of this year.”
“The Company continues to maintain a strong cash position, thanks to the operating cash flow of over $5.4 million generated in the first nine months of the year. This cash position, coupled with our anticipated exit from the COVID-19 pandemic in the coming months, should allow us to further pay down our debt,” concluded Dr. Ma.
Financial Results for Three Months Ended September 30, 2021
Total revenue for the three months ended September 30, 2021 was $18.4 million, representing an increase of $1.0 million or 6% from revenue of $17.4 million for the same period in the prior year. On a segment basis, revenue in the IT segment decreased by $0.2 million or 1% year-over-year due to lower network service sales offset by higher healthcare IT sales, and revenue in the equipment segment decreased by $0.3 million or 33% due to lower deliveries in China, while revenue in the professional sales services segment increased $1.4 million or 25% mainly as a result of higher volume of underlying equipment delivered by our partner during the period.
Gross profit for the three months ended September 30, 2021 increased by $0.5 million, or 5%, to $10.3 million, compared to a gross profit of $9.8 million for the same quarter of 2020. This increase was mainly due to the increases in revenue and gross profit of the professional sales services segment.
Selling, general and administrative (SG&A) expenses for the third quarter of 2021 increased by 12% to $9.5 million when compared to the third quarter of 2020. The increase is primarily attributable to higher travel and personnel costs in the professional sales service segment as compared to 2020 when travel was limited due to the COVID-19 pandemic, as well as an increase in corporate expenses for the annual stockholders meeting which did not take place last year.
Net income for the three months ended September 30, 2021 was $0.7 million, compared to net income of $1.0 million for the three months ended September 30, 2020. The principal cause of the decrease in net income is the increase in SG&A expenses, partially offset by the increase in gross profit.
Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization, adjusted for non-cash stock-based compensation) was $1.4 million for the quarter ended September 30, 2021, compared to $1.8 million for the same quarter a year ago.
Net cash provided by operating activities in the first nine months of 2021 was $5.4 million, compared to $4.7 million for the same period in 2020. The Company repaid debt totaling $5.7 million in the first nine months of 2021. As of September 30, 2021 and December 31, 2020, the Company had cash and cash equivalents of approximately $6.2 million and $6.8 million, respectively.
Summarized Financial Information
About Vaso
Vaso Corporation is a diversified medical technology company with several distinctive but related specialties: managed IT systems and services, including healthcare software solutions and network connectivity services; professional sales services for diagnostic imaging products; and design, manufacture and sale of proprietary medical devices.
The Company operates through three wholly owned subsidiaries:
Except for historical information contained in this release, the matters discussed are forward-looking statements that involve risks and uncertainties. When used in this report, words such as “anticipates”, “believes”, “could”, “estimates”, “expects”, “may”, “optimistic”, “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, including the impact of the current COVID-19 pandemic; the effect of the dramatic changes taking place in IT and healthcare; continuation of the GEHC agreement; the impact of competitive technology and products and their pricing; medical insurance reimbursement policies; unexpected manufacturing or supplier problems; unforeseen difficulties and delays in product development programs; the actions of regulatory authorities and third-party payers in the United States and overseas; 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 Contact:
Michael J. Beecher
Investor Relations
Phone: 516-508-5840
Email: mbeecher@vasocorporation.com
Company reports net income of $2.8 million with forgiveness of PPP loan
PLAINVIEW, NY / August 13, 2021 / Vaso Corporation (“Vaso”) (OTC PINK:VASO) today reported its operating results for the three months ended June 30, 2021.
“In the second quarter of 2021, the Company recorded an operating loss of $0.7 million on revenue of $16.1 million, as compared to an operating loss of $0.6 million on revenue of $16.3 million in the same quarter of the prior year. For the first half of the year, operating loss decreased by $0.7 million, or 37%, to $1.3 million on revenue of $32.7 million from $2.0 million on revenue $33.5 million for the first half of 2020,” commented Dr. Jun Ma, President and Chief Executive Officer of Vaso Corporation. “We are very much encouraged by the operating results this year so far, especially the progress in the IT segment despite the continued negative impact of the COVID-19 pandemic.”
“With the forgiveness of the $3.6 million PPP (Paycheck Protection Program) loan in June, which was accounted for as other income, the Company recorded net income of $2.8 million and $2.1 million for the three- and six-month periods ending June 30, 2021, respectively. Operating cash flow during the first half of the year was up 39% year-over-year, enabling us to pay down most of the debts,” Dr. Ma continued.
“New variants of the COVID virus have brought new challenges to the world and have greatly slowed down the economic reopening in the country. However, we remain cautiously optimistic for the remainder of the year as we have reduced operating expenses, improved business efficiency, and prepared for the market uncertainty going forward,” concluded Dr. Ma.
Financial Results for Three Months Ended June 30, 2021
For the three months ended June 30, 2021, revenue decreased 1% to $16.1 million from $16.3 million for the same period of 2020. When compared to the second quarter of 2020, revenue in the IT segment decreased $0.3 million or 3%, as this segment continued to experience the impact of COVID-19; revenue in our professional sales service segment increased $0.3 million or 5% as a result of higher deliveries of underlying equipment by our partner and a higher blended commission rate; and revenue in the equipment segment decreased $0.1 million or 10% as a result of lower EECP service revenue.
Gross profit for the second quarter of 2021 increased 3% to $8.6 million, compared with a gross profit of $8.4 million for the same quarter of 2020. This increase was primarily the result of the increase in revenue in the professional sales service segment.
Selling, general and administrative (SG&A) expenses for the second quarter of 2021 increased 4% to $9.2 million, when compared to the first quarter of 2020. The increase is primarily attributable to higher travel and personnel costs in the professional sales service and equipment segments as well as an increase in corporate accounting fees, offset by a reduction in the costs in the IT segment as a result of lower personnel costs.
Other income, net, increased $3.6 million in the second quarter 2021 from net expense of $54 thousand in the second quarter 2020. The increase was due primarily to the $3.6 million gain on the forgiveness of the PPP loan.
Net income for the three months ended June 30, 2021 was $2.8 million, compared to a net loss of $0.7 million in the second quarter 2020. The improvement was primarily due to the forgiveness of the PPP loan.
Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization and non-cash stock-based compensation) was $3.4 million for the three months ended June 30, 2021, compared to $121 thousand for the same period a year ago.
Net cash provided by operating activities in the first six months of 2021 was $5.6 million, a 39% improvement when compared to cash provided by operations of $4.0 million for the same period in 2020. The Company repaid debt totaling $3.0 million in the first half of 2021 and an additional $2.6 million in August 2021. As of June 30, 2021 and December 31, 2020, the Company had cash and cash equivalents of approximately $9.4 million and $6.8 million, respectively.
Summarized Financial Information
About Vaso
Vaso Corporation is a diversified medical technology company with several distinctive but related specialties: managed IT systems and services, including healthcare software solutions and network connectivity services; professional sales services for diagnostic imaging products; and design, manufacture and sale of proprietary medical devices.
The Company operates through three wholly owned subsidiaries:
Except for historical information contained in this release, the matters discussed are forward-looking statements that involve risks and uncertainties. When used in this report, words such as “anticipates”, “believes”, “could”, “estimates”, “expects”, “may”, “optimistic”, “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, including the impact of the current COVID-19 pandemic; the effect of the dramatic changes taking place in IT and healthcare; continuation of the GEHC agreement; the impact of competitive technology and products and their pricing; medical insurance reimbursement policies; unexpected manufacturing or supplier problems; unforeseen difficulties and delays in product development programs; the actions of regulatory authorities and third-party payers in the United States and overseas; 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 Contact:
Michael J. Beecher
Investor Relations
Phone: 516-508-5840
Email: mbeecher@vasocorporation.com
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