PLAINVIEW, N.Y. May 15, 2018 – Vaso Corporation (“Vaso”) (OTCMKTS: VASO) today reported its operating results for the three months ended March 31, 2018.
“The Company’s revenue increased by $1.2 million, or 7%, in the first quarter of 2018 when compared to the same quarter of the prior year, led by a 16% year-over-year quarterly revenue growth in the information technology, or IT, segment, continuing the upward trend in this segment,” stated Dr. Jun Ma, President and Chief Executive Officer of Vaso Corporation. “Our equipment segment also contributed to the improvement in total revenue and gross profit, but we continued to experience slow equipment delivery by our partner in the professional sales services segment. This has resulted in a decrease in commission revenue for the quarter in the segment since we only recognize revenue upon delivery and acceptance of the underlying equipment. Therefore, at the end of the first quarter, deferred revenue in the segment increased 8% from a year ago to $20.3 million, of which $15.2 million was short-term, as compared to $9.1 million a year ago, a strong indication that equipment deliveries will be accelerated in the following quarters.”
“As we expect continued growth and improved performance in our IT and equipment segments, and anticipate higher equipment delivery volume in the professional sales service segment, we remain optimistic about the Company’s future profitability and financial position,” concluded Dr. Ma.
Financial Results for Three Months Ended March 31, 2018
For the three months ended March 31, 2018, revenue grew by 7% to $17.5 million from $16.4 million from the same period of 2017, resulting from an increase of $1.6 million in our IT segment revenue and an increase of $0.2 million in our equipment segment revenue, offset by a decrease of $0.7 million in our professional sales service segment due to a decrease in delivery of underlying equipment by our partner. We expect that deliveries will improve over the remainder of 2018.
Gross profit for the first quarter of 2018 increased 6% to $9.6 million, compared with a gross profit of $9.1 million for the first quarter of 2017. This increase is primarily the result of the increase in revenue in the IT and equipment segments, partially offset by a decrease in gross profit in the professional sales services segment.
Selling, general and administrative (SG&A) expenses for the first quarter of 2018 increased 8% to $11.5 million compared to $10.7 million for the first quarter of 2017. The increase is primarily attributable to an increase in personnel costs in the professional sales service and IT segments.
Research and development costs decreased 15% to $187 thousand in the first quarter of 2018 compared to the first quarter of 2017, due to a decrease in software development costs.
Net loss for the three months ended March 31, 2018 was $2.1 million, representing a year-over-year improvement of $62 thousand.
Net cash use in operating activities was $0.5 million in the first quarter of 2018 compared to net cash provided by operations of $0.7 million for the three months ended March 31, 2017. Cash and cash equivalents at March 31, 2018 was $5.8 million, compared to $5.2 million at December 31, 2017.
Total deferred revenue remains substantial, at approximately $21.3 million as of March 31, 2018, which will be recognized in the future when the underlying equipment or services are delivered and accepted at the customer site. Our shareholders’ equity decreased to $7.5 million as of March 31, 2018 from $9.2 million as of December 31, 2017.
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:
Additional information is available on the Company’s website at www.vasocorporation.com.
Summarized Financial Information
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; the effect of the dramatic changes taking place in IT and healthcare; continuation of the GEHC agreements; the impact of competitive technology 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; 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.
PLAINVIEW, N.Y. May 7, 2018 – Vaso Corporation (“Vaso”) (OTCMKTS: VASO) today announced the appointment of Jane Moen as President of Vaso Diagnostics, Inc. d/b/a/ VasoHealthcare, a wholly owned subsidiary of Vaso Corporation, effective June 1, 2018. VasoHealthcare has since July 1, 2010 been the exclusive representative for the sale of select GE Healthcare Diagnostic Imaging equipment as well as related finance and service products to specific market segments in the 48 contiguous states of the United States and the District of Columbia. GE Healthcare (“GEHC”) is the healthcare business of General Electric Company (NYSE:GE).
Ms. Moen is succeeding Shawl Lobree, who is stepping down from the position for personal reasons but will remain as an advisor to VasoHealthcare. An accomplished professional in the healthcare sales arena for 15 years including more than 10 years in diagnostic imaging equipment sales, Ms. Moen has attained great achievements in many aspects of the business such as sales generation, team management, as well as coordination with OEM partner for products, marketing and training, etc., and has proven to be not only a great talent but also a skillful executive. She has been with VasoHealthcare since its inception in 2010 and has risen through the ranks of Account Manager, Regional Manager, Director of Product Business Line, and is currently Vice President of National Sales. Prior to that, she held sales positions at various companies including Ledford Medical, Vital Signs, Pfizer, and EcoLab.
“I am extremely honored to be selected to lead this outstanding team of medical sales professionals at VasoHealthcare, and I really appreciate the trust and confidence of Vaso leadership,” stated Ms. Moen upon accepting the position. “With the best-in-class organization we have built at VasoHealthcare in the last several years, I look forward to continuing the legacy and success to further grow the business with our partner GE Healthcare.”
“We are fortunate to have had Shawl Lobree, an exceptional industry veteran, leading the VasoHealthcare team in the last two and a half years, during which time he has brought the organization to a new level of performance,” commented Dr. Jun Ma, President and CEO of Vaso Corporation. In congratulating Ms. Moen’s promotion to President of VasoHealthcare, Dr. Ma further stated, “Jane’s track record, especially her career path with VasoHealthcare, exemplifies the Company’s belief that success of a business is ultimately reflected in the success of its employees. I am confident that Jane will continue the success of her predecessors and take the organization to yet another level.”
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:
Additional information is available on the Company’s website at www.vasocorporation.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 report, 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 IT and healthcare; continuation of the GEHC agreements; the impact of competitive technology 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; 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.
Vaso Corporation Announces Extension of Exclusive Sales Representation Agreement with GE Healthcare Through 2022
Plainview, NY, December 4, 2017 – Vaso Corporation (OTC PK: VASO) (formerly Vasomedical, Inc.) today announces the amendment of the sales representation agreement between its subsidiary, Vaso Diagnostics, Inc. d/b/a VasoHealthcare, and GE Healthcare (“GEHC”), the healthcare business unit of General Electric Company (NYSE: GE), originally signed on May 19, 2010.
The amendment extends the term of the original agreement, which began on July 1, 2010 and was previously extended in 2012 and 2015, through December 31, 2022, subject to earlier termination under certain circumstances, making it the longest extension thus far with a remaining term of five years from the end of this year. Under the agreement, VasoHealthcare is the exclusive representative for the sale of select GE Healthcare diagnostic imaging products to specific market segments/accounts in the 48 contiguous states of the United States and the District of Columbia.
“Vaso has become an integral part of GE Healthcare’s U.S. diagnostic imaging strategy,” said Lee Cooper, President and CEO of GE Healthcare. “We look forward to our continued collaboration. It’s an exciting time for the healthcare industry.”
“This third extension of the representation agreement is a testament of the tremendous success and significant growth we have had with GEHC in the diagnostic imaging market in the last seven and a half years, thanks to the professionalism, dedication and performance of our VasoHealthcare leadership and sales team,” commented Jun Ma, President and CEO of Vaso Corporation. “Along with our ongoing collaboration with GEHC Digital under a separate agreement for the sale, implementation and service of its imaging IT products, this extension of our representation agreement for diagnostic imaging equipment further strengthens our long-lasting cooperative relationship with GEHC.”
About Vaso Corporation
Vaso Corporation is a diversified medical technology company with three distinctive but related specialties: professional sales services for diagnostic imaging products; managed IT systems and services, including healthcare software solutions and network connectivity services; and the design, manufacture and sale of proprietary medical devices.
The Company operates through three wholly owned subsidiaries. Vaso Diagnostics, Inc. d.b.a. VasoHealthcare (www.vasohealthcare.com), provides professional sales services and is the operating subsidiary for the exclusive sales representation of GE Healthcare diagnostic imaging products in certain market segments in the USA. VasoTechnology, Inc. provides network and IT services through two business units: VasoHealthcare IT Corp., a national value added reseller of healthcare software solutions and related services, including implementation, management and support, and NetWolves Network Services LLC (www.netwolves.com), a managed network services provider with an extensive, proprietary service platform to a broad base of customers. Vasomedical, Inc. (www.vasomedical.com), manages and coordinates the design, manufacture, sales and services of proprietary medical devices including EECP® Therapy Systems, Biox® series ambulatory monitoring systems and ARCS® series analysis and reporting software. The Company also owns overseas operations including China-based Biox Instruments Co. Ltd. and Life Enhancement Technology Limited, and is the minority shareholder of VSK Medical Limited, a marketing and sales company for ECP products in the international market. Additional information is available on the Company’s website at www.vasocorporation.com.
Except for historical information contained in this report, 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”, “feel”, “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 IT and healthcare; continuation of the GEHC agreements; the impact of competitive technology 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; 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.
Vaso Corporation
137 Commercial Street
Plainview, New York 11803
Tel: (516) 997-4600 Fax: (516) 997-2299
Plainview, NY, November 14, 2017 – Vaso Corporation (OTC PK: VASO) (formerly Vasomedical, Inc.) today reported its operating results for the three months ended September 30, 2017.
“We are pleased to report that the Company achieved continued revenue growth to $18.0 million for the third quarter of 2017, thanks to the double digit year-over-year growth rate in our IT segment, a majority of which was in the healthcare IT VAR business we started three years ago. We experienced a revenue decline in the professional sales service segment due to lower equipment delivery volume by our partner, but deferred revenue in the segment increased significantly as our team of sales professionals continue to perform,” commented Dr. Jun Ma, President and Chief Executive Officer of Vaso. “Therefore, we anticipate an improvement in the fourth quarter and the next year.”
“Maintaining overall revenue growth despite fluctuations in a particular area of our business or in a particular geographic region shows the importance of a diversified business mix, which places the Company in a strong and robust footing to ensure stability and future development. We also are continuing the path of working to align our business structure with technologies of higher growth,” concluded Dr. Ma.
Three Months Ended September 30, 2017 Financial Results
For the three months ended September 30, 2017, revenue increased 3% to $18.0 million from $17.5 million for the same period of 2016. The increase, when compared to the same period in 2016, was a result of a $1.1 million, or 12%, growth in our IT segment revenue, offset by a decrease of $0.3 million, or 4%, of revenue in our professional sales services segment, lower equipment deliveries by GEHC compared to the third quarter 2016. The increase in our IT segment revenue is attributable to increases in revenue in both our NetWolves and our healthcare IT operations. Revenue in the equipment segment decreased $0.4 million for the quarter when compared to the same quarter a year ago, due to a decrease in EECP® deliveries.
Gross profit for the third quarter of 2017 decreased 1% to $10.0 million, compared with $10.2 million for the third quarter of 2016. The decrease was principally due to the decrease in revenue in the professional sales service segment and the decrease in equipment segment revenue, offset by a 9% increase in gross profit in the IT segment as a result of the increased revenue in that segment. Total gross profit margin was 56% of revenue for the three months ended September 30, 2017, and 58% for the same period in 2016.
Selling, general and administrative (SG&A) expenses for the third quarter of 2017 increased to $10.4 million from $9.5 million for the third quarter last year. The increase is primarily due to an increase in personnel and marketing costs in the professional sales service segment, and an increase in staff in the IT segment.
The Company had an operating loss of $619 thousand for the third quarter 2017, compared to operating income of $502 thousand for the same period in 2016. The decrease was principally due to the lower revenue in the professional sales service segment and the increase in SG&A costs as discussed above. Net loss for the three months ended September 30, 2017 was $816 thousand, compared with net income of $328 thousand for the three months ended September 30, 2016.
Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization and non-cash stock-based compensation) was $152 thousand for the three months ended September 30, 2017, compared to $1.4 million for the same period a year ago.
Net cash generated from operating activities in the first nine months of 2017 was $865 thousand. As of September 30, 2017, the Company had cash and cash equivalents of approximately $5.5 million, compared to cash and cash equivalents of $7.1 million at December 31, 2016. We anticipate continued positive cash flow from operations for the remainder of the year.
About Vaso Corporation
Vaso Corporation is a diversified medical technology company with three distinctive but related specialties: professional sales services for diagnostic imaging products; managed IT systems and services, including healthcare software solutions and network connectivity services; and the design, manufacture and sale of proprietary medical devices.
The Company operates through three wholly owned subsidiaries. Vaso Diagnostics, Inc. d.b.a. VasoHealthcare (www.vasohealthcare.com), provides professional sales services and is the operating subsidiary for the exclusive sales representation of GE Healthcare diagnostic imaging products in certain market segments in the USA. Vaso Technology, Inc. provides network and IT services through two business units: VasoHealthcare IT Corp., a national value added reseller of healthcare software solutions and related services, including implementation, management and support, and NetWolves Network Services LLC (www.netwolves.com), a managed network services provider with an extensive, proprietary service platform to a broad base of customers. Vasomedical, Inc. (www.vasomedical.com), manages and coordinates the design, manufacture, sales and services of proprietary medical devices including EECP® Therapy Systems, Biox® series ambulatory monitoring systems and ARCS® series analysis and reporting software. The Company also owns overseas operations including China-based Biox Instruments Co. Ltd. and Life Enhancement Technology Limited, and is the minority shareholder of VSK Medical Limited, a marketing and sales company for ECP products in the international market. Additional information is available on the Company’s website at www.vasocorporation.com.
Summarized Financial Information
| FOR THE THREE MONTHS ENDED | FOR THE NINE MONTHS ENDED | |||
| STATEMENTS OF OPERATIONS | September 30, 2017 | September 30, 2016 | September 30, 2017 | September 30, 2016 |
| (In thousands) | ||||
| Revenue | $18,041 | $17,544 | $52,268 | $53,300 |
| Gross profit | 10,028 | 10,150 | 28,896 | 30,275 |
| Operating (loss) income | (619) | 502 | (3,169) | 925 |
| Other (expense) income, net | (103) | (71) | (451) | (334) |
| (Loss) income before taxes | (722) | 431 | (3,620) | 591 |
| Income tax expense | (94) | (103) | (314) | (154) |
| Net (loss) income | $(816) | $328 | $(3,934) | $437 |
| Interest expense (income), net | 163 | 166 | 494 | 478 |
| Income tax expense | 94 | 103 | 314 | 154 |
| Depreciation and amortization | 611 | 549 | 1,781 | 1,608 |
| Non-cash stock-based compensation | 100 | 275 | 417 | 342 |
| Adjusted EBITDA* | $152 | $1,421 | $(928) | $3,019 |
| *Adjusted EBITDA is earnings before interest, taxes, depreciation and amortization and non-cash stock-based compensation | ||||
| BALANCE SHEETS | September 30, 2017 | December 31, 2016 | ||
| (In thousands) | ||||
| Total current assets | $23,180 | $25,083 | ||
| Total assets | $54,714 | $57,381 | ||
| Total current liabilities | $29,136 | $25,650 | ||
| Total stockholders’ equity | $9,507 | $12,911 | ||
Except for historical information contained in this report, 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”, “feel”, “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 IT and healthcare; continuation of the GEHC agreements; the impact of competitive technology 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; 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.
Vaso Corporation
137 Commercial Street
Plainview, New York 11803
Tel: (516) 997-4600 Fax: (516) 997-2299
Investor Contacts:
Michael J. Beecher
Investor Relations
Phone: 516-508-5837
Email: ir@vasocorporation.com; mbeecher@vasocorporation.com
Vaso Corporation
Commercial Street
Plainview, New York 11803
Tel: (516) 997-4600 Fax: (516) 997-2299
SOURCE: Vaso Corporation
Link to Yahoo Finance: https://finance.yahoo.com/news/vaso-corporation-announces-third-quarter-140000071.html
PLAINVIEW, N.Y. August 14, 2017 – Vaso Corporation (“Vaso”) (OTCMKTS: VASO) today reported its operating results for the three months ended June 30, 2017.
“In the second quarter of 2017 we recorded a total revenue of $17.9 million, of which our IT, professional sales service and equipment segments contributed 60%, 34% and 6%, respectively. Revenue decreased by $0.3 million as compared to the same period in the prior year, principally due to a decrease in revenue in the professional sales service segment as a result of a lower equipment deliveries in the quarter by our partner. Given that our order bookings in this segment remain very strong, as reflected in the significant increase in the deferred commission revenue by $3 million, or 18%, from a year ago, we anticipate higher equipment deliveries, thus higher revenues, in this segment in the future quarters,” stated Dr. Jun Ma, President and Chief Executive Officer of Vaso Corporation. “Revenue in our IT segment increased 7% but the real growth in our healthcare IT VAR business is still yet to manifest in the financial statements, as order backlog in the VAR operations was almost double from a year ago, which will turn into revenue once the underlying products and services are delivered.”
“Therefore, we expect to deliver another profitable year in 2017 and maintain a strong financial position as we continue to generate positive cash flow from operating activities,” concluded Dr. Ma.
Financial Results for Three Months Ended June 30, 2017
For the three months ended June 30, 2017, revenue decreased 2% to $17.9 million from $18.2 million for the same period of 2016, due to the decrease of $0.9 million in commission revenue in our professional sales service segment as a result of lower equipment deliveries by our partner, as well as lower equipment sales in our equipment segment, partially offset by an increase of $0.7 million, or 7%, in revenue in our IT segment.
Gross profit for the second quarter of 2017 decreased 3% to $9.8 million, compared with a gross profit of $10.1 million for the second quarter of 2016. This decrease is primarily the result of the decrease in revenue in the professional sales service segment resulting in a decrease in segment gross profit of $0.6 million as well as a decrease in gross profit in the equipment segment, partially offset by an increase of $0.4 million in gross profit in the IT segment.
Selling, general and administrative (SG&A) expenses for the second quarter of 2017 increased 5% to $10.2 million compared to $9.7 million for the second quarter of 2016. The increase is primarily attributable to an increase in personnel costs in the professional sales service and IT segments.
Research and development costs increased 148% to $260 thousand in the second quarter of 2017 compared to the same quarter of 2016, due to an increase in software and product development costs.
Net loss for the three months ended June 30, 2017 was $1.0 million, compared with a net income of $0.2 million for the three months ended June 30, 2016.
Net cash provided by operating activities was $1.4 million and $3.7 million for the six months ended June 30, 2017 and 2016, respectively. Net cash at June 30, 2017 was $6.5 million, compared to $7.1 million at December 31, 2016.
Deferred revenue remains substantial, at approximately $20.7 million as of June 30, 2017, up by $1.3 million from $19.4 million as of December 31, 2016, which will be recognized in the future when the underlying equipment or services are delivered and accepted at the customer site. Our shareholders’ equity decreased to $10.2 million as of June 30, 2017 from $12.9 million as of December 31, 2016.
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 four wholly owned subsidiaries. Vaso Technology, Inc. provides network and IT services through two business units: VasoHealthcare IT Corp., a national value added reseller of GE Healthcare IT’s Radiology PACS (Picture Archiving and Communication System) software solutions and related services, including implementation, management and support, and NetWolves Network Services LLC, a managed network services provider with an extensive, proprietary service platform to a broad base of customers. Vaso Diagnostics, Inc. d.b.a. VasoHealthcare, provides professional sales services and is the operating subsidiary for the exclusive sales representation of GE Healthcare diagnostic imaging products in certain market segments in the USA. Vasomedical Solutions, Inc., manages and coordinates the design, manufacture and sales of EECP® Therapy Systems and other medical equipment operations. Vasomedical Global Corp operates the Company’s overseas assets including China-based subsidiaries (Biox Instruments Co. Ltd. and Life Enhancement Technology Limited) as well as the minority interest in VSK Medical Limited, a marketing and sales company for ECP products in the international market. Additional information is available on the Company’s website at www.vasocorporation.com.
Summarized Financial Information
| STATEMENTS OF OPERATIONS | June 30, 2017 | June 30, 2016 | June 30, 2017 | June 30, 2016 |
| (In thousands) | ||||
| Revenue | $17,853 | $18,214 | $34,227 | $35,756 |
| Gross profit | 9,798 | 10,113 | 18,868 | 20,125 |
| Operating (loss) income | (709) | 264 | (2,550) | 423 |
| Other (expense) income, net | (167) | (102) | (348) | (263) |
| (Loss) income before taxes | (876) | 162 | (2,898) | 160 |
| Income tax (expense) benefit | (111) | 51 | (220) | (51) |
| Net (loss) income | $(987) | $213 | $(3,118) | $109 |
| Income tax expense (benefit) | 111 | (51) | 220 | 51 |
| Interest expense (income), net | 166 | 154 | 331 | 311 |
| Depreciation and amortization | 588 | 536 | 1,170 | 1,059 |
| Non-cash stock-based compensation | 98 | 34 | 317 | 67 |
| Adjusted EBITDA* | $(24) | $886 | $(1,080) | $1,597 |
| *Adjusted EBITDA is earnings before interest, taxes, depreciation and amortization and non-cash stock-based compensation | ||||
| BALANCE SHEETS | June 30, 2017 | December 31, 2016 | ||
| (In thousands) | ||||
| Total current assets | $21,667 | $25,083 | ||
| Total assets | $53,349 | $57,381 | ||
| Total current liabilities | $26,720 | $25,650 | ||
| Total stockholders’ equity | $10,199 | $12,911 | ||
Except for historical information contained in this report, 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”, “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 IT and healthcare; continuation of the GEHC agreements; the impact of competitive technology 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; 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.
Vaso Corporation
137 Commercial Street
Plainview, New York 11803
Tel: (516) 997-4600 Fax: (516) 997-2299
Investor Contacts:
Michael J. Beecher
Investor Relations
Phone: 516-508-5840
Email: ir@vasocorporation.com; mbeecher@vasocorporation.com
Vaso Corporation
Commercial Street
Plainview, New York 11803
Tel: (516) 997-4600 Fax: (516) 997-2299
SOURCE: Vaso Corporation
Link to Yahoo Finance:https://finance.yahoo.com/news/vaso-corporation-announces-financial-results-130000168.html
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