WESTBURY, N.Y., Jan. 18, 2011 /PRNewswire/ — Vasomedical, Inc.
(“Vasomedical”) (OTC Bulletin Board:
VASO), a global provider of medical devices, today announced
financial results of the three months ended November 30, 2010.
Vasomedical is a world leader in the noninvasive treatment of
cardiovascular diseases. In addition, the Company, through a
wholly-owned subsidiary Vaso Diagnostics d/b/a VasoHealthcare, commenced
operations on July 1, 2010 under its sales representative agreement
with GE Healthcare (the “GEHC Agreement”) for the sale of select GE
Healthcare Diagnostic Imaging products. Under the GEHC Agreement,
VasoHealthcare has been appointed the exclusive representative for
these products to specific market segments in the 48 contiguous
states of the United States and the District of Columbia.
For the second quarter ended November 30, 2010, the Company’s
total revenues were $3.801 million, an increase of $2.961 million,
or 353% as compared to revenues of $0.839 million for the same
quarter last year. Revenue in the equipment segment of our business
increased 113% to $1.789 million for the three-month period ended
November 30, 2010 as compared to $0.839 million for the comparable
prior period. The Company reported an operating loss of $1.153
million for the quarter, compared to an operating loss of $0.314
million for the same period in the prior fiscal year. This loss was
attributable to an operating loss of $1.271 million in the sales
representation segment, which was partially offset by an operating
profit of $0.168 million in our equipment segment.
The Company is required, under certain accounting rules, to
defer the recognition of revenues until the underlying equipment or
service is accepted or performed, which may take several quarters.
Jonathan Newton, Chief Financial Officer of the Company, stated
that, “we r