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Vasomedical Reports Financial Results for the Quarter Ended November 30, 2010

Tue, 01/18/2011 - 5:33am
Bio-Medicine.Org

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

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