Vasomedical, Inc. ("Vasomedical") (OTC: VASO.PK), a diversified medical technology company specializing in the manufacture and sale of medical devices and in the domestic sale of diagnostic imaging products, today announces its operating results for the seven months ended December 31, 2011. These results include the operation of its Chinese subsidiaries for the four months since their acquisition in September, 2011. The results for the seven month period are based on the change in 2011 of our fiscal year end from May 31 to December 31.
“The continued profitability in this reporting period has placed Vasomedical in a stronger financial position, allowing the Company to further implement its growth strategies, globally and domestically”
The Company recorded revenue of $23.49 million for the seven month period ended December 31, 2011, compared to revenue of $8.74 million for same period in 2010, an increase of 169%. The increase is primarily due to an increase in commission revenue at our wholly-owned subsidiary Vaso Diagnostics, Inc., d/b/a VasoHealthcare, as its agreement with GE Healthcare, which began mid-year 2010, was in full operation in 2011. 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 December 31, 2011, total deferred revenues were approximately $15.23 million, an increase of $3.31 million from May 31, 2011. As of March 29, 2012, the Company had cash, cash equivalents and short term investments of approximately $13.1 million.
Net income for the seven months ended December 31, 2011 was $5.11 million, compared to a net loss of $2.41 million for the same period in 2010. Income attributable to common stockholders was $3.89 million or $0.03 per common share for the seven months ended December 31, 2011, compared to a net loss of $2.60 million or ($0.02) per common share for the seven months ended December 31, 2010. The net income in 2011 and net loss in 2010 applicable to common stockholders were after reduction for preferred stock dividends of $1.22 million and $191,000 for the seven months ended December 31, 2011 and 2010, respectively. These dividends for preferred stock, all of which were converted to shares of common stock during the reporting period, are noncash items resulting principally from the value of the imbedded beneficial conversion feature in the preferred stock.
"I would like to thank each and every one of our highly professional employees, particularly our VasoHealthcare team, for their contribution to the great performance during such uncertain times in healthcare," commented Dr. Jun Ma, President and Chief Executive Officer of the Company. "The continued profitability in this reporting period has placed Vasomedical in a stronger financial position, allowing the Company to further implement its growth strategies, globally and domestically," Dr. Ma continued. "We believe a diversified medtech company is certainly better positioned to provide stability in the business of delivering quality healthcare products to the public, and at the same time provide consistent growth and return on investment for our shareholders."
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