CAS Medical Systems, Inc. Revises 2008 Guidance
Branford, Conn. December 24, 2008 CAS Medical Systems, Inc. (NasdaqGM: CASM) today announced that it has revised its estimate for the full year 2008. The Company now expects 2008 revenue to range from $40.2 million to $41.0 million, with a net loss per share ranging from -$0.03 to
-$0.07. The Company had previously issued guidance of $42 to $43 million in revenues with near break-even earnings. This compares to revenue of $38.2 million dollars and diluted earnings per share of $0.03 reported for the full year 2007.
The Company reports that, while it continues to see interest in the FORE-SIGHT® Cerebral Oximeter, and maintains confidence in all its major product lines, the worldwide economic slowdown and uncertainties accompanying the current financial climate have resulted in a lengthening of the sales cycle for the Company’s products.
“The slowdown that we first observed towards the middle of the fourth quarter has delayed hospital capital equipment purchases and, although we remain confident about our Company and our products, it is not possible to know how long this challenging economic climate will persist,” observed President and Chief Executive Officer Andrew E. Kersey. “Sales of our consumable products, including the FORE-SIGHT sensors, however, continue to trend well during this period.”
About CASMED® - Monitoring What’s Vital
CAS Medical Systems, Inc. is a leading developer and manufacturer of medical devices for non-invasive patient monitoring. The Company’s recently introduced FORE-SIGHT Absolute Cerebral Oximeter is the only cerebral oximeter available with FDA clearance for non-invasive, continuous measurement of absolute cerebral tissue oxygen saturation for neonates, infants, children and adults. This information helps avert brain damage or death during surgery and in critical care situations by allowing clinicians to identify patients with dangerously low levels of cerebral oxygen and intervene to reverse the condition.
The Company’s product lines include the high-acuity monitoring capabilities of the FORE-SIGHT Cerebral Oximeter; the bedside patient monitoring line of vital signs and cardio-respiratory monitoring products, proprietary non-invasive blood pressure measurement technology, and supplies and service including blood pressure cuffs and products for neonatal intensive care. CASMED products are designed to meet the needs of a full spectrum of patient populations worldwide, ranging from adults to pediatrics and neonates.
For further information regarding CAS Medical Systems, Inc., visit the Company’s website at www.casmed.com.
Statements included in this press release, which are not historical in nature, are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements relating to the future financial performance of the Company are subject to many factors including, but not limited to, the customer acceptance of the products in the market, the introduction of competitive products and product development, commercialization and technological difficulties, the impact of actions and events involving key customers and vendors, and other risks detailed in the Company’s Form 10-K for the year ended December 31, 2007 and other subsequent Securities and Exchange Commission filings.
Such statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. When used in this press release the terms "anticipate", "believe", "estimate", "expect", "may", "objective", "plan", "possible", "potential", "project", "will" and similar expressions identify forward-looking statements. The forward-looking statements contained in this press release are made as of the date hereof, and we do not undertake any obligation to update any forward-looking statements, whether as a result of future events, new information or otherwise.
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