CASMED Reports Q3 2011 Results
- FORE-SIGHT Tissue Oximetry Sensor Revenue Up 46% -
Branford, Conn. – November 8, 2011 – CAS Medical Systems, Inc. (NASDAQ: CASM) today reported its third quarter financial results for the period ending September 30, 2011. Worldwide FORE-SIGHT® Oximetry sensor revenues increased 46% over the third quarter of 2010.
"The continued increases in our FORE-SIGHT Oximetry sensor revenues are rewarding and show increasing clinical usage of our best-in-class technology, said Thomas M. Patton, President and CEO of CASMED. Particularly gratifying is the adoption of our FORE-SIGHT Oximeters in major academic medical centers across the country including the conversion of three nationally-ranked institutions during the past several months."
For the third quarter of 2011, the Company reported total revenues of $5.8 million, unchanged from the third quarter of 2010. FORE-SIGHT Oximetry revenues were $1.3 million, up 7% over the prior year. FORE-SIGHT disposable sensor revenues were up 46% over the prior year. FORE-SIGHT monitor revenues declined versus prior year as the third quarter of 2010 contained a significant domestic monitor sale. Traditional Monitoring revenues for the third quarter of 2011 were $4.4 million, unchanged from the prior year. Operating expenses for the third quarter were $4.0 million, up $0.8 million from the prior year as a result of planned increases in R&D, Sales and Marketing primarily related to investments in the Company's FORE-SIGHT product line.
The net loss applicable to common stockholders for the third quarter of 2011 was $2.1 million, or ($0.16) per basic and diluted common share, compared to a net loss applicable to common stockholders of $0.5 million, or ($0.04) per basic and diluted common share, for the third quarter of 2010.
"In the third quarter we also made great strides towards our goal of gaining comprehensive sales coverage in the United States by adding a number of high quality sales representatives, clinical specialists and manufacturers representatives to our domestic selling organization," said Matthew J. Herwig, CASMED's Vice President of Sales and Marketing. "We are excited to see the impact of this investment made by CASMED and by our distribution partners as we move into 2012."
Conference Call Information
CASMED will host a conference call on November 8, 2011 at 10:00 a.m. Eastern Time to discuss third quarter 2011 results. Participants on the call will be Thomas Patton, President and CEO, and Jeffery Baird, CFO.
The live call may be accessed by phone at 877-303-9207 (domestic) or 760-536-5228 (international). If you would like to participate, please call at least ten minutes prior to the start time of 10:00 a.m. Eastern Time. A live audio webcast of the conference call will also be available on the Company's website located at www.casmed.com. Please allow extra time prior to the call to visit the site and download the streaming media software required to join the webcast. An online archive of the webcast will be available and archived on the website for thirty days.
About CASMED® - Monitoring What's Vital
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 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, the result of on-going litigation, working capital and availability of capital, commercialization and technological difficulties, the impact of actions and events involving key customers, vendors, lenders and competitors and other risks detailed in the Company's Form 10-K for the year ended December 31, 2009 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.