NORTH ANDOVER, Mass., Nov. 19 /PRNewswire-FirstCall/ -- Andover Medical, Inc. , a single source provider of orthopedic durable medical equipment ("DME"), announced on Friday its third quarter financial results for the period ending September 30, 2007.
Financial Discussion:
Andover Medical reported revenues for the three and nine month periods ended September 30, 2007 of $2,317,607 and $3,922,973, respectively. The Company completed its two acquisitions in May 2007 and had no operations prior to then. Revenues are primarily a result of the execution of Andover Medical's goal in establishing a nationwide subsidiary network and offering physicians the largest selection of competitively priced brand-name durable medical equipment ("DME"). The Company is seeking to take advantage of projected growth and evolving economies of scale arising from consolidation in the procedure specific DME and services segments of the orthopedic and podiatric markets in the United States. Net loss available to common shareholders for the three and nine month periods ended September 30, 2007 were $3,266,811, or ($0.11) per share and $8,838,673 or ($0.33) per share, respectively, as compared with $196,419 or ($0.01) and $196,419 or ($0.01) per share for the same prior year periods in 2006.
CEO Edwin Reilly stated, "During the past two quarters the Company has started to execute on its business strategy by completing the acquisition of Rainier Surgical Incorporated (RSI) and Ortho Medical Products, Inc. (OMI). These acquisitions will provide a platform for further expansion leading to securing purchasing efficiencies, providing greater access to innovative new products and enabling AMI to implement organization wide, management and operational efficiencies." Reilly continued, "Moving forward we are continuing to evaluate and anticipate closing on additional acquisitions of DME businesses that we feel will create long term shareholder value in AMI."
About Andover Medical Inc.:
Andover Medical, Inc. (AMI) is building a single source provider of orthopedic durable medical equipment ("DME"). The Company intends to establish a nationwide subsidiary network and plans to offer physicians the largest selection of competitively priced brand-name durable medical equipment. For more information, please call (978) 557-1001 or visit http://www.andovermedical.com and http://www.equityperformancegroup.com/clients_adov.php.
ereilly@andovermedical.comgary@equityperfgp.comwww.equityperformancegroup.com
Forward-Looking Statements:
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical facts included in this press release are forward-looking statements. These forward looking statements include: Andover's intent to establish a nationwide subsidiary network and plans to offer physicians the largest selection of competitively priced brand-name durable medical equipment products; the acquisitions will provide a platform for further expansion leading to securing purchasing efficiencies, providing greater access to innovative new products and enabling AMI to implement organization wide, management and operational efficiencies; moving forward AMI will continue to evaluate and anticipates closing on additional acquisitions of DME businesses that it feels will create long term shareholder value in AMI. All forward- looking statements speak only as of the date of this press release. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance, achievements or transactions of AMI and its affiliates to be materially different from any future results, performance, achievements or transactions expressed or implied by such forward-looking statements. Such risks, uncertainties and other factors which, could impact the Company and the forward-looking statements contained herein are included in the Company's filings with the Securities and Exchange Commission. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.
CONTACT: Edwin Reilly, CEO of Andover Medical, Inc.,
ereilly@andovermedical.com; or Investor Relations, Gary Geraci of Equity
Performance Group, +1-617-242-1025, gary@equityperfgp.com
Web site: http://www.andovermedical.com/
http://www.equityperformancegroup.com/clients_adov.php/
