Vicor Technologies, Inc. Reports First Quarter Revenues of $168,000
Published: Apr 26, 2011
BOCA RATON, FL--(Marketwire - April 26, 2011) - David H. Fater, CEO of Vicor Technologies, Inc. (OTCBB: VCRT), today announced that Vicor's revenues for the first quarter of 2011 were $168,000, compared with $69,000 for the fourth quarter of 2010, an increase of 142%. Vicor Technologies is a biotechnology company focused on the commercialization of its PD2i Analyzer™, an innovative, non-invasive diagnostic employing its patented, proprietary PD2i® nonlinear algorithm. Physician use of the PD2i Analyzer™ is supported by an expanding body of literature demonstrating the value of the PD2i® nonlinear algorithm as a metric for risk stratifying specific target populations for future pathological events, including diabetics for the presence of diabetic autonomic neuropathy (DAN), cardiovascular disease patients for death resulting from arrhythmia or congestive heart failure, and trauma victims for imminent death absent immediate lifesaving intervention.
Revenues for the first quarter from equipment sales, test fees, and lease income reached 88 percent of total 2010 revenues, which were $190,000. Mr. Fater credits Vicor's continually expanding nationwide network of independent sales representatives with driving sales of its PD2i Analyzer™ and revenue growth. According to Vicor National Sales Manager Christopher Vissman, as of March 31, 2011, the Company had independent sales representatives targeting physicians specializing in endocrinology, internal medicine, cardiology, and family medicine in 22 states across the United States: AZ, CA, CO, FL GA, MA, MD, MO, MS, NC, NJ, NV, NY, OH, SC, TN, TX, OR, WA, MT, LA, and MI.
"There is a direct link between the efforts of our expanding network of independent sales representatives and our growth in revenues, which underscores our continued need for additional capital to deploy regional sales managers to supplement our independent sales force, accelerate the closing process, and drive revenue growth. We are excited by the positive reception the PD2i Analyzer™ is receiving, and anticipate this will increase with our latest 510(k) marketing clearance for patients undergoing cardiovascular disease testing. In addition to increases in domestic sales, we are looking forward to generating revenues from international sales of our PD2i® products once our distributors have received the necessary regulatory approvals. Regulatory agencies in China and Israel have already begun their review of our products," stated Mr. Fater.
About VicorTechnologies, Inc.
Vicor Technologies' PD2i Analyzer™ employs its patented, proprietary point correlation dimension algorithm (PD2i®), a deterministic, nonlinear measure of electrophysiological potentials that predicts future pathological events with a high degree of accuracy in target populations. Vicor anticipates use of its PD2i Analyzer™ to enable early detection and risk stratification for a variety of other disorders and diseases. Additional information is available at www.vicortech.com.
Caution Regarding Forward-Looking Statements
Forward-looking statements in this press release are based on current plans and expectations that are subject to uncertainties and risks, which could cause our future results to differ materially. The following factors, among others, could cause our actual results to differ: our ability to successfully complete the normal range study for PD2i® values; our ability to generate revenues from the sale of the PD2i Analyzer™; our ability to obtain the necessary regulatory approvals to market the PD2i Analyzer™; our ability to develop additional applications for the PD2i Analyzer™; the ability of additional sales representatives to create revenue; our ability to continue to receive financing sufficient to continue operations and complete critical clinical trials; our ability to continue as a going concern; our ability to successfully develop products based on our technologies; our ability to obtain and maintain adequate levels of third-party reimbursement for our products; the impact of competitive products and pricing; our ability to receive regulatory approval for our products; the ability of third-party contract research organizations to perform preclinical testing and clinical trials for our technologies; the ability of third-party manufacturers to manufacture our products; our ability to retain the services of our key personnel; our ability to market and sell our products successfully; our ability to protect our intellectual property; product liability; changes in federal income tax laws and regulations; general market conditions in the medical device and pharmaceutical industries; and other matters that are described in Vicor's Annual Report on Form 10-K for the fiscal year ended December 31, 2010 and subsequent filings with the Securities and Exchange Commission. Forward-looking statements in this press release speak only as of the date of the press release, and we assume no obligation to update forward-looking statements or the reasons why actual results could differ.
David H. Fater
Vicor Technologies, Inc.
Robin Schoen Public Relations