LOS ANGELES, Feb. 15 /PRNewswire-FirstCall/ -- CompuMed, Inc. -- a medical informatics company serving the healthcare community with diagnostic software solutions -- today announced financial results for the first quarter of fiscal year 2006, which ended December 31.
Total revenues for the first quarter decreased 4% to $651,000, compared to $677,000 for the first quarter of fiscal 2005. Results in 2005 included a large, one-time ECG equipment sale to the New York State Department of Corrections totaling $246,000. Excluding this sale, revenues in the first quarter of 2006 rose 51% over the previous fiscal year. Net loss for the quarter decreased 56% to $41,000, or $0.00 per share, compared to a loss of $93,000, or $0.00 per share for the same quarter of fiscal 2005. The decreased loss is a result of increased shipments of the Company's OsteoGram products for screening, diagnosing and monitoring osteoporosis. The Company's cash and marketable securities balance was $500,000 on December 31, 2005.
Revenues from OsteoGram sales and services for the first quarter of fiscal 2006 increased 1,863% to $157,000, from $8,000 for the same period in fiscal 2005. Revenues from ECG (electrocardiogram) transmissions and overread services increased 18%; however, total revenues from core ECG products decreased 26% to $494,000, from $669,000 due to the abovementioned one-time sale in fiscal 2005 of new ECG equipment to the New York State Department of Corrections.
"We are pleased that OsteoGram shipments increased significantly during the first quarter," said CEO Jerry McLaughlin. "We look forward to increasing our number of high-value strategic partnerships and to realizing revenues from current licensing agreements, such as those with FujiFilm Medical Systems USA and Orex Computed Radiography, which is a subsidiary of the Eastman Kodak Company."
About CompuMed:
Founded in 1973, CompuMed, Inc. is a leading provider of computer-aided telemedicine and diagnostics technology. The Company's core products are the OsteoGram and CardioGram systems. The OsteoGram, which is cleared by the FDA for commercial use, is an accurate and precise technology for low-cost osteoporosis testing. The CardioGram system remotely interprets electrocardiograms and is used by private practice, government and corporate healthcare providers nationwide. CompuMed is headquartered in Los Angeles. Visit CompuMed at www.compumed.net .
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning the Company's plans, objectives, goals, strategies, future events or performance and underlying assumptions and other statements that are not statements of historical fact. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, ability to raise capital, the availability of appropriate acquisition candidates and/or business partnerships, economic conditions, the impact of competition and pricing, capacity and supply constraints or difficulties, government regulation and other risks identified in the Company's filings with the Securities and Exchange Commission. All such forward-looking statements are expressly qualified by these cautionary statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof, except as required by law.
CompuMed, Inc. Selected Financial Data $ Thousands (except per share data) For the Three Months ending December 31, 2005 2004 Total Revenues $651 $677 Net Loss from Operation (66) (105) Net Loss (41) (93) Net Loss per Share (0.00) (0.00) Weighted average number of common shares outstanding 23,095,602 19,691,544 December 31, 2005 Cash, cash equivalents and Marketable Securities $500 Accounts Receivable 482 Total Current Assets 1,034 Total Assets 1,358 Total Current Liabilities 370 Total Stockholders' Equity 871
CompuMed, Inc.CONTACT: Erik Deutsch of Tellem Worldwide, +1-310-479-6111, ext. 15,edeutsch@tellem.com, for CompuMed, Inc.
Web site: http://www.compumed.net/
