DANVERS, Mass., April 18 /PRNewswire-FirstCall/ -- Medwave, Inc. , the innovator in sensor-based, non-invasive blood pressure measuring solutions, announced today a revenue increase of 118% for the quarter ended March 31, 2006 as compared to the same period in 2005. Additionally, year to date operating revenue through March 31, 2006 reflected a 42% increase over the prior year. The increase in operating revenue for the quarter was due to strong demand for the Primo(TM) spot blood pressure monitoring system, establishment of additional distribution agreements and continued growth in accessory items.
"The Company has experienced an encouraging start for the first half of 2006," said Tim O'Malley, President and CEO, Medwave Inc. "Primo, a handheld spot blood pressure monitoring device, which was launched during mid February 2006 accounted for approximately one third of the quarter's revenue. This level of revenue generation from a new product is a positive indication of market interest and acceptance as well as the need for technology change in the blood pressure monitoring point of care market segment. Primo is a product that was designed with three clear goals in mind: create economic benefit, increase staff efficiency, and improve patient comfort and care. Initial market feedback and customer meetings show that we are achieving those objectives. Our goal as a corporation is to modernize blood pressure measurement. Blood pressure cuff technology has been stagnant for decades, and cuff products create numerous and at times, significant challenges for care givers and patients. Our customers are experiencing the fruits of our innovation, and the results are beginning to show that they are clearly embracing Medwave's products."
Medwave, Inc. develops, manufactures, and distributes sensor-based non- invasive blood pressure solutions. The company's suite of products are designed for use in hospitals, clinics, doctor's offices and almost anywhere else blood pressure monitoring takes place. Medwave has the required technology clearances to market its technology in the United States, Europe, and Asia. Medwave's technology is installed in over 500 hospitals and clinics worldwide. Medwave trades on the NASDAQ small cap market under the symbol MDWV. For more information, visit http://www.medwave.com .
Statements made in this release that are stated as expectations, plans, anticipations, prospects or future estimates or which otherwise look forward in time are considered "forward-looking statements" and involve a variety of risks and uncertainties, known and unknown, which are likely to affect the actual results. The following factors, among others, as well as factors discussed in Medwave's filings with the SEC, have affected and, in the future, could affect Medwave's actual results: resistance to the acceptance of new medical products, the market acceptance of the Primo(TM) system, the Vasotrac(R) system and other products of Medwave, hospital budgeting cycles, the possibility of adverse or negative results or commentary from clinical researchers or other users or evaluators of Medwave's products, Medwave's success in creating effective distribution channels for its products, Medwave's ability to scale up its manufacturing process, and delays in product development or enhancement or regulatory approval. Consequently, no forward- looking statement can be guaranteed and actual results may vary materially. Medwave(R), Vasotrac(R), Legato(TM), and Primo(TM) are trademarks of Medwave, Inc.
Medwave, Inc.CONTACT: Investor Relations, Jodie Chastain, +1-800-894-7601, or MediaRelations, Kevin Sawyer, +1-612-465-8356, both of Medwave
