CHESTER, N.Y., June 20 /PRNewswire-FirstCall/ -- Repro-Med Systems, Inc. , a developer and manufacturer of portable medical devices for emergency respiratory applications and ambulatory infusion therapy, today announced results for the fiscal year ended February 28, 2006.
Total sales increased almost 12% for the year ended February 28, 2006 to $1,745,806 from $1,560,220 in 2005, while the net loss for the year ended February 28, 2006 was lowered by 54% to $217,815, (including $88,550 in stock- based compensation and $79,089 in depreciation and amortization), as compared to the previous years loss of $400,892 (which included stock-based compensation of $74,800 and depreciation and amortization of $81,818). SG&A decreased $7,837 year over year from $992,468 to $984,631, while R&D expenses decreased slightly by $2,212 from $44,029 to $41,817 in 2006.
“These results show that as we expanded our sales and marketing efforts for our two core product lines, the RES-Q-VAC(R) and the FREEDOM 60(R), we kept our belts tightened while still maintaining our focus on the long-term growth of the Company. These efforts have not only contributed to our growth and move towards profitability in the past year, but they have also produced an increase in new RES-Q-VAC(R) customers and new FREEDOM60(R) users. We expect to continue to grow our new customer base in the coming year and, as with the Full Stop Protection(R) filter, (which protects the users from any contamination from overflow and traps all pathogens inside the suction container), we intend to continue to enhance our products to add value to the franchise”, said Andy Sealfon, President of Repro-Med.
The Company has filed its Annual Report on Form 10-K for the fiscal year ended February 28, 2006.
About Repro-Med
RES-Q-VAC is currently a market leader for suction instruments, providing a complete suction system designed to remove fluids from a patient’s airway. As the RES-Q-VAC consists of a hand-held, human powered portable suction pump, it provides its benefits in many markets, being particularly effective in emergency settings. The proprietary design and disposable features of the RES-Q-VAC eliminate the risk of contaminating the health care provider when suctioning a patient or during post treatment cleanup. The product is particularly suited for emergency providers and vehicles, hospitals and as backup support for powered suction systems.
The FREEDOM60 Syringe Infusion Pump provides a portable, high quality, self powered, maintenance free delivery system for ambulatory and infusion pain control applications, delivering precise infusion rates and uniform flow profiles that provides consistent transfer of medication. The FREEDOM60 is an easy-to-use lightweight mechanical pump providing a low-cost, effective alternative to electronic and expensive disposable IV administration devices for the home care, nursing home and emergency patient transportation market.
Forward Looking Statements
Statements in this press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, may be forward- looking statements. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. These statements involve risks and uncertainties that could cause actual results to differ materially from those included in forward-looking statements due to a variety of factors. More information about these factors can be found in Repro-Med’s latest Annual Report filed with Securities and Exchange Commission on Form 10-KSB. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Contact:
Repro-Med, Inc., Andrew Sealfon, (845) 469-2042
Repro-Med Systems, Inc.
CONTACT: Andrew Sealfon of Repro-Med Systems, Inc., +1-845-469-2042
Web site: http://www.repro-med.com//
