NEW YORK, Nov. 6 /PRNewswire-FirstCall/ -- SPO Medical Inc. , a leading developer of biosensor and microprocessor technologies for use in portable monitoring devices, today reported financial results for the third quarter of 2007.
Revenues for the third quarter of 2007 were $1,408,000, an increase of 51% from the $929,000 reported for the same period in 2006. Revenues for the first nine months of 2007 were $4,174,000, an increase of 66% from the $2,520,000 million recorded in the first nine months of 2006. The increased revenues reflect increased sales of the PulseOx 5500(TM), Check Mate and the sales from the release of the PulseOx 7500(TM) recording device, a new product that was commercially launched during the second quarter of 2007. The Company has now sold over 100,000 pulse oximetry units, marking a sales milestone which has been achieved in less than three years since the Company first commercially launched its products.
“I am pleased to report the 66% sales growth in the nine months ended September 30th, 2007 compared to the corresponding period last year,” said Michael Braunold, President and Chief Executive Officer of SPO Medical. “In addition, the Company has made the transition to the Over-The-Counter Bulletin Board (OTCBB) where its shares began to be quoted on October 8, 2007 under the ticker symbol SPOM. Our strategy to introduce new product lines, such as the PulseOx 7500(TM) recently brought to the market, will further enhance our growth potential -- a path which we remain committed to”.
As announced in an earlier press release, SPO Medical intends to demonstrate two new professional oximetry devices later this year for the hospital and physician markets. These new products will be first shown during mid-November at the annual Medica Exposition in Dusseldorf, Germany which is the world’s largest medical international trade fair for supplies of medical devices; this will be followed by the American Association for Respiratory Care (AARC) International Respiratory Congress in Florida in early December.
A more detailed description of the financing activity, financial results and financial statements are contained in the quarterly report on Form 10-QSB recently filed with the SEC on November 5, 2007.
About SPO Medical:
SPO Medical (SPOM) a leading developer of biosensor and microprocessor technologies for use in portable monitoring devices to capture life-saving and life-enhancing information within four key markets: medical care; home and remote-care; sports and wellness; and safety and security. Its patented technology uses information gathered from the reflectance of light on the human blood stream, in a non-invasive manner, to monitor key vital signs. The Company distributes its products through a network of distributors and also licenses its technologies to appropriate client corporations for commercialization and distribution. For more information, visit www.spomedical.com.
Safe Harbor:
This press release contains forward-looking statements that involve substantial uncertainties and risks. These forward-looking statements are based upon our current expectations, estimates and projections about our business and our industry, and that reflect our beliefs and assumptions based upon information available to us at the date of this release. We caution readers that forward-looking statements are predictions based on our current expectations about future events. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions that are difficult to predict. Our actual results, performance or achievements could differ materially from those expressed or implied by the forward-looking statements as a result of a number of factors, including but not limited to, changes in economic conditions generally and the medical devices market specifically, changes in technology, legislative or regulatory changes that affect us, the availability of working capital, changes in costs and the availability of goods and services, the introduction of competing products, planned product launches, changes in our operating strategy or development plans, our ability to attract and retain qualified personnel, and the risks and uncertainties discussed under the heading “Risk Factors” in Item 1 of our Annual Report on Form 10-KSB for the fiscal year ended December 31, 2006. We undertake no obligation to revise or update any forward-looking statement for any reason.
braunold@spomedical.com investors@spomedical.com
CONTACT: Michael Braunold, CEO of SPO Medical, +972-9-7643570,
braunold@spomedical.com; or Christine J. Petraglia of Seventh Circle
Consulting, +1-646-354-8886, investors@spomedical.com, for SPO Medical
Web site: http://www.spomedical.com//
