WOODLAND HILLS, Calif., March 21 /PRNewswire-FirstCall/ -- SPO Medical Inc. (SPOM.PK), a leading developer of biosensor and microprocessor technologies for use in portable monitoring devices, announced today that it has filed its Annual Report on Form 10-KSB for the year ended December 31, 2006.
During 2006, SPO Medical’s gross revenues increased by 103% to US$3,714,000 versus US$1,825,000 for 2005. Revenues for the fourth quarter of 2006 were US$1,194,000 compared to US$601,000 for the corresponding period in 2005, representing a 99% increase.
Revenue growth for 2006 reflected continued market penetration by SPO Medical of its PulseOx 5500(TM) and the sports version, Check Mate(TM); both are spot-check finger pulse oximetry monitors using Reflective Pulse Oximetry (RPO) to measure oxygen saturation and heart rate. Revenues also included initial sales during the second half of the 2006 of SPO Medical’s third product, PulseOx 7500(TM), a compact, wrist-mounted oximetry system designed to monitor the vital signs of people experiencing sleep disorder symptoms, such as sleep apnea.
“SPO Medical is delighted to report the continued revenue growth and market penetration which can position us as a leading biosensor and microprocessor development company,” said Michael Braunold, President and Chief Executive Officer of SPO Medical. “Our licensed resellers and distributors continue to extend our reach into the marketplace and successfully grow the sales of our leading product, the PulseOx 5500(TM), to the home care market as well as the ambulatory care and emergency medical care markets. Check Mate(TM) has been well received by sports enthusiasts and aviators, who use it to check for in-flight hypoxia. Together, over 65,000 units of our finger pulse oximeters have been purchased globally to date.”
“In addition, the Company has been granted a third patent, further expanding our patent portfolio,” continued Mr. Braunold. “This contributes to maintaining the company’s technological and competitive edge in this growing market.”
A more detailed description of the financing activity, financial results and financial statements are contained in the Annual Report on Form 10-KSB filed on March 20, 2007 with the SEC.
About SPO Medical
SPO Medical (SPOM.PK) 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, 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.
SPO Medical Inc.
CONTACT: SPO Medical Contact, Michael Braunold, CEO, +1-818-888-4380,braunold@spomedical.com; or Target 3 Contact, Jerry Cahn, President,+1-646-827-0009, jerry@target3.com
Web site: http://www.spomedical.com/
