WOODLAND HILLS, Calif., May 15 /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 first quarter of 2007.
Revenues for the first quarter of 2007 were $1,256,000 representing a 79% increase in sales over the first quarter of 2006, when revenues were $701,000. SPO Medical also reported for the first time positive cash flows of $128,000 from operating activities for the first quarter of 2007 compared to negative cash flows of $270,000 for the corresponding period in 2006.
Revenues reflect the increasing sales of SPO Medical's PulseOx 5500(TM) and its sports version, Check Mate(TM); both are spot-check finger pulse oximetry monitors using the company's patented Reflective Pulse Oximetry (RPO) technology to measure oxygen saturation and heart rate. To date, over 75,000 units have been purchased globally. Increased revenues also reflect initial sales of the PulseOx 7500(TM), a compact, wrist-mounted oximetry system which is the first affordable home pre-screening device to monitor the vital signs of people experiencing sleep disorder symptoms, such as sleep apnea, from the comfort of their homes.
"I am delighted to report the continued sales growth of all our products," said Michael Braunold, President and Chief Executive Officer of SPO Medical. "Continued growth in sales is attributable to two factors: increased customer demand in the markets in which they are now distributed, and the opening of new markets served by our expanded network of master distributors. We believe that our strategy of strengthening sales growth for our current products, increasing distribution channels, and the planned introduction of new products later this year, will further boost the growth of the Company."
A more detailed description of the financing activity and financial statements are contained in the Quarterly Report on Form 10-QSB recently filed with the SEC.
About SPO Medical
SPO Medical (SPOM.PK) is 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: Michael Braunold, CEO of SPO Medical, +1-818-888-4380,braunold@spomedical.com; or Jerry Cahn, Ph.D., J.D. of Target 3Communications, +1-646-827-0009, jerry@target3.com, for SPO Medical
Web site: http://www.spomedical.com/
