NEW YORK, May 15 /PRNewswire-FirstCall/ -- SPO Medical Inc. , a leading developer of biosensor and microprocessor technologies for use in portable monitoring devices, announced its first quarter results for the period ended March 31, 2008.
Gross revenues for the period were US$1,079,000, a 29% increase over fourth quarter 2007 gross revenues. The increase in revenues was mainly attributed to greater distribution of the Company’ core products, Check Mate(TM) and PulseOx 5500(TM) - the Company is now selling its products in 37 countries outside the U.S.
Additionally, during the first quarter, the Company commenced shipments of two new professional medical products; the PulseOx 6000(TM) (finger device) and PulseOx 6100(TM) (hand-held device). Both products use Reflective Pulse Oximetry (RPO) technology for accurate and reliable measurements of blood oxygen saturation and heart rate. In addition, these devices utilize the new SPO Medical AutoSpot(TM) technology for accurate measurements even with patients that suffer from low perfusion.
Michael Braunold, President and Chief Executive Officer of SPO Medical commented, “During the quarter we continued to successfully execute on our business strategy. We experienced an upturn in sales of our main product line. In addition, as promised, we began our foray into the professional healthcare market with the introduction of our two new products during the quarter, the PulseOx 6000(TM) and PulseOx 6100(TM). I am pleased to say their successful launch contributed to the improvement from the previous quarter in our top line performance.” Mr. Braunold continued, “We continue to work diligently on the research and development side towards additional product launches to further complement our current product portfolio.”
A more detailed description of the financial results and financial statements are contained in the most recent Quarterly Report on Form 10-QSB filed with the SEC on May 14, 2008.
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 http://www.spomedical.com
Forward Looking Statements:
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, the introduction of competing products, market acceptance of our new products, changes in our operating strategy or development plans 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, 2007. We undertake no obligation to revise or update any forward-looking statement for any reason.
CONTACT: Investor Contacts: SPO Medical Contact: Michael Braunold,
President & CEO, +1-866-991-SPOM (7766), investors@spomedical.com. ACV
Contact: Howard Gostfrand / David Sasso, +1-305-918-7000,
info@amcapventures.com
