ORANGEBURG, N.Y., Aug. 14, 2008 (PRIME NEWSWIRE) -- Vision-Sciences, Inc., (Nasdaq:VSCI) (“Vision-Sciences” or the “Company”), today announced results for its fiscal first quarter ended June 30, 2008 (“Q1 09"). For Q1 09, revenues were $2.9 million, an increase of 21% compared to $2.4 million for the fiscal quarter ended on June 30, 2007 (“Q1 08"). Loss from operations in Q1 09 was $3.4 million, compared to $1.6 million in Q1 08, an increase of $1.8 million. The increase is mainly attributable to (i) higher sales and marketing expenses related to the launching of our videoscope family of products; (ii) higher research and development expenses related to the development of new videoscope products, and our new line of fiberscopes; and (iii) increased operational expenses to support the expected growth of our production capacity for both our videoscope and fiberscope products. Our net loss for Q1 09 was $0.1 million, or $0.00 per diluted share, compared to a net loss of $1.4 million, or $0.04 per diluted share in Q1 08. The decrease in net loss arose primarily from a one-time gain from the receipt of a purchase price payment of $3 million from Medtronic Xomed, Inc. (“Medtronic”) in connection with the 2007 sale to Medtronic of assets used in our ENT (ear, nose and throat) sheath business.
