Listen to the EPMedSystems Third Quarter Financial Results Conference Call Webcast
Thursday November 1, 2007 at 4:30 p.m. EST. (1:30 p.m. PST)
Telephone Replay: An audio replay of the conference call can be accessed at (800) 405-2236. The replay will be available until, November 15, 2007 at 12:00 a.m. ET . The required pass code is 11101258#
EP MEDSYSTEMS REPORTS 2007 THIRD QUARTER RESULTS
Company Achieves Record Revenue on 41% Growth
West Berlin, NJ (November 1, 2007)–EP MedSystems, Inc. (NASDAQ: EPMD), today reported its financial results for the third quarter ending September 30, 2007. The Company achieved record quarterly revenue of $5.3 million, representing a 41% increase over the $3.8 million reported for the same period in 2006, and a 23% sequential quarterly increase. Total revenue for the nine months ended September 30, 2007 was $13.2 million, an 18 % increase over the nine months ended September 30, 2006. The 2006 period included approximately $705,000 of nonrecurring sales to our Japanese distributor.
David Bruce, President and Chief Executive Officer, commented, “We achieved record quarterly revenue thanks to the strong growth of our EP-WorkMate® platform combined with initial market success of our ViewMate® II ultrasound system and ViewFlex® catheter products. With revenue and gross margin increases this year, cash used in operations is down by 57% to $1.8 million in the first nine months of the year.” Ultrasound product revenue increased by 70% to $692,000 when compared to the third quarter of 2006, and by 48% to $1,376,000 during the nine months ended September 30, 2007 as compared to 2006. Gross margin in the third quarter of 2007 increased 5 points to 64% compared to the 2006 period.
The Company’s net loss declined 62% to $641,000, or $.02 per share, for the third quarter of 2007, compared to a net loss of $1.7 million, or $.06 per share, in the third quarter of 2006. For the nine months ended September 30, 2007 the net loss was reduced 37% to $3.4 million, or $.11 per share, versus $5.4 million, or $.19 per share, in 2006.
Cash on hand at September 30, 2007 was $5.6 million, as compared to $5.3 million at June 30, 2007 amd $7.7 million at December 31, 2006.
We have scheduled a conference call for 4:30 pm EST today, November 1, 2007, to discuss the financial results for the third quarter of 2007. The call is open to all listeners and will be followed by a question and answer session. To access the live conference call, dial (800) 257-7063 and give the company name “EP MedSystems.” An audio replay of the conference call will be accessible starting two hours following the live event. Access to the replay is available through November 15, 2007 by dialing (800) 405-2236 (access code 11101258#)
EPMedSystems develops and markets cardiac electrophysiology (“EP”) products used to diagnose and treat certain cardiac rhythm disorders. The Company’s EP product line includes the EP-WorkMate® Electrophysiology Workstation with RPM(TM) Real-time Position Management(TM) navigation technology, the EP-4(TM) Computerized Cardiac Stimulator, fixed and deflectable diagnostic electrophysiology catheters and related disposable supplies, the ALERT® System and ALERT family of internal cardioversion catheters, and the ViewMate® intracardiac ultrasound catheter imaging. For more information, visit our Website at www.epmedsystems.com.
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You can review the filings EP MedSystems has made with the U.S. Securities and Exchange Commission (“SEC”) by linking directly to EDGAR (Electronic Data Gathering, Analysis and Retrieval system), a database maintained by the SEC. EDGAR is not part of the EP MedSystems Web site and this link to EDGAR does not mean that EP MedSystems endorses or accepts any responsibility for the content, or the use, of EDGAR. The EDGAR link provided is for informational purposes only, and is not intended for trading or investment purposes. EP MedSystems does not guarantee the sequence, accuracy, or completeness of any information or data displayed through EDGAR, nor shall EP MedSystems be liable in any way to the reader or to any other person, firm or corporation whatsoever for any delays, inaccuracies, errors in, or omission of any such information or data or the transmission thereof, or for any actions taken in reliance thereon or for any damages arising therefrom or occasioned thereby or by reason of nonperformance or interruption, or termination, of the information or data for any cause whatsoever. EP MedSystems does not assume any duty of disclosure beyond that which is imposed by law, and expressly disclaims any duty to update any information set forth in its filings with the SEC. The reader should note that EP MedSystems’s periodic reports filed with the SEC include the disclosure therein of certain factors which may affect EP MedSystems ‘s future performance. Individual statements appearing in EP MedSystems’s SEC filings are intended to be read in conjunction with and in the context of the complete documents in which they appear, to include any documents incorporated therein by reference thereto, rather than as stand-alone statements.