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West Berlin, NJ (May 8, 2007)--EP MedSystems, Inc.
(NASDAQ: EPMD),
Today announced financial
results for the three months ended March 31, 2007.
Revenue for the first quarter of 2007 was $3,544,000
a decrease of $534,000 or 13% from the $4,078,000
reported in the three months ended March 31, 2006.
In the first quarter of 2006, the Company had
approximately $705,000 of nonrecurring sales to our
Japanese distributor. Gross margin in the
first quarter was 67% as compared to 61% for the
same period in 2006, primarily due to higher average
selling prices.
The net loss for the quarter was
$1,509,000, as compared to $1,494,000 reported in the
first quarter of 2006. The basic and diluted loss per
share for the three months ended March 31, 2007, was
$0.05 compared to $0.06 in the same period in 2006.
Cash and cash equivalents as of
March 31, 2007 were $7,709,000, a decrease of $34,000
when compared to the $7,743,000 on hand as of December
31, 2006. The Company also reported positive cash
flow from operations of $48,000 primarily through a
reduction in accounts receivable.
David Bruce, EP MedSystems'
President and Chief Executive Officer commented, “We’re
satisfied with our improvements in working capital,
higher average selling prices and increased gross
margins this quarter. We believe our competitive
position is improving and we’re focused on growing
through market penetration of our recently introduced
products: the ViewMate II Intracardiac ultrasound
system, MapMate interface for EP Mapping systems and the
NurseMate viewing station.”
About EPMedSystems:
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.
Forward Looking Statements:
This Release may contain certain statements of a forward-looking nature relating to future events or the future financial performance of the Company. Forward-looking statements include information concerning our possible or assumed future results of operations and statements preceded by, followed by or including the words "believes", "expects", "anticipates", "intends", "plans", "estimates", or similar expressions. Such forward-looking statements are based on our management's beliefs and assumptions and on information currently available to our management. Such forward-looking statements are only predictions and are subject to risks and uncertainties that could cause actual results or events to differ materially and adversely from the events discussed in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, EP MedSystems' history of losses, uncertainty of market acceptance of our products and level of sales, uncertainty of future profitability and future liquidity needs; possible fines costs or penalties that may be incurred in connection with the government inquires and investigations and risks regarding regulatory approvals and demand for new and existing products, as stated in the Company's Annual Report filed on Form 10-K and quarterly reports filed on Form 10-Q.
EPMedSystems cautions investors and others to review the cautionary statements set forth in this press release and in EPMedSystems' reports filed with the Securities and Exchange Commission and cautions that other factors may prove to be important in affecting the EP MedSystems' business and results of operations. Readers are cautioned not to place undue reliance on this press release and other forward-looking statements, which speak only as of the date of this release. EPMedSystems undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date of this report or to reflect the occurrence of unanticipated events.
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