EP MEDSYSTEMS REPORTS SECOND QUARTER RESULTS
SALES INCREASE 13%, LOSS DECREASES 24%
MT. ARLINGTON, NJ (August 13, 2001) -- EP MedSystems, Inc. (NASDAQ: EPMD) is pleased to report operating results for the three months ended June 30, 2001. Net sales increased 13% to $2,413,000 from $2,136,000 for the same period in 2000 and increased 17% from the first quarter of 2001. Net loss decreased 24% to $1,171,000, or $0.09 per share as compared to $1,547,000, or $0.13 per share for the same period in 2000.
Net sales for the six months ended June 30, 2001 were $4,482,000 as compared to $5,039,000 in the first half of 2000. The net loss for the first half of 2001 decreased $156,000 to $2,026,000 as compared to $2,182,000 for the same period in 2000. The basic and diluted loss per share for the six months ended June 30, 2001 improved to $0.16 per share as compared to $0.19 for the same period in 2000.
David A. Jenkins, Chairman and CEO of EPMD, stated “We are pleased with the sales growth experienced in the second quarter and with our improvement in operating loss. This sales increase is attributable to increased sales of our EP-WorkMate® which continues to show strong acceptance in the industry. Our EP-WorkMate® is designed as a platform for technologies we intend to market in the near future.”
Joseph M. Turner, Chief Financial Officer commented “We are pleased with the reduction in our operating loss as we continue to focus on managing our expenses while continuing to build our company’s infrastructure.”
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Three Months Ended |
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Six Months Ended |
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June 30, |
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June 30, |
Income Statement Data |
|
2001 |
|
2000 |
|
2001 |
|
2000 |
Net Sales |
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$2,413,000 |
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$2,136,000 |
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$4,482,000 |
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$5,039,000 |
Cost of products sold |
|
1,131,000 |
|
1,101,000 |
|
2,082,000 |
|
2,474,000 |
Gross Profit |
|
1,282,000 |
|
1,035,000 |
|
2,400,000 |
|
2,565,000 |
Operating expenses |
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|
|
|
|
|
|
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Sales and marketing |
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1,184,000 |
|
1,220,000 |
|
2,286,000 |
|
2,477,000 |
General and administrative |
|
524,000 |
|
595,000 |
|
1,080,000 |
|
1,097,000 |
Research and development |
|
652,000 |
|
775,000 |
|
1,299,000 |
|
1,407,000 |
Loss from operations |
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(1,078,000) |
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(1,555,000) |
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(2,265,000) |
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(2,416,000) |
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|
|
|
|
|
|
|
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Interest (expense) income, net |
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(80,000) |
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8,000 |
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(170,000) |
|
17,000 |
Other (expense) income, net |
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(13,000) |
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0 |
|
409,000 |
|
217,000 |
Net Loss |
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$(1,171,000) |
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$(1,547,000) |
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$(2,026,000) |
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$(2,182,000) |
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|
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|
|
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Basic and diluted loss per share |
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$(.09) |
|
$(.13) |
|
$(.16) |
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$(.19) |
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|
|
|
|
|
|
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Weighted Average |
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|
|
|
|
|
|
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Shares Outstanding |
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13,668,923 |
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11,742,519 |
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12,882,236 |
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11,561,726 |
| Balance Sheet Data |
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At June 30, 2001 |
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At June 30, 2000 |
Cash and cash equivalents |
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$1,482,000 |
$1,673,000 |
Working capital |
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5,393,000 |
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3,883,000 |
Total assets |
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10,469,000 |
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9,432,000 |
Total liabilities |
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5,824,000 |
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2,978,000 |
ShareholderÕs equity |
|
4,645,000 |
|
6,454,000 |
EP MedSystems develops and markets cardiac electrophysiology (“EP”) products used to diagnose and treat certain cardiac arrhythmia disorders. The Company’s EP product line includes the EP-WorkMate® Electrophysiology Workstation, the EP-3‰ Stimulator, diagnostic electrophysiology catheters, ALERT® System with internal cardioversion catheters, and related disposable supplies.
The ALERT® catheter is proprietary and used in tandem with the ALERT® Companion to deliver a bi-phasic low energy waveform used to convert atrial fibrillation to a normal (sinus) heart rhythm. The ALERT® System has been shown to use about 50 times less energy for cardioverion than the standard external “paddles”. EPMD estimates that there are approximately 5 million people worldwide with atrial fibrillation, a disease associated with reduced cardiac output, congestive heart failure, and stroke. For more information visit our Website at www.epmedsystems.com.
For Further Information Contact:
Joseph M. Turner, CFO
(973) 398-2800
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