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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.
Conference Call:
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#)
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.
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