Vycor Medical, Inc. Reports 2011 Results
Revenue Up 207% Over 2010 Including Contribution From NovaVision; Vycor Medical Division Revenue Up 78% Over 2010; Vycor Makes First Vycor Shipment to China
(firmenpresse) - BOCA RATON, FL -- (Marketwire) -- 04/03/12 -- Vycor Medical, Inc. ("Vycor") (OTCBB: VYCO) has reported 2011 revenue of $971,367, a 207% increase on the $316,450 for 2010. The Vycor Medical division generated revenue of $548,463, a 78% increase on 2010, and NovaVision generated revenue of $422,904, compared to $8,868 for just one month in 2010. The gross profit for 2011 was $795,109 compared to $267,713 in 2010. The overall group margin was 82% in 2011 compared to 85% in 2010; this reflects the addition of NovaVision and both a change in sales mix at Vycor and the cost of a packaging life extension program.
2011 saw Vycor achieve some important milestones in a year of significant development:
Restarting the operations of NovaVision, which had been acquired out of Chapter 7 bankruptcy in late 2010
Merging the operations of Vycor and NovaVision onto one site in Boca Raton, Florida
Closing Common and Preferred stock offerings totaling $4 million
Acquisition of Sight Science Limited in the UK (closed January 4, 2012)
Granting or issuance of 7 additional patents, bringing the Group portfolio (including Sight Science) to 30 granted/issued and 30 pending
The Vycor Medical division made strong advances in 2011, particularly in the final quarter. Penetration into US hospitals and adoption by surgeons has continued to grow as the surgeon community becomes increasingly aware of the minimally invasive nature of Vycor's VBAS and its other clinical benefits. Internationally Vycor also made strong headway, with international sales accounting for approximately 39% of total sales in 2011 compared to 20% in 2010. Highlights for the Vycor Medical division include:
Growth in US hospital approvals in 2011 with the growth continuing in the first quarter of 2012
Grant of SFDA approval to market VBAS in China in December 2011, and the shipment of a first order to China of $170,000; this has been followed by the placing of a second order of similar size in the first quarter of 2012
Grant of registration for VBAS in Japan, with a first order being placed in the first quarter of 2012
Gaining regulatory approval in Australia and applying for regulatory approval in Russia and Korea
Grant or issuance of patents for Russia and China
Publication of three important peer review clinical studies by leading surgeons in key neurosurgery journals
NovaVision also made strong advances in 2011, although it remains a development stage business. Highlights include:
Restarting the operations of NovaVision, which had been acquired out of Chapter 7 bankruptcy in late 2010. This involved re-opening the premises, hiring staff, re-applying for licenses required to deliver medical devices into the home, re-establishing contacts with physicians and recommencing a sales, marketing and patient management process
Creation of a Scientific Advisory Board of highly respected scientists and academics who are leaders in their field: Alvaro Pascual-Leone, Professor of Neurology at Harvard Medical School and Director of Research at the Cognitive Neurology Unit at Beth Israel Deaconess Medical Center; Jason S. Barton, Professor of Neurology, Ophthalmology and Visual Sciences, University of British Columbia and Jose Romano, Chief of Stroke Division and Associate Professor of Neurology at the University of Miami Miller School of Medicine
Grant or issuance of 3 patents in the US and patents in China and Canada.
Acquisition of Sight Science Limited (closed January 4, 2012), a highly complementary business for NovaVision. The combination of the therapies, technologies and knowhow of NovaVision and Sight Science is a key element for the development and growth of NovaVision in the future
Appointment of Prof. Arash Sahraie as NovaVision's Chief Scientific Officer as a part of the Sight Science acquisition. Arash is Professor and Chair in Vision Sciences at the University of Aberdeen, Scotland
Management uses certain non-GAAP financial measures (including non-GAAP operating expenses and non-GAAP net loss and loss per share), which exclude non-cash amortization of acquired intangible assets and other acquisition-related charges, non-cash stock-based compensation and non-cash consulting fees, and certain one-time charges. Management does not consider these costs in evaluating the continuing operations of the Company. Therefore, management calculates the non-GAAP financial measures provided in this earnings release excluding these costs and uses these non-GAAP financial measures to enable it to analyze further, and more consistently, the period-to-period financial performance of its core business operations. Management believes that providing investors with these non-GAAP measures gives them additional important information to enable them to assess, in the same way management assesses the Company's current and future continuing operations. There are limitations in using these non-GAAP financial measures because they are not prepared in accordance with GAAP and may be different from non-GAAP financial measures used by other companies. These non-GAAP financial measures should not be considered in isolation or as a substitute for GAAP financial measures. Investors and potential investors should consider non-GAAP financial measures only in conjunction with the Company's consolidated financial statements prepared in accordance with GAAP. Set forth below are reconciliations of the non-GAAP financial measures to the comparable GAAP financial measures.
On a GAAP basis the Company reported Operating Expenses for 2011 of $5,422,790 and a net loss of $4,778,541, or $0.006 per share.
Vycor's GAAP results for 2011 include non-cash amortization of acquired intangible assets and other acquisition-related charges ($249,282), non-cash stock compensation charges and non-cash consulting fees ($2,170,991), and certain one-time charges ($119,453). The Company is providing additional non-GAAP financial measures that exclude these charges and expenses and reconciliation of GAAP to non-GAAP results is provided in the tables included in this release.
On a non-GAAP basis the Company reported Operating Expenses for 2011 of $2,883,393 and a net loss of $2,239,144, or $0.003 per share.
Cash and cash equivalents were $950,841 at December 31, 2011.
With corporate headquarters in Boca Raton, FL, Vycor Medical, Inc. (OTCBB: VYCO) is a medical device company committed to making neurological brain, spinal and other surgical procedures safer and more effective. The company's flagship, Patent Pending ViewSite™ Surgical Access Systems represent an exciting new minimally invasive access and retraction system that holds the potential for speedier, safer and more economical brain, spinal and other surgeries and a quicker patient discharge. Vycor's innovative medical instruments are designed to optimize neurosurgical site access, reduce patient risk, accelerate recovery, and add tangible value to the professional medical community. Vycor is ISO 13485:2003 compliant, has FDA 510(K) clearance for brain and spine surgeries, and CE Marking and HPB licensing in Canada.
Vycor Medical's subsidiary, NovaVision, Inc., researches, develops and provides science-driven vision-based neurostimulation therapy and other medical technologies that help to improve sight in patients with neurological vision impairments. The company's proprietary, Visual Restoration Therapy (VRT) platform is clinically supported to improve lost vision resulting from stroke, traumatic brain injury ("TBI"), or other acquired brain injury, and has been 510(K) cleared to be marketed in the US by the FDA. VRT can be prescribed by any ophthalmologist, optometrist, neurologist or physiatrist. NovaVision, through its subsidiary Sight Science, also provides Neuro-Eye Therapy (NeET), aimed at increasing visual sensitivity deep within the field defect. NovaVision also provides a fully portable and ADA-compliant Head Mounted Perimeter (HMP™) which aids in the detection and measurement of visual field deficits
For the latest information on the company, including media and other coverage, and to learn more, please go online at or .
CONTACT
Lenny Sorin
Vycor Medical Inc.
561-558-2000
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Datum: 03.04.2012 - 06:00 Uhr
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