Vasomedical has reported $16.37m revenues for the fiscal year ended 31 May 2011, an increase of $12.17m, or 289%, compared to revenues of $4.21m for the last fiscal year.
Although the company reported an operating loss of approximately $3.93m for the year, compared to an operating loss of $1.98m for the prior fiscal year, these losses were largely attributed to the revenue recognition rules applicable to the company’s VasoHealthcare subsidiary, wherein a part of revenues were deferred.
Total deferred revenues for the company were $11.92m, including $10.81m for the VasoHealthcare subsidiary, an increase of $10.89m from $1.03m for fiscal 2010.
Vasomedical CEO and president Jun Ma said their equipment segment revenues improved considerably over last year, with an increase of 25%; and VasoHealthcare team delivered great performance that exceeded expectation.
"With improved performance in all areas of business and our strong cash position, Vasomedical is now looking to further implement its growth strategy," Ma said.
"This includes the initiative that we started with our consultants seeking to expand reimbursement for our proprietary EECP therapy; seeking accretive acquisitions of compatible medical equipment products or partners, such as the agreement with Biox Instruments; and looking to expand our representation of GEHC products."