CASMED Reports Second Quarter 2010 And Year-to-Date Financial Results
- FORE-SIGHT revenue for quarter increased by 41% over second quarter of 2009.
- Balance sheet strengthened by $2.0 million of cash from operations year-to-date and $1.9 million private placement.
BRANFORD, Conn., Aug. 4, 2010 (GLOBE NEWSWIRE) -- CAS Medical Systems, Inc. (Nasdaq:CASM) today reported second quarter 2010 revenues of $8.2 million, a decrease of $0.4 million, or 4%, compared to revenues of $8.6 million for the second quarter of 2009. The Company reported net income of $8,000, or $0.00 per basic and diluted common share, compared to a net loss of $0.8 million, or ($0.07) per basic and diluted common share, reported for the second quarter of the prior year.
Revenues for the second quarter ended June 30, 2010 were led by increased sales of the Company's FORE-SIGHT ® Absolute Oximeter monitors and sensors. These increases were offset by reductions in sales of certain discontinued products in bedside monitoring and blood pressure cuffs. FORE-SIGHT sales were $1.4 million for the second quarter of 2010, an increase of $0.4 million, or 41%, over the $1.0 million reported for the second quarter of 2009.
Operating income was $13,000 for the second quarter of 2010, compared to an operating loss of $1.2 million for the same period of the prior year, and was generated by improved gross profit levels and lower operating expenses. Gross profit levels as a percentage of sales increased to 38% from 30%, and operating expenses as a percentage of sales improved to 38% from 44% when comparing the second quarter of 2010 to the second quarter of 2009. Gross profits were affected by favorable product mix, including the discontinuation of less profitable product lines, and reduced manufacturing overhead spending and variances. Personnel reductions implemented during 2009, along with other cost cutting measures, were primarily responsible for the reduction in operating expenses of $0.6 million to $3.2 million for the second quarter of 2010 from $3.8 million reported for the second quarter of 2009.
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