CASMED Reports Third Quarter 2010 Results
BRANFORD, Conn., Nov. 10, 2010 (GLOBE NEWSWIRE) -- CAS Medical Systems, Inc. (Nasdaq:CASM), today reported third quarter 2010 revenues of $7.8 million, a decrease of $1.4 million, compared to revenues of $9.2 million for the third quarter of 2009. The Company reported a net loss of $0.5 million, or ($0.04) per basic and diluted common share, compared to net income of $0.2 million, or $0.02 per basic and diluted common share, reported for the third quarter of the prior year.
For the nine months ended September 30, 2010, the Company recorded revenues of $24.5 million, a decrease of $1.6 million, compared to revenues of $26.1 million for the first nine months of the prior year. For the nine months ended September 30, 2010, the Company reported a net loss of $0.3 million, or ($0.02) per basic and diluted common share, compared to a net loss of $1.5 million, or ($0.14) per basic and diluted common share, for the prior year period.
Sales of FORE-SIGHT ® Absolute Oximeter products were $1.2 million for the quarter and $4.0 million for the nine month period, an increase of 17% and 36% respectively over the prior year periods.Cash provided by operations was $2.9 million for the nine months ended September 30, 2010. The Company also consummated a $1.9 million private placement of its common stock during June 2010. At September 30, 2010, the Company's cash and cash equivalents were $2.9 million, and the Company's total bank debt was $1.9 million, down $2.5 million from $4.4 million on December 31, 2009. Other Recent Events On August 27, 2010, the Company appointed Thomas M. Patton as President and CEO. Mr. Patton is a seasoned manager in the medical products field with a broad range of operational and strategic experience from start-ups to growth companies, both public and private. On October 28, 2010, the Board of Directors appointed Gregory P. Rainey as a Director of the Company as the Board expanded from six members to seven members.
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