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Vision-Sciences, Inc. Announces $7.7 Million In Revenue For The First Nine Months Of Fiscal 2011

ORANGEBURG, N.Y., Feb. 9, 2011 (GLOBE NEWSWIRE) -- Vision-Sciences, Inc. (Nasdaq:VSCI) today announced results for its third quarter and first nine months of fiscal 2011, ended December 31, 2010. For the third quarter of fiscal 2011, net sales were $2.7 million, a sequential increase of $0.4 million, or 17%, from the second quarter of fiscal 2011, ended September 30, 2010, primarily due to higher sales of our urology endoscopes and EndoSheath® disposables, our ENT ("ear, nose, and throat") endoscopes, and increased repair, peripheral and accessory sales. These same revenues represent an increase of $0.1 million, or 4% from the third quarter of fiscal 2010, ended December 31, 2009, primarily due to higher sales of our urology endoscopes and EndoSheath disposables. Pro forma for the exclusion of sales to Medtronic, which, effective April 1, 2010, no longer served as our distributor of ENT endoscopes, net sales for the third quarter of fiscal 2011 represented an increase of $1.1 million, or 66%, from the third quarter of fiscal 2010.

For the first nine months of fiscal 2011, net sales were $7.7 million, a decrease of $1.1 million, or 13%, over the first nine months of fiscal 2010, primarily due to lower sales of our ENT fiberscopes as a result of the end of our distribution agreement with Medtronic. Pro forma for the exclusion of sales to Medtronic, net sales for the first nine months of fiscal 2011 represented an increase of $2.6 million, or 52%, over the first nine months of fiscal 2010.

Loss from operations in the third quarter of fiscal 2011 was $2.4 million compared to $3.2 million in the third quarter of fiscal 2010, a decrease of $0.8 million. Loss from operations in the first nine months of fiscal 2011 was $7.7 million compared to $8.8 million in the first nine months of fiscal 2010, a decrease of $1.1 million.

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