BRANFORD, Conn., March 2, 2011 (GLOBE NEWSWIRE) -- CAS Medical Systems, Inc. (Nasdaq:CASM) , today reported financial results for the fourth quarter and full year 2010. For the year, FORE-SIGHT ® tissue oximeter revenues increased 29% over the prior year to approximately $5.2 million. For the fourth quarter, worldwide FORE-SIGHT disposable sensor revenue increased 35% over the fourth quarter of 2009 on the strength of a 42% increase in domestic sensor revenue.
"We are pleased with the overall results of our FORE-SIGHT Absolute Tissue Oximeter product sales for 2010 and particularly with the acceleration of growth in domestic disposable sensor sales," said Thomas M. Patton, CASMED's President and CEO. "Perhaps more importantly, during the last four months of 2010, and in the first two months of 2011, we have begun the process of building an enterprise that should be able to sustain significant future revenue growth."
In November of 2010, CASMED reported the sale of its blood pressure cuff business for $3.2 million plus the opportunity for a $0.3 million earn-out in mid-2011. That sale enabled the Company to divest a non-strategic, lower margin business and use the proceeds to strengthen the balance sheet by paying off all of its bank debt and supplementing its cash balance. As a result of that transaction, together with a strong year in generating cash flow from operations and a small private placement in June, the Company ended its 2010 calendar year with $4.5 million in cash on hand and no bank debt.Due to the sale of the blood pressure cuff business, the Company is required by accounting standards to report the financial results of its operations as if that product line had been divested in all of 2010 and 2009. Therefore, the results of the blood pressure cuff business are separately reported in the attached financial statements as a discontinued operation for both 2010 and 2009.
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