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Vision-Sciences Reports Record Third Quarter Fiscal 2012 Net Sales Of $4.3 Million

Vision-Sciences, Inc. (NASDAQ: VSCI), a leading provider of unique flexible endoscopic products utilizing its proprietary sterile disposable EndoSheath® technology, today reported third quarter fiscal 2012 net sales of $4.3 million, an increase of 59% over net sales reported for the same period in fiscal 2011.

“We delivered solid results this past quarter,” commented Cynthia Ansari, Chief Executive Officer of Vision-Sciences, Inc. “Our employees are focused on delivering meaningful innovation to patients in order to address unmet clinical needs, positioning us well for the future.”

Records sales driven by increased penetration in Urology and Pulmonology

Net sales increased $1.6 million, or 59%, to $4.3 million in the third quarter of fiscal 2012, compared to $2.7 million reported during the third quarter of fiscal 2011, as a result of a 73% increase in medical segment sales. Medical segment sales increased to $3.6 million during the period driven by increased demand for endoscopes and EndoSheath disposables in the urology and pulmonology markets.

Urology sales during the quarter increased $1.0 million to $1.8 million. The Company continues to make solid progress with its supply of flexible video and fiber cystoscopes and related EndoSheath disposables to Stryker. Pulmonology sales for the period increased $0.2 million to $0.3 million. The Company continues to increase its customer base and capture increased penetration in the pulmonology market.

Net sales in the Company’s industrial segment improved 15% to $0.7 million, primarily attributable to higher borescope sales.

Sequentially, net sales for the third quarter increased 7% from $4 million reported during the second quarter of fiscal 2012.
  Three Months Ended    
December 31,
Market/Category   2011     2010 Change %  
ENT and TNE $ 840 $ 751 $ 89 12 %
Urology 1,839 827 1,012 122 %
Pulmonology 254 70 184 263 %
Spine 186 - 186 n/m*
Repairs, peripherals, and accessories   449   420   29 7 %
Total medical sales   3,568   2,068   1,500 73 %
Total industrial sales   746   647   99 15 %
Net sales $ 4,314 $ 2,715 $ 1,599 59 %

* not meaningful

Gross margin expansion resulting from favorable sales mix

The Company reported gross profit of $1.4 million for the third quarter of fiscal 2012, which represents an increase of $0.5 million, or 68%, over the same period in fiscal 2011. Gross margin for the period increased 170 basis points to 31%. The expansion of gross margin was primarily attributable to a more favorable mix of higher gross margin product sales and favorable manufacturing variances from manufacturing efficiencies.

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