NEW YORK, April 11, 2013 /PRNewswire/ --
SPO Medical Inc. ( SPOM), a leading developer of biosensor and microprocessor technologies for use in portable monitoring devices, announced today financial results for the year ended December 31, 2012. During this period the Company completed development of its new wellness product and commenced sales activities.
Total revenue for 2012 was $316,000 compared to $20,000 for the same period in 2011. The increase in revenue was the result of the Company's strategy to enter the non-medical consumer wellness market through its partnership with HoMedics LLC. In addition, the Company has a backlog of firm orders of approximately $500,000 for planned shipments through 2013. The Company anticipates this backlog to increase during fiscal year 2013 as sales continue to grow in the United States and in international markets. This is primarily attributed to the expanded distribution of its private-labeled pulse oximeter known as the HoMedics Deluxe Pulse Oximeter for non-medical consumer wellness markets.
Further details as to SPO's financial information and results of operations for the fiscal year ended December 31, 2012 are in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission on April 11, 2013.Michael Braunold, Chief Executive Officer of SPO commented: "We are very pleased with our fiscal results for 2012 and backlog position which show a strategic turnaround for the Company - this was achieved in a relatively short period of time after our decision to distribute under the HoMedics private-label which gave us immediate access to mass-market retailers worldwide. We have also made our first shipment to the international market outside of the United States and we see further upside during 2013, by leveraging on our joint-success to date." During 2013, SPO anticipates expanding other product opportunities currently under development and specifically its fitness watch - a new consumer wellness time-piece designed to measure overall daily activity level, especially useful for overweight and obese adults and children. This new and innovative product, already demonstrated to several retail category buyers, will include unique innovative features as well as being a fashionable time-piece to continuously measure the number of daily activities and calories burned against a recommended goal.