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Vision-Sciences Announces Revenue Of $4.2 Million For Fourth Quarter And $15.3 Million For Full Year Fiscal 2013

Stocks in this article: VSCI

ORANGEBURG, N.Y., April 29, 2013 (GLOBE NEWSWIRE) -- Vision-Sciences, Inc. (Nasdaq:VSCI), a leading provider of unique flexible endoscopic products utilizing its proprietary sterile disposable EndoSheath® technology, today announced financial results for its fourth quarter and fiscal year 2013, ended March 31, 2013.

Fourth Quarter Fiscal Year 2013 Highlights

  • Net sales were $4.2 million, compared with $4.0 million in the third quarter of fiscal 2013 and $4.6 million in the fourth quarter of fiscal 2012;
  • Operating loss decreased 29% to $2.0 million compared to $2.8 million in the same quarter last year; and
  • Net loss improved by 34% to $2.0 million, or ($0.04) per basic and diluted share, compared to $3.1 million, or ($0.07) per basic and diluted share, in the fourth quarter of fiscal 2012.

Fiscal Year 2013 Highlights

  • Net sales were $15.3 million, compared with $16.7 million in fiscal 2012;
  • Operating loss decreased 17% to $8.4 million compared to $10.1 million last year; and
  • Net loss improved by 5% to $10.5 million, or ($0.23) per basic and diluted share, compared to $11.0 million, or ($0.25) per basic and diluted share, in fiscal 2012.
  • Excluding the loss on extinguishment of debt, non-GAAP net loss for fiscal 2013 was $9.3 million, or ($0.20) per basic and diluted share, an improvement of 16% over fiscal 2012.

"2013 was a rebuilding year for Vision-Sciences and marked the implementation of our new strategy to focus primarily on the acute-care hospital and bariatric markets, where our value proposition resonates the most," commented Cynthia Ansari, President and Chief Executive Officer of Vision-Sciences, Inc. "Our relevance and acceptance has increased in these markets, our sales pipeline is robust, and our average selling price continues to grow. This strong foundation should enable Vision-Sciences' growth in fiscal 2014 and beyond."

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