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Vision-Sciences Reports First Quarter 2014 Financial Results

Stocks in this article: VSCI

ORANGEBURG, N.Y., Aug. 12, 2013 (GLOBE NEWSWIRE) -- Vision-Sciences, Inc. (Nasdaq:VSCI) today announced financial results for the first quarter of fiscal 2014, ended June 30, 2013. Highlights include:

  • Net sales increased 8% to $3.7 million, compared with $3.4 million in the first quarter of fiscal 2013;
  • Gross profit improved by 18% to $1.1 million, compared with $0.9 million in the first quarter of fiscal 2013;
  • Net loss improved by 8% to $2.4 million, or ($0.05) per basic and diluted share, compared to $2.6 million, or ($0.06) per basic and diluted share, in the first quarter of fiscal 2013;
  • Launched the 7000 Series Vision System ® video processor platform, worldwide; and,
  • Appointed Howard I. Zauberman as Interim Chief Executive Officer effective May 13, 2013.

"Since joining Vision Sciences in mid-May, I have been conducting a comprehensive strategic assessment of our business," said Howard Zauberman, Interim Chief Executive Officer. "Thus far, I have realigned the Company's direct sales efforts to focus on those markets and customers where we have primarily had success, strong brand recognition and product loyalty. In particular this has been in the ENT and TNE markets in the office setting, and critical care/pulmonology in the ICU setting."

Mr. Zauberman continued, "With respect to our partnership with Stryker Urology, we are pleased with their ongoing progress. With top-line growth and a reduction of our net loss, this quarter was the first step towards strengthening our foundation and building a long-term plan that rewards shareholders. We will do this by fostering a culture of innovation to fully realize the commercial potential of this Company."

First Quarter Financial Results               

Net sales in the first quarter of fiscal 2014 were $3.7 million, an increase of $0.3 million, or 8%, over the first quarter of fiscal 2013.

  • Medical segment sales increased 21%, primarily due to a 76% increase in sales to the urology market as compared to the prior year quarter. The increase was primarily attributable to shipments of our flexible ureteroscope to Stryker; and, 
  • Industrial segment sales decreased 31%, primarily due to an atypically large order that shipped in the first quarter last year; there was no comparable order in the first quarter of fiscal 2014. 

Net sales detail (in thousands, except for percentages) for the three-month periods were as follows:

  Three Months Ended  
  June 30,  
Market/Category 2013 2012 Change
Urology  $ 1,862  $ 1,056 76%
ENT /TNE 542 608 -11%
Pulmonology 87 125 -30%
Spine -- 259 -100%
Repairs, peripherals, and accessories 538 448 20%
Total medical sales 3,029 2,496 21%
Borescopes 337 631 -47%
Repairs 286 269 6%
Total industrial sales 623 900 -31%
Net sales  $ 3,652  $ 3,396 8%
       
Product – medical sales      
Endoscopes  $ 1,561  $ 1,493 5%
EndoSheath technology 930 555 68%
Repairs, peripherals, and accessories 538 448 20%
Total medical sales  $ 3,029  $ 2,496 21%

Gross profit increased by $0.2 million, or 18%, to $1.1 million in the first quarter of fiscal 2014. Gross margin for the 2014 quarter increased 300 basis points to 30% from 27% in the first quarter of fiscal 2013 due to favorable manufacturing absorption driven by higher production volume in the 2014 fiscal period.

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