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Vision-Sciences Announces Revenue Of $4.0 Million For Second Quarter And $7.6 Million For First Half Of Fiscal 2014

Stocks in this article: VSCI

ORANGEBURG, N.Y., Nov. 11, 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 second quarter and first half of fiscal year 2014, ended September 30, 2013.

Second Quarter Fiscal Year 2014 Highlights

  • Net sales increased 6% to $4.0 million compared with $3.7 million in the second quarter of fiscal 2013;
  • On a sequential basis, net sales increased 9% compared with $3.7 million in the first quarter of fiscal 2014;
  • Operating loss improved 51% to $1.3 million compared to $2.6 million in the same quarter last year; and
  • Net loss improved by 69% to $1.3 million, or ($0.03) per basic and diluted share, compared to $4.3 million, or ($0.09) per basic and diluted share, in the same quarter last year.

First Half of Fiscal Year 2014 Highlights

  • Net sales increased 7% to $7.6 million compared with $7.1 million in the first half of fiscal 2013;
  • Operating loss improved by 25% to $3.7 million compared to $4.9 million in the same period last year; and
  • Net loss improved by 46% to $3.8 million, or ($0.08) per basic and diluted share, compared to $6.9 million, or ($0.15) per basic and diluted share, in the same period last year.

"I am pleased to note another solid quarter of consistent sales growth for Vision-Sciences," commented Howard Zauberman, Interim Chief Executive Officer of Vision-Sciences, Inc. "We are encouraged by the initial positive impact of our strategic repositioning of the Company.

"Particularly noteworthy is that the efficacy profile of our EndoSheath technology in infection control and safe utilization in both clinical and remote settings continues to expand with a number of positive publications and presentations supporting our long-standing position of an always ready, always sterile scope."

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