ORANGEBURG, N.Y., Feb. 3, 2014 (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 the third quarter and first nine months of fiscal year 2014, ended December 31, 2013.
Third Quarter Fiscal Year 2014 Highlights
- Net sales increased by 14% to $4.5 million compared with $4.0 million in the third quarter of fiscal 2013;
- On a sequential basis, net sales increased by 14% compared with $4.0 million in the second quarter of fiscal 2014;
- Operating loss improved by 3% to $1.5 million compared to the same quarter last fiscal year;
- Net loss improved by 1% to $1.6 million, or ($0.03) per basic and diluted share, compared to the same quarter last fiscal year;
- Positive outcomes of a clinical study that evaluated the durability and microbial barrier properties of EndoSheath ® technology in the flexible cystoscopy setting were published in the peer-reviewed journal BMC Urology;
- Launched an authorized fiber and video endoscope repair center for Europe; and
- Selected as preferred vendor for endoscopy equipment by 21st Century Oncology.
First Nine Months of Fiscal Year 2014 Highlights
- Net sales increased by 9% to $12.1 million compared with $11.1 million in the first nine months of fiscal 2013;
- Operating loss improved by 20% to $5.2 million compared to $6.5 million in the same period last fiscal year; and
- Net loss improved by 37% to $5.3 million, or ($0.12) per basic and diluted share, compared to $8.5 million, or ($0.18) per basic and diluted share, in the same period last fiscal year.