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Vision-Sciences Announces Revenue Of $4.5 Million For Third Quarter And $12.1 Million For First Nine Months Of Fiscal 2014

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.

"I am pleased with the revenue growth we achieved this quarter on both a year-over-year and sequential basis," commented Howard Zauberman, President and Chief Executive Officer of Vision-Sciences, Inc. "Our relationship with Stryker remains strong and we are pleased with their growth in ureteroscope placements, which continues to be a key driver of our revenues. We expect revenue growth in coming quarters will be consistent with the last nine months as we complete our turnaround, and seek to reduce our operating loss on a go-forward basis."

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