CompuMed Announces Third Quarter Fiscal 2002 Financial Results
LOS ANGELES, Aug. 15 /PRNewswire-FirstCall/ -- CompuMed, Inc. (OTC Bulletin Board: CMPD.OB - News) -- a medical informatics company serving the medical community by providing diagnostic software solutions-today announced results for its third quarter ended June 30, 2002. Advertisement
Total revenues for the third quarter of fiscal 2002 were $498,000, up from the $479,000 in revenue for the same quarter in fiscal 2001. Net loss for the quarter was $290,000, or $0.02 per share, compared to a loss of $126,000, or $0.01 per share for the same quarter in fiscal 2001. The Company's cash, cash equivalents and marketable securities balance was $494,000 on June 30, 2002.
Total revenues for the nine months ended June 30, 2002 were $1,461,000, compared to $1,438,000 for the same period in fiscal 2001. Net loss for the nine months ended June 30, 2002 was $513,000, or $0.03 per share, down from the $744,000 loss, or $0.04 per share for the same period in fiscal 2001.
During the third quarter of fiscal 2002, the Company continued to expand opportunities for its OsteoGram® osteoporosis diagnostics system in both domestic and international markets. The OsteoGram is a proprietary software solution for the screening, diagnosis and monitoring of osteoporosis -- a prevalent medical condition that is quickly gaining worldwide attention. Its low-cost, high quality design makes the OsteoGram an ideal solution for serving key niche markets. At present, the U.S. hospital market for systems to diagnosis osteoporosis is mature. Consequently, sales of OsteoGram systems have been sluggish due to the large number of existing competitive units. Responding to market conditions, CompuMed's management is currently refocusing its domestic marketing strategy towards the substantial number of primary care providers and rural hospitals. Internationally, markets are far less mature, especially in regions with emerging economies, such as Asia and South America. In June 2002, CompuMed received clearance to market the OsteoGram system in China from the State Drug Administration (SDA), and marketing efforts commenced immediately thereafter. In addition, the Company shipped an initial stocking order to its distributor in Europe, which resulted in the sale of three systems in the Middle East. Moving forward with its strategy aggressively pursue OsteoGram sales on a global basis, CompuMed is submitting an application for a required CE mark in Europe.
"I am encouraged by the initial success from our international OsteoGram distributors, as well as the results of the preliminary market research we recently conducted in the U.S.," said CompuMed CEO, Jerry McLaughlin. "Opportunities are plentiful, not only in the international arena where our global distribution system is gaining momentum, but also here at home where we have identified solid prospects among primary care providers. In addition to our aggressive OsteoGram strategy, we are working to expand our core CardioGram business, and have identified areas for growth in the domestic market."
About CompuMed
Founded in 1973, CompuMed, Inc. (OTC Bulletin Board: CMPD.OB - News) is a leading provider of computer-aided telemedicine and diagnostics technology. The company's core products are the OsteoGram and CardioGram systems. The OsteoGram, which is cleared by the FDA for commercial use, is an accurate and precise technology utilized for low-cost osteoporosis testing. The CardioGram system remotely interprets electrocardiograms and is used by private practice, government and corporate healthcare providers nationwide. The CardioGram has the additional capability to automatically provide an over-read by a Board Certified cardiologist. CompuMed is headquartered in Los Angeles. Visit CompuMed at www.compumed.net .
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, ability to raise capital, the availability of appropriate acquisition candidates and/or business partnerships, economic conditions, the impact of competition and pricing, capacity and supply constraints or difficulties, government regulation and other risks defined in this document. All such forward-looking statements whether written or oral, and whether made by or on behalf of the Company are expressly qualified by these cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
CONTACT: Erik Deutsch - Tellem Worldwide, +1 (310) 479-6111
CompuMed, Inc.
Selected Financial Data
$ Thousands (except per share data)
For the Three Months For the Nine Months
ended June 30, ended June 30,
2002 2001 2002 2001
Total Revenues $498 $479 $1,461 $1,438
Net Loss from Operation (292) (126) (536) (791)
Net Loss (290) (126) (513) (744)
Net Loss per Share (0.02) (0.01) (0.03) (0.04)
Weighted average number
of common shares
outstanding 17,869,000 17,869,000 17,869,000 17,869,000
June 30, 2002
Cash, cash equivalents and
Marketable Securities $494
Accounts Receivable 219
Total Current Assets 817
Total Assets 1,310
Total Current Liabilities 395
Total Stockholders' Equity 906
SOURCE: CompuMed, Inc.
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