LOS ANGELES -- CompuMed, Inc. (BULLETIN BOARD: CMPD) -- a medical informatics company serving the healthcare community with diagnostic software solutions -- today announced fiscal year 2005 results for the first quarter, which ended December 31, 2004.
Total revenues for the first quarter increased 47% to $677,000, compared to $460,000 for the first quarter of fiscal 2004. Net loss for the quarter increased 52% to $93,000, or $0.00 per share, compared to a loss of $61,000, or $0.00 per share for the same quarter of fiscal 2004. The Company's cash and marketable securities balance was $272,000 on December 31, 2004.
"During the first quarter we continued to expand CompuMed's dominance in the correctional facility market by winning new contracts for remote ECG equipment and services," said CEO Jerry McLaughlin. "The one-time shipment of new Schiller-based CardioGram terminals to the New York State Department of Correctional Services also had a significant impact that helped account for the quarter's dramatic surge in revenues."
While CardioGram sales surged, CompuMed continued to invest in business development activities for its OsteoGram products, which provide a cost-effective, software-based solution for screening and diagnosing osteoporosis. The Company announced licensing and distribution agreements with market leading firms Swissray International and SourceOne Healthcare Technologies. Swissray is the global market leader in direct digital x-ray equipment, and SourceOne is the largest imaging distributor in the United States.
"The greater losses we incurred during the first quarter were the result of increased investment in OsteoGram sales and business development efforts," McLaughlin added. "We believe our recent partnerships with Swissray and SourceOne will begin to bear fruit in the first half of calendar year 2005, as we begin the process of training their sales representatives and initiating field sales activities."
To assist SourceOne, CompuMed is developing the OsteoGram CADKit and CADServer products that will enable distribution partners to readily connect the OsteoGram to the growing installed base of digital x-ray equipment.
Swissray, SourceOne, Fuji Medical, Orex Computed Radiography and Anexa Corporation exhibited the OsteoGram during the first quarter at the Annual Meeting of the Radiology Society of North America (RSNA) in Chicago.
CompuMed also completed the proof of principle phase by successfully integrating the OsteoGram on a digital mammography platform in use at a major teaching hospital. One of the keys to preventing and effectively treating osteoporosis is early detection. By combining the OsteoGram with mammography equipment, women at risk can be tested for osteoporosis conveniently, at the same time and on the same equipment as their routine mammogram. CompuMed is planning a clinical trial in Q2 2005 to validate the use of the OsteoGram on these new digital platforms.
"The global market for digital mammography is expanding rapidly," said McLaughlin. "Compared to their analog predecessors, these advanced units have a more consistent peak energy level, which produces an excellent image for OsteoGram analysis."
About CompuMed:
Founded in 1973, CompuMed, Inc. 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 for low-cost osteoporosis testing. The CardioGram system remotely interprets electrocardiograms, and is used nationwide by private practice, government and corporate healthcare providers. CompuMed is headquartered in Los Angeles. Visit CompuMed at www.compumed.net or call (310) 258-5000.
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 are expressly qualified by these cautionary statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof, except as required by law.
CompuMed, Inc.
Selected Financial Data
$ Thousands (except per share data)
For the Three Months
ending December 31
2004 2003
Total Revenues $677 $460
Net Loss from Operation (105) (68)
Net Loss (93) (61)
Net Loss per Share (0.00) (0.00)
Weighted average number of
common shares outstanding 19,691,544 17,951,034
December 31,
2004
Cash, cash equivalents and
Marketable Securities $272
Accounts Receivable 296
Total Current Assets 634
Total Assets 846
Total Current Liabilities 305
Total Stockholders' Equity 504
Source: CompuMed, Inc.
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