WESTBOROUGH, Mass., April 10, 2012 (GLOBE NEWSWIRE) -- Viking Systems, Inc. (OTCBB:VKNG), a leading worldwide developer, manufacturer and marketer of 3D and 2D visualization solutions for complex minimally invasive surgery, today announced that it expects to report sales for its first quarter ended March 31, 2012 of approximately $3.5 million, an increase of 60% over its previous quarter ended December 31, 2011.
The anticipated $3.5 million in sales for the quarter is expected to include revenue from 21 of Viking's 3DHD Vision Systems. Twenty of these systems were shipped in the first quarter and revenue is expected to be recognized from one additional 3DHD unit shipped in the fourth quarter of 2011 on which revenue was deferred pending final integration into the customer's system. Seventeen of the total 21 3DHD Vision Systems were for clinical installation and four were demonstration systems sold at discounted pricing. Seven of the clinical system sales in the quarter were in the United States.
Total sales for the fourth quarter of 2011 were $2.2 million and included sales from 10 of the Company's 3DHD Vision Systems. Total sales for the first quarter of 2011 were $3.1 million and included sales from 17 of the Company's 3DHD Vision Systems. 3DHD Vision System sales in the first quarter of 2011 included 10 demonstration systems and 7 for clinical installation. Also contributing to the $3.1 million of sales in the first quarter of 2011 were sales of 4 previous generation 3D systems.
Jed Kennedy, President and CEO of Viking Systems said, "We are pleased to be off to such a good start in 2012. The first quarter of the year is normally slow and we believe this is an indication that 3DHD sales are beginning to ramp. We continue to receive positive feedback from customers and our distribution partners who both report the purchasing process for systems is underway in most markets."
Viking Systems expects to report its full first quarter results when it files its first quarter 2012 Form 10-Q with the SEC, which is due not later than May 15, 2012.
About Viking Systems, Inc.
Viking Systems, Inc. is a leading worldwide developer, manufacturer and marketer of 3D and 2D visualization solutions for complex minimally invasive surgery. It actively markets and sells the only stand alone, FDA cleared, cost-effective 3D system for use in minimally invasive laparoscopic surgery. Viking partners with medical device companies and healthcare facilities to provide surgeons with proprietary visualization systems enabling minimally invasive surgical procedures, which reduce patient trauma and recovery time. Viking, through its OEM products business, also designs and manufactures surgical vision systems and components for several leading medical instrument companies worldwide.
For more information, please visit our website at www.vikingsystems.com.
This press release contains forward-looking statements. These forward-looking statements are estimates reflecting the best judgment of our management and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. These forward-looking statements should, therefore, be considered in light of various important factors as described in our annual report on Form 10-K under the heading "Risk Factors" as updated from time to time by our quarterly reports on Form 10-Q and our other filings with the Securities and Exchange Commission. Statements concerning forecasts, revenue growth, profitability, production and shipment of units, future financial results, and statements using words such as "estimate", "project", "plan", "intend", "expect", "anticipate", "believe" and similar expressions are intended to identify forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. We undertake no obligation to publicly update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.