HASBROUCK HEIGHTS, N.J., Aug. 21, 2006 (PRIMEZONE) -- U.S. MedSys Corp. (OTCBB:UMSY) (the "Company") today announced preliminary financial results for the Company's fourth quarter and fiscal 2006. These figures are unaudited and subject to change based final audit review which is currently in progress.
Net revenue for the three months ended June 30, 2006 of $1,401,989 was $297,170 (26.8%) higher than the $1,104,819 for the previous quarter. Gross margin for the comparative periods was $438,586 versus $321,862, or an increase of $116,724 (36.2%). The net loss for the three months ending June 30, 2006 was $511,544, $(0.01) compared to $1,125,792, $(0.03) for the previous quarter.
Net revenue for fiscal 2006 of $4,185,107 versus $1,547,643 for fiscal 2005 which results in an increase of $2,637,464 year over year. The Company gross margin of $1,215,522 for fiscal 2006 increased $906,885 versus fiscal 2005. The Net loss for the fiscal period ending June 30, 2006 was $3,502,510 as compared to a net loss of $7,139,244 for fiscal 2005. The increased revenue is directly related to the Company's diabetic supply business and its efforts of expanding existing contracts and programs, as well as our manufacturing division in Wilton, Maine which commenced operations in March, 2006. The Company has been able to maintain a relatively conservative spending pattern and implemented a cost savings plan which went into effect July 1, 2006 to further streamline corporate and ancillary costs.
About U.S. MedSys Corp.
U.S. MedSys Corp. is a medical network developer, marketing and distribution organization which provides support services and medical technology to the healthcare industry. U.S. MedSys Corp. is focusing on its core competencies in healthcare delivery, network development and marketing. The Company's purpose is to create a total platform that can be presented to healthcare providers as a means for Healthcare Administrators to cut costs without sacrificing quality of care to its membership. The UMSY business network consists of Global Medical Direct, a provider of sales, marketing and distribution of self-management products and services to patients with diabetes, PMC/Footcare, LLC, PMC Occular, LLC and New England Orthotic and Diabetic Shoe Company (NEODS), which has been established to manufacture and market semi-custom orthotics, diabetic shoes, insoles and orthotic braces. The company also markets its proprietary wound care program to the nursing home and wound care markets.
Safe Harbor Forward-Looking Statements: This press release may contain "forward-looking statements" within the meaning of section 27A of the 1933 Securities Act and Section 21E of the Securities Exchange Act. Actual results could differ materially, as the result of such factors as competition in the markets for the company's products and services and the ability of the company to execute its plans. By making forward-looking statements, the company can give no assurances that the transactions described in this release will be successfully completed, and undertakes no obligation to update these statements for revisions or changes after the date of this press release.
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