ORANGEBURG, N.Y., Aug. 14, 2007 (PRIME NEWSWIRE) -- Vision-Sciences, Inc., (Nasdaq:VSCI) ("Vision-Sciences" or the "Company"), today announced results for its fiscal first quarter ended June 30, 2007 ("Q1 08"). For Q1 08, revenues were $2.4 million, an increase of 21% compared to $2.0 million for the fiscal quarter ended on June 30, 2006 ("Q1 07"). Net loss for Q1 08 was $1.4 million, or $0.04 per diluted share, compared to a net loss of $1.2 million, or $0.03 per diluted share in Q1 07. The increase in net loss in Q1 08 was due primarily to an increase in both sales and marketing and research and development expenses which was not fully offset by the Company's increase in sales and gross profit as compared with Q1 07.
Abbreviated results, in $000's, except for per share data, for Q1 08, compared to Q1 07 are as follows:
Increase
Q1 08 Q1 07 (Decrease)
------- ------- ----------
Sales $ 2,430 $ 2,007 $ 423
Net (loss) $ (1,444) $ (1,160) $ (284)
Net (loss) per diluted share $ (0.04) $ (0.03) $ (0.01)
Sales of the medical segment were $1.8 million in Q1 08, an increase of 36%, compared to sales of $1.3 million in Q1 07. Sales of the industrial segment were $0.6 million in Q1 08, a decrease of 9%, compared to sales of $0.7 million in Q1 07. The increase in sales of the medical segment was due primarily to higher unit volume of the Company's Slide-On(r) EndoSheath(r) products and endoscopes for the ENT market combined with an increase in sales of our Slide-On EndoSheath Systems for the urology market.
Ron Hadani, President and CEO, stated, "We are pleased that our decision to develop our own distribution network for our urology products has begun to show positive results. The overall increase in sales during the quarter within the urology markets is gratifying even as we continue to build our distribution network, which we expect will take another 6 - 9 months to complete. We are continuing to focus on accelerating the development of new products and technologies, identifying potential acquisitions of related technologies, and entering new markets we have identified. Our recent strategic investment in Minos Medical, Inc., a company concentrating in the emerging field of Natural Orifice Transluminal Endoscopic Surgery ("N.O.T.E.S.") demonstrates our commitment to developing new technologies in surgery."
Vision-Sciences, Inc. designs, develops, manufactures and markets unique flexible endoscopic products utilizing sterile disposable sheaths, the Slide-On EndoSheath System, which provide the users quick, efficient product turnover while ensuring the patient a contaminant-free product. Information about Vision-Sciences' products is available on the Internet at www.visionsciences.com.
The Vision-Sciences, Inc. logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=3876.
Except for the historical information herein, the matters discussed in this news release include forward-looking statements for the purposes of the safe harbor protections under The Private Securities Litigation Reform Act of 1995. Future results may vary significantly based on a number of factors including, but not limited to, the availability of capital resources, risks in market acceptance of new products and services and continuing demand for the same, the impact of competitive products and pricing, seasonality, changing economic conditions and other risk factors detailed in our most recent annual report and other filings with the SEC. In addition to statements which explicitly describe such risks and uncertainties, readers are urged to consider statements labeled with the terms "believes," "belief," "expects," "intends," "anticipates," "enables," or "plans" to be uncertain and forward-looking. Vision-Sciences assumes no obligation to update any forward-looking statements as a result of new information or future events or developments.