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Vasomedical Announces Financial Results for the First Quarter of 2013
Date:5/15/2013

se in commission revenue recognized in the first quarter of 2013 to $6.0 million, compared to $4.1 million for the same period in 2012. The increase in commission revenue is a result of higher volume of equipment delivered to customers during the first quarter of 2013 compared to the same period of 2012.

Gross profit for the first quarter of 2013 was $5.1 million, for a gross margin of 69.4%, compared to a gross profit of $4.2 million, for a gross margin of 69.2%, for the first quarter of 2012.

Selling, general and administrative (SG&A) expenses for the first quarter of 2013 were $5.6 million compared to $5.3 million for the same period last year. The increase in SG&A expense resulted primarily from costs in the Sales Representation segment of approximately $238,000 associated with the extension of the GEHC contract. This cost increase is a non-recurring charge that will be completed in the second quarter 2013.

Net loss for the three months ended March 31, 2013 was $0.7 million, or $0.00 per basic and diluted common share, compared to a net loss of $1.3 million, or $0.01 per basic and diluted common share, for the three months ended March 31, 2012. 

In April 2013, the Company's Board of Directors authorized a share repurchase program of up to $1.5 million of the Company's common stock, representing approximately 5% of the total outstanding shares of Vasomedical common stock as of April 30, 2013.  The repurchase program is being actively implemented in compliance with relevant SEC guidelines; 367,427 shares have been bought back through Friday, May 10, 2013.

Conference Call Information The Company will host a conference call tomorrow, Thursday, May 16th at 10:00 a.m. ET. To dial into the conference call, please dial 1-866-393-1344 from the U.S. or 1-631-291-4669 internationally. All dial-in participants must use the following code to access the call: 57513438. Please call at least five minutes before
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SOURCE Vasomedical, Inc.
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