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Vasomedical Announces Financial Results for the Fourth Quarter and Year Ended 2012
Date:4/1/2013

uisitions in order to enhance our product lines. Most importantly, we have the capital resources needed to invest in our business and properly support future growth.  As of March 1, 2013 our cash and cash equivalents were $12.9 million," concluded Dr. Ma.

Three Months Ended December 31, 2012 Financial ResultsFor the three months ended December 31, 2012, revenue decreased 32.9% to $9.8 million, compared to $14.6 million for the three months ended December 31, 2011. The decrease in revenue is attributable to the Sales Representation segment, which recorded a lower commission rate in 2012 than in 2011. The lower commission rate was a direct result of a higher sales performance target preset early in the year and a flat domestic market for the products in 2012, despite a good performance by the VasoHealthcare sales team. According to our sales representation agreement with our partner, we earn a progressively higher commission rate as performance targets are met during the year, and the higher commission rate is applied retroactively to all booked orders in the year.  Therefore, we normally see higher commission revenue in the fourth quarter of the year when the relevant sales targets are met and the retroactive adjustments are made.  Consequently, the full impact of the lower commission rate in 2012 was also recorded in the fourth quarter results. Commission revenue from the retroactive adjustment in the fourth quarter 2012 was 64.8% lower than in the fourth quarter of 2011.

Gross profit for the fourth quarter of 2012 was $6.8 million, for a gross margin of 69.7%, compared to a gross profit of $10.5 million, for a gross margin of 71.8%, for the fourth quarter of 2011.

Selling, general and administrative (SG&A) expenses for the fourth quarter of 2012 were $6.3 million compared to $5.2 million for the same period last year. SG&A increased principally from higher sales and marketing expenses incurred in conjunction with the ex
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SOURCE Vasomedical, Inc.
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