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

tension of our exclusive representation agreement with GE Healthcare, a division of General Electric Company ("GEHC").

Net income attributable to common stockholders for the three months ended December 31, 2012 was $0.4 million, or $0.00 per common share, compared to a net income of $5.0 million, or $0.03 per common share, for the three months ended December 31, 2011. 

Year Ended December 31, 2012 Financial Results
(For purposes of comparison, the Company compares the year ended December 31, 2012 results with the unaudited financial results for the year ended December 31, 2011. The Company's 2011 audited results, which are included in its 10K filing with the SEC, are for the seven months ended December 31, 2011 and full year ended May 31, 2011, reflecting its decision in 2011 to change to a fiscal year ended December 31st from May 31st.)

The Company reported a decrease in revenue of 6% to $29.2 million for the year ended December 31, 2012, compared to $31.1 million for the year ended December 31, 2011.  The slight decrease in revenue is primarily due to a 13% decline in commission revenue in our sales representation segment attributable to a lower commission rate in 2012. This was partially offset by a 34% increase in revenue from our equipment segment.

Gross profit for 2012 was $20.6 million, for a gross margin of 70.4%, compared to a gross profit of $21.9 million, for a gross margin of 70.4%, for 2011.

SG&A for 2012 was $23.5 million compared to $17.7 million for 2011. This increase in SG&A is attributable to increased compensation and benefits expenses in the sales representation segment principally related to costs incurred in connection with the extension of the GEHC contract.  SG&A also increased in the equipment segment due to higher compensation costs, higher sales and marketing expenses, mainly related to reimbursement consulting, and the inclusion of costs of <
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SOURCE Vasomedical, Inc.
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