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Vasomedical Announces Financial Results for the Second Quarter of 2013
Date:8/13/2013

WESTBURY, N.Y., Aug. 13, 2013 /PRNewswire/ -- Vasomedical, Inc. ("Vasomedical") (OTC BB: VASO) today reported its operating results for the three months ended June 30, 2013.

"We are pleased by the continued growth reported for the second quarter of 2013, mostly attributable to the increased activity in our sales representation business in the U.S. and our operations in China," stated Dr. Jun Ma, President and Chief Executive Officer of Vasomedical, Inc. "We are encouraged by the success of our diversification and growth strategy, and look forward to seeing our efforts through to fruition in all aspects of our business."

"Looking ahead, we will continue to implement the Company's growth strategy by expanding the sales teams for each of our subsidiaries and looking to develop new services and product lines. These investments have already had an early impact on our results establishing a solid foundation from which to drive future growth. While it is still early in the process, we believe these investments will have a positive impact on a long-term basis."

"As previously announced, we initiated a share repurchase program in April, which we believe provides a strong vote of confidence to the investment community. As of July 30, 2013, we had acquired approximately 8 million shares of the Company's common stock. Our board of directors recently increased the buyback program by $500,000, for a total of $2 million. This program is part of our multi-pronged strategy to build shareholder value," concluded Dr. Ma.Three Months Ended June 30, 2013 Financial ResultsFor the three months ended June 30, 2013, revenue increased 3% to $7.9 million from $7.7 million for the three months ended June 30, 2012. This is primarily attributable to an increase in commission revenue recognized from our Sales Representation business in the second quarter of 2013, as a result of an increa
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SOURCE Vasomedical, Inc.
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