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WESTBURY, N.Y., May 15, 2013 /PRNewswire/ -- Vasomedical, Inc. ("Vasomedical") (OTC BB: VASO) today reported its operating results for the three months ended March 31, 2013. "We are pleased to report that for the first quarter of 2013, we recorded total revenue of $7.3 million, an increase of 21% compared to the same period of 2012," commented Dr. Jun Ma , President and Chief Executive Officer of Vasomedical, Inc. "The increase in revenue is mainly attributable to a 48% increase in commission revenue recognized by our VasoHealthcare subsidiary during the quarter. We expect that the commission revenue from our sales representation business will continue to be a significant portion of our growth as we seek to expand our sales representation segment." "During the first quarter of 2013, we experienced a decrease in revenue for our equipment segment that is mostly attributable to EECP® sales. This decline partially reflects certain customer delays associated with delivering EECP® equipment, which resulted in lower recorded revenue for the period. As such, we believe these quarterly results do not truly reflect the current market demand for our EECP® products or our performance. These types of fluctuations are why we focus on full-year results to determine the success of our sales and marketing efforts for EECP® equipment." "We remain committed to expanding our sales and marketing programs for our proprietary equipment in both domestic and international markets, including the expansion of our domestic sales team, which is expected to help drive sales in the coming quarters," concluded Dr. Ma. Three Months Ended March 31, 2013 Financial Results For the three months ended March 31, 2013, revenue increased 21% to $7.3 million, compared to $6.0 million for the three months ended March 31, 2012. This is attributable to a 48% increase 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.
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