34% Revenue Growth Over Fiscal Year 2008
ORANGEBURG, N.Y., June 29, 2009 (GLOBE NEWSWIRE) -- Vision-Sciences, Inc., (Nasdaq:VSCI) (Vision-Sciences) today announced results for its fiscal year ended March 31, 2009 (FY 09). For FY 09, revenues were $12.8 million, an increase of $3.2 million, or 34%, over our fiscal year ended March 31, 2008 (FY 08). Loss from operations in FY 09 was $12.7 million, compared to $10.7 million in FY 08, an increase of $2.1 million.
Abbreviated results (in '000), except for per share data, for FY 09 compared to FY 08 are as follows:
FY 09 FY 08 Difference %
---------- ---------- ---------- ----------
Net Sales $ 12,833 $ 9,612 $ 3,221 34%
Loss from operations (12,722) (10,665) (2,057) 19%
Net loss (8,225) (9,343) 1,118 -12%
Net loss per diluted
share $ (0.24) $ (0.27) $ 0.03 -11%
Please refer to the attached balance sheet and profit & loss statement for more detail.
The increase in loss from operations of $2.1 million during FY 09 is mainly attributable to: (i) initial production start-up cost related to our new videoscope products; (ii) initial sales and marketing expenses related to the launching of our videoscope family of products and building our sales force; (iii) higher research and development expenses related to the further development and expansion of our videoscope family of products and development of our new 4000 Series line of fiberscopes; (iv) increased operational expenses to support the anticipated growth of our production capacity for our videoscope and our newly developed 4000 Series fiberscope product lines; and (v) losses on disposal of fixed assets.
As a result of our desire to focus our attention and financial resources on our core business in the medical segment, we sold the assets of our former health services segment (the BEST-DMS assets) in the quarter ended December 31, 2008. The net loss from the former health services segment was classified as discontinued operations in the consolidated statements of operations, and our FY 08 results were adjusted accordingly.
Our net loss for FY 09 was $8.2 million, or $0.24 per share, compared to a net loss of $9.3 million, or $0.27 per share in FY 08. Our net loss for FY 09 was lower than our net loss in FY 08 primarily due to a $5.0 million net gain in FY 09 from the final payments due to us from Medtronic Xomed Inc. (Medtronic) for the sale of our ENT (ear-nose-throat) EndoSheath disposable product line to them in March 2007.
Medical sales grew from $6.9 million in FY 08 to $10.0 million in FY 09, or by 45%, and industrial sales for the same period grew from $2.7 million to $2.8 million, or by 4%. Within medical sales:
* ENT and TNE (trans-nasal esophagoscopy) sales grew by 12%, from
$5.3 million to $5.9 million;
* Urology sales grew by 259%, from $633 thousand to $2.3 million; and,
* Repair, peripheral and accessories sales grew by 88%, from $983
thousand to $1.8 million.
Net sales detail (in '000) for FY 09 compared to FY 08 are as follows:
ENT and TNE $ 5,901 $ 5,291 $ 610 12%
Urology 2,274 633 1,641 259%
Repair, peripheral &
accessories 1,845 983 862 88%
------- ------- ------- -------
Total Medical 10,020 6,907 3,113 45%
Industrial Sales 2,813 2,705 108 0
------- ------- ------- -------
Total Sales $12,833 $9,612 $ 3,221 34%
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Ron Hadani, our President and CEO, stated, "This fiscal year's net sales represent the start of expected accelerated revenue growth from the introduction of our videoscope family of products. We achieved approximately 260% growth in our urology revenue, and endoscope sales within the ENT/TNE market reached 120% growth. It is important to note that the significant growth in our total medical sales occurred despite the loss of ENT EndoSheath disposable revenue as a result of the sale of our ENT EndoSheath disposable product line to Medtronic.
