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CAS Medical Systems Inc. (CASM) filed Quarterly Report for the period ended 2011-03-31.
Cas Medical Systems Inc. has a market cap of $37.4 million; its shares were traded at around $2.76 with and P/S ratio of 1.5.
This is the annual revenues and earnings per share of CASM over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of CASM.
Highlight of Business Operations:
For the three months ended March 31, 2011, the Company reported a net loss of $1,206,000 or $(0.09) per basic and diluted share compared to net income of $208,000 or $0.02 per basic and diluted share for the three months ended March 31, 2010. The net loss from continuing operations was $1,246,000 or ($0.10) per basic and diluted common share compared to net income from continuing operations of $39,000 or $0.00 per basic and diluted common share reported for the three months ended March 31, 2010. Income from discontinued operations was $40,000 or $0.01 per share for the three months ended March 31, 2011 compared to income from discontinued operations of $169,000 or $0.02 per share for the same period of the prior year.
Worldwide sales of monitors and accessories declined $232,000 to $393,000 from $625,000 reported for the first quarter of 2010. The first quarter of 2010 included a significant sale to a key international customer. Worldwide sensor sales were $1,169,000 or 75% of total tissue oximetry product revenues, an increase of $430,000, or 58%, over worldwide tissue oximetry sensors sales of $739,000 recorded for the first three months of 2010. Domestic tissue oximetry product sales were $926,000, or 59% of total tissue oximetry product sales which represented an increase of $235,000 or 34% over the $691,000 recorded for the first three months of 2010. International tissue oximetry product sales were $636,000 or 41% of total tissue oximetry product sales for the first quarter of 2011.
Sales to the U.S. market accounted for $4,058,000 or 72% of the total revenues reported for the three months ended March 31, 2011, an increase of $118,000 or 3% from the $3,940,000 of sales reported for the three months ended March 31, 2010. Sales were led by a 34% increase in U.S. tissue oximetry sales partially offset by reductions in OEM technology sales. International sales accounted for $1,585,000 or 28% of the total revenues reported for the three months ended March 31, 2011, a decrease of $583,000 or 27% from the $2,168,000 reported for the same period of the prior year. Decreases in international sales occurred in nearly all product categories including the discontinued infant sleep apnea and Analogic products.
Research and development expenses increased $248,000 or 53% to $712,000 for the three months ended March 31, 2011 compared to $464,000 for the three months ended March 31, 2010. The increase resulted from additional salaries and related fringe benefits due to personnel additions effected during the fourth quarter of 2010, increased consulting costs, clinical research efforts and reductions in reimbursements from the National Institutes of Health (“NIH”) pertaining to the Company s Near-Infrared Spectroscopy (“NIRS”) technology compared to the same period of the prior year. For the three months ended March 31, 2011, NIH reimbursements totaled $78,000 compared to $122,000 for the three months ended March 31, 2010. As of March 31, 2011, a maximum of approximately $600,000 remains available under the $2.8 million multi-year NIH award received in 2007.
Selling, general and administrative expenses increased $571,000 or 27% to $2,691,000 for the three months ended March 31, 2011 compared to $2,120,000 for the three months ended March 31, 2010. Sales and marketing expenses increased $330,000 or 26% to $1,606,000 from $1,276,000 primarily from increases in third party sales commissions, field sales consulting costs, recruitment and relocation expenses. G&A expenses increased $241,000 or
Cash used in continuing operations for the three months ended March 31, 2011 was $2,050,000 compared to cash provided by operations of $981,000 for the same period in the prior year. Losses from continuing operations of $811,000 before depreciation, amortization, stock compensation expenses and deferred income taxes, increases in accounts receivable of $572,000 and decreases in accounts payable and accrued expenses of $591,000 were primarily responsible for the cash used by continuing operations. Cash provided by operations of $981,000 for the three months ended March 31, 2010 resulted primarily from income from continuing operations of $293,000 before depreciation, amortization and stock compensation expenses, reductions in inventory of $615,000 and increases in accounts payable and accrued expenses of $193,000.
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