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CAS Medical Systems Inc. (CASM) filed Quarterly Report for the period ended 2011-06-30.
Cas Medical Systems Inc. has a market cap of $38.2 million; its shares were traded at around $2.79 with and P/S ratio of 1.6.
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 June 30, 2011, the Company reported a net loss applicable to common stockholders of $1,414,000, or ($0.11) per basic and diluted common share, compared to net income applicable to common stockholders of $8,000, or $0.00 per basic and diluted common share, for the three months ended June 30, 2010. The loss from continuing operations was $1,548,000, or ($0.12) per basic and diluted common share, compared to a loss from continuing operations of $192,000, or ($0.02) per basic and diluted common share, reported for the three months ended June 30, 2010. Income from discontinued operations was $208,000 or $0.01 per basic and diluted common share for the three months ended June 30, 2011 compared to income from discontinued operations of $200,000, or $0.02 per basic and diluted common share, for the same period of the prior year.
Worldwide tissue oximetry sensor sales were $1,184,000, an increase of $123,000, or 12%, over worldwide sensor sales of $1,061,000 recorded for the second quarter of 2010. Sensor sales were led by a 50% increase in domestic sensor sales. Worldwide sales of monitors and accessories increased $284,000 to $590,000 from $306,000 reported for the second quarter of 2010. Sales during this period were led by international demand for Fore-Sight monitors. Domestic tissue oximetry product sales were $1,077,000 which represented an increase of $383,000, or 55%, over the $694,000 recorded for the second quarter of 2010. International tissue oximetry product sales were $697,000, up 4% over the second quarter of 2010.
For the six months ended June 30, 2011, the Company reported a net loss applicable to common stockholders of $2,620,000, or $(0.20) per basic and diluted common share, compared to net income applicable to common stockholders of $215,000, or $0.02 per basic and diluted common share, for the six months ended June 30, 2010. The loss from continuing operations was $2,794,000, or ($0.22) per basic and diluted common share, compared to a loss from continuing operations of $153,000, or ($0.01) per basic and diluted common share, reported for the six months ended June 30, 2010. Income from discontinued operations was $248,000, or $0.02 per basic and diluted common share, for the six months ended June 30, 2011 compared to income from discontinued operations of $368,000, or $0.03 per basic and diluted common share, for the same period of the prior year.
Worldwide tissue oximetry sensor sales were $2,354,000, an increase of $554,000, or 31%, over worldwide sensor sales of $1,800,000 recorded for the first six months of 2010. Worldwide sales of monitors and accessories increased $51,000 to $983,000 from $932,000 reported for the first six months of 2010. Domestic tissue oximetry product sales were $2,004,000, increasing $618,000, or 45%, over the $1,386,000 recorded for the first six months of 2010. International tissue oximetry product sales were $1,333,000.
Exchangeable Preferred Stock,” par value $0.001 per share (the “Series A Exchangeable Preferred Stock”) which are convertible, following stockholder approval, into authorized but unissued shares of common stock, par value $0.004 per share, of the Company. The Company received an aggregate cash purchase price of $15.0 million representing a per-share purchase price of $100 for the Series A Preferred Stock and $100 for the Series A Exchangeable Preferred Stock. The Company utilized a placement agent to assist in the transaction which was paid a fee of $900,000 plus certain expenses. The Company received net proceeds, after expenses, of $13,877,000.
Cash provided by financing activities of continuing operations for the six months ended June 30, 2011 was $14,049,000 compared to cash provided by financing activities of $381,000 for the first six months of the prior year. The private placement of shares of our Series A Preferred Stock and Series A Exchangeable Preferred Stock accounted for $13,877,000 of the cash provided by financing activities. During the second quarter of 2011, the Company also financed certain of its insurance requirements under a short-term note payable. During the six months ended June 30, 2010, the Company raised approximately $1,937,000 of net proceeds from a non-brokered placement of its preferred stock, repaid $1,195,000 against its bank line-of-credit and repaid $422,000 toward its long-term debt and insurance note payable. Deferred financing costs of $123,000 were associated with the Company s bank debt refinancing completed during March 2010.
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