EP MedSystems Reports 2007 First Quarter Results.WEST BERLIN, N.J. -- EP MedSystems, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : EPMD EPMD Erick and Parrish Making Dollars (rap group) EPMD Electric Plant Monitoring Device EPMD Enlisted Personnel Management Director/Directorate ), today announced financial results for the three months ended March 31, 2007. Revenue for the first quarter of 2007 was $3,544,000 a decrease of $534,000 or 13% from the $4,078,000 reported in the three months ended March 31, 2006. In the first quarter of 2006, the Company had approximately $705,000 of nonrecurring sales to our Japanese distributor. Gross margin in the first quarter was 67% as compared to 61% for the same period in 2006, primarily due to higher average selling prices. The net loss for the quarter was $1,509,000, as compared to $1,494,000 reported in the first quarter of 2006. The basic and diluted loss per share for the three months ended March 31, 2007, was $0.05 compared to $0.06 in the same period in 2006. Cash and cash equivalents as of March 31, 2007 were $7,709,000, a decrease of $34,000 when compared to the $7,743,000 on hand as of December 31, 2006. The Company also reported positive cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses of $48,000 primarily through a reduction in accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying . David Bruce Noun 1. David Bruce - Australian physician and bacteriologist who described the bacterium that causes undulant fever or brucellosis (1855-1931) Bruce, Sir David Bruce , EP MedSystems' President and Chief Executive Officer commented, "We're satisfied with our improvements in working capital, higher average selling prices and increased gross margins this quarter. We believe our competitive position is improving and we're focused on growing through market penetration Noun 1. market penetration - the extent to which a product is recognized and bought by customers in a particular market penetration - the act of entering into or through something; "the penetration of upper management by women" of our recently introduced products: the ViewMate II Intracardiac intracardiac /in·tra·car·di·ac/ (-kahr´de-ak) within the heart. in·tra·car·di·ac adj. Within the heart. intracardiac within the heart. ultrasound system, MapMate interface for EP Mapping systems and the NurseMate viewing station." About EP MedSystems: EP MedSystems develops and markets cardiac electrophysiology Cardiac electrophysiology is the science of the mechanisms, functions, and performance of the electrical activities of specific regions of the heart. This term is usually used in describing studies of such phenomena by invasive (intracardiac) recording of spontaneous activity as ("EP") products used in visualizing, diagnosing and treating certain cardiac rhythm Noun 1. cardiac rhythm - the rhythm of a beating heart heart rhythm regular recurrence, rhythm - recurring at regular intervals atrioventricular nodal rhythm, nodal rhythm - the normal cardiac rhythm when the heart is controlled by the disorders. The Company's EP product line includes the EP-WorkMate Electrophysiology Workstation, the MapMate Navigation Interface, the NurseMate Remote Review Charting Station, the EP-4 Computerized Cardiac Stimulator, fixed and deflectable diagnostic electrophysiology catheters and related disposable supplies, and the ViewMate II intracardiac ultrasound catheter imaging system. For more information, visit our website at www.epmedsystems.com. Forward Looking Statements: This Release may contain certain statements of a forward-looking nature relating to future events or the future financial performance of the Company. Forward-looking statements include information concerning our possible or assumed future results of operations and statements preceded by, followed by or including the words "believes", "expects", "anticipates", "intends", "plans", "estimates", or similar expressions. Such forward-looking statements are based on our management's beliefs and assumptions and on information currently available to our management. Such forward-looking statements are only predictions and are subject to risks and uncertainties that could cause actual results or events to differ materially and adversely from the events discussed in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, EP MedSystems' history of losses, uncertainty of market acceptance of our products and level of sales, uncertainty of future profitability and future liquidity needs; possible fines costs or penalties that may be incurred in connection with the government inquires and investigations and risks regarding regulatory approvals and demand for new and existing products, as stated in the Company's Annual Report filed on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and quarterly reports filed on Form 10-Q Form 10-Q See 10-Q. . EP MedSystems cautions investors and others to review the cautionary statements set forth in this press release and in EP MedSystems' reports filed with the Securities and Exchange Commission and cautions that other factors may prove to be important in affecting the EP MedSystems' business and results of operations. Readers are cautioned not to place undue reliance on this press release and other forward-looking statements, which speak only as of the date of this release. EP MedSystems undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date of this report or to reflect the occurrence of unanticipated events. [TABLE OMITTED] |
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