Printer Friendly

QMED REPORTS PROFITABLE THIRD QUARTER

 LAURENCE HARBOR, N.J., Oct. 7 /PRNewswire/ -- Qmed, Inc. (NASDAQ: QEKG) reported a third quarter profit of $7,326 on sales of $2,348,337 for the three months ended Aug. 31, 1993.
 Michael W. Cox, CEO of qmed, commented that "in a political environment which has all the trappings of hostility towards any medical technology, we are extremely pleased that the sales of our technology to the `primary care' physician continues to grow." In fact, Mr. Cox said, "we have seen an encouraging increase in sales to `managed care groups,' particularly to primary care managed groups who are `leading edge planners' offering `state of the art' technology to their members."
 Cox estimated that approximately 18 percent of the company's third quarter sales were to physicians and "primary care" groups practicing in some form of managed care environment. In addition, Cox said nDx sales were up over 38 percent in the third quarter. The nDx technology recently received a notice of allowance from the U.S. Patent Office. NDx technology is designed to non-invasively determine the extent of certain diabetic nerve damage which, if unchecked, could predispose the diabetic patient to serious life threatening complications.
 Mr. Cox concluded, "Although there was a decrease in sales volume for the quarter, it must be placed in context with physicians' concerns regarding the political impact of healthcare reform promulgated by the Clinton administration." Mr. Cox went on the say, "While we cannot predict the future outcome of the Clinton plan, nevertheless we do believe that substantial cost efficiencies can be obtained through greater utilization of the `primary care physician' who has been empowered to employ routine diagnostic testing for heart disease and diabetes utilizing qmed's interpretive diagnostic medical devices."
 QMED, INC.
 Periods ended Nine Months Three Months
 Aug. 31 1993 1992 1993 1992
 Net sales $7,092,145 $6,790,106 $2,348,337 $2,818,179
 Gross profit 5,245,077 5,259,280 1,792,916 2,145,029
 S,G&A 5,055,871 4,981,875 1,654,471 1,967,054
 Provision for
 uncollectable accounts 24,619 9,113 11,517 --
 Research & development 442,933 414,762 139,389 153,455
 Income (loss) from
 operations (278,346) (146,470) (12,461) 24,520
 Interest expense 71,616 101,428 23,124 25,921
 Other income 54,031 44,886 42,911 15,492
 Net income (loss) (295,931) (203,012) 7,326 14,091
 Income (loss) per share $(.04) $(.03) -- --
 Average shares 7,722,239 7,245,592 7,746,842 7,659,038
 -0- 10/7/93
 /CONTACT: Debra Fenton, controller of qmed, Inc., 908-566-2666, or 800-237-2039/
 (QEKG)


CO: qmed, Inc. ST: New Jersey IN: HEA SU: ERN

CK-OS -- NY049 -- 9788 10/07/93 13:11 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 7, 1993
Words:460
Previous Article:AMERICAN WATER WORKS COMPANY DECLARES DIVIDEND
Next Article:ONEOK INC. REPORTS YEAR-END EARNINGS
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters