Printer Friendly

SOMANETICS CORPORATION ANNOUNCES YEAR-END RESULTS

 TROY, Mich., Feb. 26 /PRNewswire/ -- For the fiscal year ended Nov. 30, 1992, Somanetics Corporation (NASDAQ-NMS: SMTS) reported revenues of $50,255 and a net loss of $5,390,637. In comparison, for fiscal 1991, the company reported revenue of $230,000 and a net loss of $2,058,493.
 Raymond W. Gunn, vice president and chief financial officer, said that Somanetics experienced a net loss for the fiscal year primarily as a result of the company preparing to emerge from the development stage to an operating entity. The company plans to market the INVOS 3100 Cerebral Oximeter, its medical monitoring device that noninvasively measures oxygen saturation of the blood in an adult's brain, commencing in the second fiscal quarter of 1993. The company's revenues represent sales of the Somanetics INVOS 3100 Cerebral Oximeter for demonstration purposes.
 According to Gunn, the company successfully completed a number of milestones during 1992, including obtaining clearance from the U.S. Food and Drug Administration to market the INVOS 3100 Cerebral Oximeter. The company also received approval from the Japanese Ministry of Health and Welfare to market the device in that nation.
 Reviewing other accomplishments of 1992, Somanetics invested in its manufacturing operations, expanded its global sales and marketing network of specialty dealers and established additional clinical relationships with physicians around the world. The company was awarded a U.S. patent for its proprietary medical examination method and apparatus utilizing INVOS technology, which augments existing patents held by Somanetics in the U.S., Canada, the European Patent Community and Japan.
 "During 1993, we plan to demonstrate our ability to grow revenue, control expenses, strengthen the balance sheet and meet the dynamic challenges of an operating entity," said Gunn. "We also plan to broaden Somanetics' product offerings during 1993."
 Somanetics Corporation, headquartered in Troy, develops, markets and manufactures computer-based medical diagnostic and monitoring equipment using In Vivo Optical Spectroscopy (INVOS) technology. The company has developed the INVOS 3100 Cerebral Oximeter which uses INVOS technology to measure noninvasively, directly and continuously, oxygen saturation of the blood in an adult's brain. The Cerebral Oximeter is intended for use in a hospital's operating room, intensive-care unit, recovery room and emergency room.
 Somanetics' Common Shares and Class B Warrants are traded on the NASDAQ National Market System under the symbols SMTS and SMTSZ, respectively.
 SOMANETICS CORPORATION
 (A Development Stage Company)
 SELECTED INCOME STATEMENT DATA
 For the Years Ended Nov. 30, 1992 and 1991
 (In thousands except share and per-share data)
 Accumulated
 for the Period
 Jan. 15, 1982
 (Date of Inception)
 to Nov. 30,
 1992 1991 1992
 Total revenues $50 $230 $1,251
 Net loss (5,391) (2,058) (13,602)
 Net loss per common share ($.60) ($.43) ($4.61)
 Weighted average no. of
 common shares outstanding 9,052,101 4,764,140 2,948,269
 SOMANETICS CORPORATION
 (A Development Stage Company)
 SELECTED BALANCE SHEET DATA
 Nov. 30, 1992 and 1991
 (In thousands)
 1992 1991
 Working capital $8,776 $2,692
 Total assets 10,310 3,903
 Total liabilities 835 954
 Long-term debt and redeemable
 convertible preferred shares 80 100
 Shareholders' equity $9,475 $2,949
 -0- 2/26/93
 /CONTACT: Mary Ann Robb, director of Corporate Communications, Somanetics Corporation, 313-689-3996/
 (SMTS)


CO: Somanetics Corporation ST: Michigan IN: MTC HEA SU: ERN

DH -- DE007 -- 7798 02/26/93 11:32 EST
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:Feb 26, 1993
Words:551
Previous Article:PARALLEL TECHNOLOGIES, INC. ANNOUNCES INVESTMENT BY THIEME & ASSOCIATES
Next Article:CONSUMERS POWER DECLARES DIVIDENDS ON PREFERRED STOCK
Topics:


Related Articles
SOMANETICS CORPORATION ANNOUNCES YEAR-END RESULTS
SOMANETICS CORPORATION ANNOUNCES FISCAL SECOND-QUARTER RESULTS
SOMANETICS ANNOUNCES THIRD-QUARTER RESULTS
SOMANETICS ANNOUNCES THIRD-QUARTER RESULTS
SOMANETICS CORPORATION ANNOUNCES YEAR-END RESULTS
Somanetics Announces Third Quarter Results
Somanetics Corporation Announces Year-End Results
Somanetics Announces First Quarter Results
Somanetics Announces Second Quarter Results
Somanetics Year-to-Date Results Exceed All of 1997 Annual Sales

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