U.S. MedSys Corp. Announces Third-Quarter Results.
Following is a summary of selected financial highlights.
As of March 31, 2005, the Company reported revenue of $387,521, as compared to $0.00 in the same quarter of the previous year, a net loss of $1,651,686, as compared to a net loss of $352,287 of the previous year and a net loss per share of $0.06 per share, as compared to a net loss per share of $0.01 in the same quarter of the previous year.
As of March 31, 2005, the Company reported total assets of $4,528,621, total liabilities of $1,523,044, and stockholder equity of $3,005,577.
During the quarter the Company continued to execute its business plan and move from a development stage entity. Revenue for the quarter was primarily driven by the company's Disease Management Division, Global Medical Direct. GMD accounted for approximately 85.5% of the revenue for the 3-month period. The increase in revenue is due to the start in mid February 2005 of providing diabetes supplies, medications and disease management services for two client contracts. The Company also realized $56,250 in revenue from the "wound care program" (WCMP) which was launched in January 2005.
Bob Shea, President of GMD stated: "We are very pleased with the implementation and initial results from servicing these two contracts. We also are looking to continued growth and participation in the upcoming months. As we move forward in anticipation of this growth, we will work towards maximizing our effiency without sacrificing quality customer service."
Commenting on the WCMP, Harry Ruddy of New York Home healthcare stated: "Although we are disappointed in the number of programs currently in place we are very optimistic over the reception it has received in the nursing home community. The WCMP is healing patients and the equipment is fiscally profitable. We are currently working with UMSY in adapting and refining the program to meet the needs of the market operators."
Investors are encouraged to review the complete report available at www.sec.gov or at the company's website at www.usmedsyscorp.com.
About Global Medical Direct
Global Medical Direct is a nationwide Durable Medical Equipment provider specializing in direct to consumer diabetes supplies. The Company provides diabetes products and educational services to help patients lead healthier and more productive lives. Global Medical Direct provides an easy-to-use, cost effective and convenient way for patients to obtain their diabetes supplies and medications through their health plan, employer and government payors such as Medicare and Medicaid. The Company's products include blood glucose meters, test strips and ancillary supplies, insulin pumps and supplies, diabetic shoes and orthopedic inserts and diabetes maintenance medications.
About U.S. MedSys Corp.
U.S. MedSys Corp. is a marketing, distribution organization and medical network development company which provides medical technology and support services to the healthcare industry. USMY is focusing on its core competencies in sales. Medical network development, marketing and healthcare delivery. The UMSY business network consists of PMC/Foot Care, LLC; PMC Ocular, LLC; Global Medical Direct and New England Orthotic and Diabetic Shoe Manufacturing Company Inc. The Company has contractual relationships with PMC Corp., a third-party administrator; New York Home Health Care, which provides comprehensive services to hospitals, long-term care facilities and home-care patients in the New York and New Jersey area; and Save-Rx.
This press release may contain "forward-looking statements" within the meaning of section 27A of the 1933 Securities Act and Section 21E of the 1934 Securities Exchange Act. Actual results could differ materially, as the result of such factors as competition in the markets for the company's products and services and the ability of the company to execute its plans. By making forward-looking statements, the company can give no assurances that the transactions described in this press release will be successfully completed, and undertakes no obligation to update these statements for revisions or changes after the date of this press release.