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Medical Digital Imaging |
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Ophthalmic Imaging Systems Reports Second Quarter 2008
Results
Other Topics:
Open Source Health Management
BUSINESS WIRE
August 13, 2008
SACRAMENTO, Calif. - Ophthalmic Imaging Systems, a leading
digital imaging company (OIS) (OTCBB:OISI) today reported
financial results for the three and six month periods ended June
30, 2008, provided an update on the progress of its new
subsidiary, Abraxas Medical Solutions, and announced a change in
the membership of the Company’s Board of Directors.
For the quarter ended June 30, 2008, OIS reported net revenues
of $3.2 million, compared with net revenues of $3.6 million for
the same period in 2007. Net loss for the second quarter of 2008
was $249,000, or $0.01 per basic and diluted share, compared
with net income of $458,000, or $0.03 per basic and diluted
share, in the second quarter of 2007. |
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For the six months ended
June 30, 2008, OIS reported net revenues of $6.3 million,
compared with net revenues of $7.8 million for the same period
in 2007. Net loss for the six months ended June 30, 2008 was
$526,000, or $0.03 per basic and diluted share, compared with
net income of $1.1 million, or $0.07 and $0.06 per basic and
diluted share, respectively, for the same period in 2007. The
net loss for the period includes $366,000 in costs related to
the Company’s newly formed subsidiary, Abraxas Medical
Solutions.
As of June 30, 2008, the Company reported $4.2 million in cash
and cash equivalents and $9.4 million in total shareholders’
equity.
Gil Allon, Chief Executive Officer of OIS, stated, “While we are
disappointed with our second quarter results in a difficult
economic environment, we are taking necessary steps to return
the Company to profitable growth. In order to achieve this goal,
we are executing on several strategic initiatives, including new
digital imaging product launches, development of a proprietary
Electronic Medical Records (EMR) and Practice Management (PM)
solution and broadening our target markets beyond ophthalmology.
We formed Abraxas Medical Solutions in January of 2008 to
aggressively compete in the $5 billion ambulatory care EMR and
PM market. Further, we believe our dominant position in the
digital imaging market for ophthalmology will serve us well as
we leverage this base with our own informatics solution. Abraxas
is on schedule to begin marketing its proprietary EMR and PM
solution to the OB/GYN, Orthopedic and Primary Care markets by
the end of the third quarter, and to the Ophthalmology market by
the end of 2008,” continued Mr. Allon.
On August 8, 2008, Eric Maurincomme was appointed to serve as an
independent member of the Company’s Board of Directors,
replacing Marc De Clerck, who recently left Agfa HealthCare. Dr.
Maurincomme joined Agfa HealthCare in 2004 as Vice President of
Business Development, and currently serves as their Vice
President of Marketing, Business Development and Communications.
Prior to Agfa HealthCare, Dr. Maurincomme spent 10 years working
for GE Healthcare.
“Eric is a strong addition to our Board of Directors. His wealth
of knowledge pertaining to the healthcare IT industry, and vast
business network, will serve us well as we expand our digital
imaging business and focus on developing a suite of proprietary
informatics products,” concluded Mr. Allon.
Eric Maurincomme commented, “I look forward to joining the OIS
Board of Directors and working with management to capitalize on
many of their exciting, ongoing initiatives. Agfa HealthCare
values the advanced digital imaging technologies that OIS has
developed for the ophthalmology field, as well as informatics
solutions for various healthcare markets.”
About Ophthalmic Imaging Systems
Ophthalmic Imaging Systems (www.oisi.com), a majority-owned
subsidiary of MediVision, is the leading provider of ophthalmic
digital imaging systems. The Company designs, develops,
manufactures and markets digital imaging systems and informatics
solutions for the eye care market. With over twenty years in the
ophthalmic imaging business, the Company has consistently
introduced new, innovative technology. The Company, together
with MediVision, co-markets and supports their products through
an extensive network of dealers, distributors, and direct
representatives.
OIS is a registered member Company listed on www.OTCVillage.com.
Statements in this press release which are not historical data
are forward-looking statements which involve known and unknown
risks, uncertainties, or other factors not under the Company's
control, which may cause actual results, performance, or
achievements of the Company to be materially different from the
results, performance, or other expectations implied by these
forward-looking statements. These factors include, but are not
limited to, those detailed in the Company's periodic filings
with the Securities and Exchange Commission. |
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