U.S. MedSys Reports 3 Q Revenues

U.S. MedSys Corp. (OTCBB:UMSY), Hasbrouck Heights, New Jersey, has filed its Form 10-QSB for the third quarter of fiscal 2006, showing continued revenue growth for the sixth straight quarter. The company said it recognized net revenue of $1,104,819 compared with net revenue of $232,479 for the third quarter of fiscal 2005. Gross profit from operations was $321,862 and $97,637 or an increase of 229 percent for the respective periods.

Net revenue for the first nine months of fiscal 2006 was $2,784,020 versus $360,035 for the comparative 2005 fiscal period. The company's gross margin increased to $776,936 versus $225,193 or an increase of 245 percent for the respective period. The company's results from second quarter over the third quarter showed an increase of 15.9 percent in net revenue.

The net loss for the nine-month period decreased to ($2,990,966) as compared with a net loss of ($4,210,335) for the nine months of fiscal 2005. The increased revenue is directly related to the company's diabetic supply business and its efforts of expanding of existing contracts and programs. The company said it has been able to maintain a relatively stable spending pattern during these past nine months but it will increase in the upcoming months, since the company's manufacturing division in Wilton, Maine, has commenced operations.

Anthony R. Rubino, CFO, stated: "We continue to be very excited about the growth of our business. Our organization has been able to sustain on average 20 percent growth over the past six quarters. In mid-March and early April, GMD was added as an approved provider of diabetic supplies to both The Health Care Payors Coalition of New Jersey and CHN Solutions. These two organizations represent a great opportunity for growth for GMD over the next several quarters. We will continue to seek other opportunities for us to expand our diabetic supply program. In addition to the revenue generated by GMD we also have begun to recognize revenue from NEODS, our manufacturing facility in Wilton, Maine. NEODS ability to offer diabetic shoes, custom and semi-custom orthotics and custom orthotic braces are proving to be valuable assets to both GMD and our foot care network. The overall response to our NEODS product line in the marketplace has been very satisfying. We look forward to NEODS continuing contribution to the growth of UMSY. This is a very exciting time for our company and we look forward to a strong finish for fiscal 2006 and we feel we are well positioned for continued growth in 2007."

The complete report is available at www.sec.gov or at the company's website at www.usmedsyscorp.com

U.S. MedSys Reports 3 Q Revenues

ABC’s UQ Pathways to End in 2008

Paralympics Wheelchair Rugby Team Chosen

Paralympics Wheelchair Rugby Team Chosen

O&P JOBS

Certified Prosthetist/Orthotist (CPO)

Now Hiring: Certified Prosthetist Orthotist (CPO)

ABC Certified Orthotic Fitter / Orthotic Assistant

Get unlimited access!

EDGE DIRECT

Welcome Back!

Retrieve your password

Not enough quota to unlock this post

U.S. MedSys Reports 3 Q Revenues

Support authors and subscribe to content.

Subscribe

Related posts:

ABC’s UQ Pathways to End in 2008

Paralympics Wheelchair Rugby Team Chosen

Paralympics Wheelchair Rugby Team Chosen

O&P JOBS

Certified Prosthetist/Orthotist (CPO)

Now Hiring: Certified Prosthetist Orthotist (CPO)

ABC Certified Orthotic Fitter / Orthotic Assistant

Get unlimited access!

EDGE DIRECT

Welcome Back!

Retrieve your password

Not enough quota to unlock this post