DANVERS, Mass., Aug. 10 /PRNewswire-FirstCall/ -- Medwave, Inc. , the innovator in sensor-based, non-invasive blood pressure measuring solutions, announced financial results for the three months and nine months ended June 30, 2006. Medwave reported net sales of $366,000 for the quarter ended June 30, 2006, an increase of 81% over $202,000 attained for the same period in 2005. Net sales for the nine months ended June 30, 2006 were reported at $1,135,700, an increase of 53% over $743,500 reported the same period in 2005.
"The Company has concluded its third quarter with encouraging results and growth," said Tim O'Malley, President and CEO of Medwave Inc. "We've had great success with our newly introduced Primo(TM) handheld spot blood pressure monitoring device, which was launched mid-February 2006. Primo accounted for approximately 34% of the quarter's revenue. This level of revenue generation from a new product is a strong indication from the market that our sensor-based technology is receiving widespread acceptance."
Milestones achieved this past quarter for Medwave include the following accomplishments.
-- Submitted a 510(k) application to the United States Food and Drug
Administration (FDA) for Fusion(TM), Medwave's newest generation of
non-invasive blood pressure monitoring system with vital signs
monitoring options. The Fusion multi-level platform is unique and
innovative in that it offers clinicians the ability to use Medwave's
sensor-based blood pressure solution, with market leading pulse
oximetry (SpO2) and thermometry from Nellcor and Kendall respectively,
both Tyco Healthcare companies. Medwave does not intend to introduce
the Fusion into commercial distribution until such time that the
510(k) review is complete.
-- Entered into a Primo distribution agreement with McKesson
Medical-Surgical Inc., which delivers a comprehensive offering of
healthcare equipment to over 300,000 customers including physician
offices, surgery centers, long-term care facilities and home care
businesses across the country. McKesson has approximately 750 sales
professionals and 58 regional offices focused on this market segment.
This is a non-exclusive agreement.
-- Signed a non-exclusive agreement to distribute Primo with Tri-anim,
the nation's largest provider of specialty sales and distribution
solutions for healthcare products. Medwave's Primo handheld spot blood
pressure monitor will become a part of Tri-anim's suite of offerings
being presented by its nationwide acute care sales team consisting of
approximately 100 sales professionals.
-- Entered into a purchasing agreement with Vision Source, the nation's
premier network of independent doctors of optometry with 1,450+
facilities, for the Primo spot blood pressure monitoring product. This
agreement broadens Medwave's reach across various medical professional
environments demonstrating the acceptance of Primo, which offers
speed, accuracy, flexibility, and comfort.
-- Signed an agreement with Philips Medizen Systems in Boblingen,
Germany. The agreement is a cooperation agreement between the
companies to facilitate an interface between Medwave's stand alone
devices and Philips VueLink open interface.
About Medwave
Medwave, Inc. develops, manufactures and distributes sensor-based non-invasive blood pressure solutions. Medwave's suite of products is designed for use in hospitals, clinics, doctor's offices and almost anywhere blood pressure monitoring occurs. Medwave has the required technology clearances to market its technology in the United States, Europe and Asia. Medwave's technology is installed in more than 500 hospitals and clinics worldwide. Medwave trades on the NASDAQ small cap market under the symbol MDWV. For more information, visit http://www.medwave.com/ .
Statements made in this release that are stated as expectations, plans, anticipations, prospects or future estimates or which otherwise look forward in time are considered "forward-looking statements" and involve a variety of risks and uncertainties, known and unknown, which are likely to affect the actual results. The following factors, among others, as well as factors discussed in Medwave's filings with the SEC, have affected and, in the future, could affect Medwave's actual results: resistance to the acceptance of new medical products, the market acceptance of the Primo(TM) system, the Vasotrac(R) system and other products of Medwave, hospital budgeting cycles, the possibility of adverse or negative results or commentary from clinical researchers or other users or evaluators of Medwave's products, Medwave's success in creating effective distribution channels for its products, Medwave's ability to scale up its manufacturing process, and delays in product development or enhancement or regulatory approval. Consequently, no forward-looking statement can be guaranteed and actual results may vary materially. Medwave(R), Vasotrac(R), Legato(TM), Primo(TM), and Fusion(TM) are trademarks of Medwave, Inc.
