Vycor Medical Posts Financial Results for Q1 2017

Vycor Medical (OTCQB:VYCO) released their financial report for the first quarter of 2017.
As quoted in the press release:

Vycor’s revenues for the period ended March 31, 2017 were $428,000, compared to $400,000 for 2016. Cash Operating Loss¹ was $87,000, as compared to $197,000 for the same period in 2016, a reduction of 56% and Operating Loss was $300,000, compared to $515,000, a reduction of 42%.
Management Commentary
“Vycor’s results show the Company continuing to deliver on its publicly stated strategic plan, with VBAS increasing its market adoption particularly in the US, aided by increased clinical data. NovaVision’s patient volumes have now outstripped the impact of our lowered pricing to patients, so we are now seeing an improvement in revenues. We continue to decrease our Cash Operating Loss², which reduced to $87,000 for the quarter compared to $197,000 for the same period in 2016,” said Peter Zachariou, CEO of Vycor Medical.
Period Ended March 31, 2017 Financial Results
Revenue totaled $428,000 in the period ended March 31, 2017, as compared to $400,000 for the prior year, an increase of 7%. Vycor Medical’s revenue in the period increased by $21,000 to $370,000, reflecting increased sales in the US offset by lower sales internationally, with gross margin of 89% versus 82% for the same period in 2016. NovaVision sales grew by 14% with new VRT/Suite patient starts for the period increasing by 54% over the same period in 2016.
Operating Expenses in the period ended March 31, 2017 totaled $680,000, as compared to $848,000 in the prior year period, a reduction of 20%, and Cash Operating Expenses³ were $467,000, as compared to $530,000, a reduction of 12%. Operating Loss was $300,000, compared to $515,000 for the same period in 2016, a reduction of 42%, and Cash Operating Loss² was $87,000, as compared to $197,000, a reduction of 56%.
Net Loss for the period ended March 31, 2017 was $313,000, as compared to $528,000 in 2016.

Click here to read the full press release.

Source: www.accesswire.com