QualityStocks News - Viking Systems Posts Q1 Results, Business Update

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Company achieves record quarterly sales of its 3DHD Vision System, driving total sales increase and narrowed net loss

QualityStocks would like to highlight Viking Systems, Inc., a publicly traded developer, manufacturer and marketer of 3D and 2D visualization solutions for complex minimally invasive surgery. Viking actively markets and sells the only stand alone, FDA cleared, cost-effective 3D system for use in minimally invasive laparoscopic surgery. Viking partners with medical device companies and healthcare facilities to provide surgeons with proprietary visualization systems enabling minimally invasive surgical procedures, which reduce patient trauma and recovery time. Viking, through its OEM products business, also designs and manufactures surgical vision systems and components for several leading medical instrument companies worldwide.

In the company’s news yesterday,

Viking Systems posted its first-quarter results for the three months ended March 31, 2012.

Viking reports a 13 percent year-over-year increase in 2012 first-quarter revenues to $3.5 million, an increase of 61 percent compared to fourth quarter 2011 revenues.

Gross profit for the quarter was $959,000, an increase of 47 percent year-over-year, and an increase of 138 percent compared to the fourth quarter of 2011.

Net loss for the quarter was $401,000, compared with a loss of $446,000 in the first quarter of 2011 and a loss of $1.0 million in the fourth quarter of 2011.

Viking also provided a business update, noting that as of March 31, 2012, the company has sold a total of 90 of its 3DHD Vision Systems since the product was launched in the fourth quarter of 2010.

It sold seven clinical systems during the first quarter of 2012, bringing the total number of clinical systems sold in the U.S. to 11. The company also added two new distribution partners in the first quarter, Keir Surgical in Canada and Neo Medical Systems covering Belgium and Luxemburg.

“We are pleased to be able to report that the first quarter of 2012 was a record quarter for total sales and placements of our 3DHD Vision Systems. Both total 3DHD systems, and more importantly, placements of clinical systems, meaning non demonstration systems, were at record levels,” Jed Kennedy, president and CEO of Viking Systems stated in the press release. “While placement of demonstration systems is important in creating the selling infrastructure needed to place systems in hospitals, we believe we have reached the transition point where clinical systems sales will consistently exceed demo systems placements. We also believe that placement of clinical systems will help to stimulate demand from new customers as they come to see the benefits being realized by the early adopters of our technology.”

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Forward-Looking Statement:

This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. Risks and uncertainties applicable to the company and its business could cause the company's actual results to differ materially from those indicated in any forward-looking statements.

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