EP MedSystems, Inc. (NASDAQ: EPMD), today reported its financial
results for the second quarter ending June 30, 2007. Total revenues
for the second quarter of 2007 increased 31% to $4,347,000 over
second quarter of 2006 revenue of $3,312,000. Total revenues for
the six months ended June 30, 2007 were $7,891,000, an increase of
$501,000, or 7%, over the six months ended June 30, 2006. The 2006
period included approximately $705,000 of nonrecurring sales to our
Japanese distributor. Gross margin in the second quarter of 2007
increased 2 points to 64% compared to the second quarter of 2006.
For the six months ended June 30, 2007, gross margin was 66% as
compared to 62% in 2006. The increase in gross margin was partly
attributable to higher average selling prices of our EP-WorkMate�
platform sales integrated with our recently released NurseMate
viewing station and MapMate interface features. The company�s net
loss declined 42% to $1,276,000, or $.04 per share, for the second
quarter of 2007, compared to a net loss of $2,213,000, or $.07 per
share, in the second quarter of 2006. For the six months ended June
30, 2007 the net loss was $2,785,000, or $.09 per share, a 25%
decline versus $3,708,000, or $.13 per share, for the period in
2006. Cash and cash equivalents at June 30, 2007 were $5.3 million,
compared to $7.7 million on hand at December 31, 2006. David Bruce,
President and Chief Executive Officer, commented, �We are
encouraged with the progress that we�ve made through the second
quarter of 2007, achieving revenue growth of 31% over last year�s
second quarter and 23% sequential growth over the first quarter of
2007. With revenues and gross margins increasing and operating
expenses declining, cash used in operations is down by 26% to $2.2
million in the first half of the year. We are realizing higher
average selling prices by selling more features with our existing
EP-WorkMate� platform and sales of our intracardiac ultrasound
products increased 77% during the second quarter of 2007 following
the introduction of our ViewMate II ultrasound system, developed
with our partner Philips Medical Systems, launched in April, 2007.
We see a good pipeline of activity in our electrophysiology
electronics and software business and we remain focused on market
penetration with our intracardiac ultrasound catheter and systems.�
Conference Call: We have scheduled a conference call for 4:30 pm
EST today, August 14, 2007, to discuss the financial results for
the second quarter of 2007. The call is open to all listeners and
will be followed by a question and answer session. To access the
live conference call, dial (800) 240-5318 and give the company name
�EP MedSystems.� An audio replay of the conference call will be
accessible starting two hours following the live event. Access to
the replay is available through August 28, 2007 by dialing (800)
405-2236 (access code 11095079#) About EP MedSystems: EP MedSystems
develops and markets cardiac electrophysiology ("EP") products used
in visualizing, diagnosing and treating certain cardiac rhythm
disorders. The Company's EP product line includes the EP-WorkMate
Electrophysiology Workstation, the MapMate Navigation Interface,
the NurseMate Remote Review Charting Station, the EP-4 Computerized
Cardiac Stimulator, fixed and deflectable diagnostic
electrophysiology catheters and related disposable supplies, and
the ViewMate II intracardiac ultrasound catheter imaging system.
For more information, visit our website at www.epmedsystems.com.
Forward Looking Statements: This news release contains
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements include information concerning our possible or assumed
future results of operations and statements preceded by, followed
by or including the words �believes�, �expects�, �anticipates�,
�intends�, �plans�, �estimates�, or similar expressions. Such
forward-looking statements are based on our management�s beliefs
and assumptions and on information currently available to our
management. Such forward-looking statements are only predictions
and are subject to risks and uncertainties that could cause actual
results or events to differ materially and adversely from the
events discussed in the forward-looking statements. Factors that
could cause or contribute to such differences include, but are not
limited to, EP MedSystems' history of losses, uncertainty of market
acceptance of our products and level of sales, uncertainty of
future profitability and future liquidity needs; possible fines
costs or penalties that may be incurred in connection with the
government inquires and investigations and risks regarding
regulatory approvals and demand for new and existing products. In
addition, the economic, competitive, governmental, technological
and other factors identified under the heading ``Risk Factors'' as
stated in the Company's Annual Report filed on Form 10-K for the
year ended December 31, 2006 and information contained in
subsequent filings with the Securities and Exchange Commission
could affect actual results. EP MedSystems cautions investors and
others to review the cautionary statements set forth in this press
release and in EP MedSystems� reports filed with the Securities and
Exchange Commission and cautions that other factors may prove to be
important in affecting the EP MedSystems� business and results of
operations. Readers are cautioned not to place undue reliance on
this press release and other forward-looking statements, which
speak only as of the date of this release. EP MedSystems undertakes
no obligation to publicly release the results of any revisions to
these forward-looking statements that may be made to reflect events
or circumstances after the date of this report or to reflect the
occurrence of unanticipated events. EP MEDSYSTEMS, INC. SELECTED
FINANCIAL DATA (Unaudited) � Six Months Ended Three Months Ended
June 30, June 30, June 30, June 30, 2007 � 2006 � 2007 � 2006 � Net
sales $ 7,891,033 $ 7,389,969 $ 4,346,787 $ 3,311,858 Cost of
products sold � 2,721,037 � � 2,832,488 � � 1,564,275 � � 1,244,252
Gross profit 5,169,996 4,557,481 2,782,512 2,067,606 � Operating
costs and expenses: Sales and marketing expenses 4,829,781
4,969,986 2,519,723 2,555,588 General and administrative expenses
1,730,374 1,956,643 784,292 1,093,407 Research and development
expenses � 1,423,171 � � 1,378,712 � � 757,722 � � 680,620 Total
operating expenses 7,983,326 8,305,341 4,061,737 4,329,615 � Loss
from operations (2,813,330) (3,747,860) (1,279,225) (2,262,009)
Interest and other income 157,495 164,374 67,704 112,015 Interest
expense � (129,126) � � (124,126) � � (64,631) � � (63,421) Net
loss $ (2,784,961) � $ (3,707,612) � $ (1,276,152) � $ (2,213,415)
� Basic and diluted loss per share $ (0.09) � $ (0.13) � $ (0.04) �
$ (0.07) � Weighted average shares outstanding used to compute
basic and diluted loss per share � 30,375,402 � � 28,277,500 � �
30,385,456 � � 30,365,236 � Balance Sheet Data At June 30, 2007 �
At June 30, 2006 Cash and cash equivalents $ 5,298,789 $ 11,408,957
Working capital $ 7,841,532 $ 14,150,286 Total assets $ 16,258,517
$ 21,082,096 Total liabilities $ 6,461,337 $ 6,496,024
Shareholder�s equity $ 9,797,180 $ 14,586,072
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