Vaso Corporation Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2017; Provides Earnings Guidance for the Year 2017
August 13, 2017
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Vaso Corporation reported earnings results for the second quarter and six months ended June 30, 2017. For the quarter, the company reported revenue of $17,853,000 compared to $18,214,000 a year ago. Operating loss was $709,000 compared to operating income of $264,000 a year ago. Loss before taxes was $876,000 compared to income before taxes of $162,000 a year ago. Net loss was $987,000 compared to net income of $213,000 a year ago. Adjusted LBITDA was $24,000 compared to adjusted EBITDA of $886,000 a year ago. Revenue decreased by $0.3 million as compared to the same period in the prior year, principally due to a decrease in revenue in the professional sales service segment as a result of a lower equipment deliveries in the quarter by partner.
For the six months, the company reported revenue of $34,227,000 compared to $35,756,000 a year ago. Operating loss was $2,550,000 compared to operating income of $423,000 a year ago. Loss before taxes was $2,898,000 compared to income before taxes of $160,000 a year ago. Net loss was $3,118,000 compared to net income of $109,000 a year ago. Adjusted LBITDA was $1,080,000 compared to adjusted EBITDA of $1,597,000 a year ago. Net cash provided by operating activities was $1.4 million and $3.7 million for the six months ended June 30, 2017 and 2016, respectively.
The company expects to deliver another profitable year in 2017 and maintain a strong financial position as they continue to generate positive cash flow from operating activities.
Vaso Corporation is principally engaged in operating the healthcare equipment and information technology industries. The Company's segments include IT, Professional sales service, and Equipment. The IT segment operates through a wholly owned subsidiary, VasoTechnology, Inc., which primarily focuses on healthcare information technology (IT) and managed network technology services. Its Professional sales service segment operates through a wholly owned subsidiary, Vaso Diagnostics, Inc. doing business as VasoHealthcare, primarily focuses on the sale of healthcare capital equipment for GE HealthCare (GEHC) into the health provider middle market. Its Equipment segment primarily focuses on the design, manufacture, sale and service of proprietary medical devices and software, operating through the Company's subsidiary, VasoMedical, Inc., which in turn operates through Vasomedical Solutions, Inc. for domestic business and Vasomedical Global Corp. for international business, respectively.