11.14.13
Frisco, Texas-based OxySure Systems Inc. has released its 2013 third quarter (ending Sept. 30) financial results.
Third quarter highlights:
“We had an excellent building quarter and we are pleased to have sustained our positive momentum for the year so far,” said Julian T. Ross, chairman of the board and CEO of OxySure. “Our results for the third quarter reflect our continued success at executing on strategic initiatives aimed at generating superior top-line growth while staying focused on controlling our expenses. We plan to continue our strategy of building awareness for our new and innovative lifesaving products, while investing in branding, distribution, [research and development] and sales. We are excited about some of the initiatives we are currently working on.”
Selling, general and administrative expenses were $478,518 compared to $206,810 for the comparable three months in 2012. The company increased sales and marketing expenses from $7,234 to $77,841 as it expanded its sales and branding efforts. OxySure also recorded an increase in research and development expenses primarily attributable to an increase in research and development expense recognized in connection with products for military markets. Research and development expense during the three months ended Sept. 30, 2013 was $134,357 as compared to $579 for the three months ended Sept. 30, 2012. Other general and administrative expenses also increased by 34 percent to $266,320 as compared to $198,997 for the prior period. The increase in other general and administrative expense was primarily as a result of increases in depreciation and amortization expense, sales and marketing expense, research and development expense, and salaries and wages.
This past fiscal year, OxySure signed a distribution agreement with Dutch conglomerate Medizon B.V. to distribute products in The Netherlands, Belgium and Luxembourg; signed a distribution agreement with Aero Healthcare to distribute products in Australia, New Zealand, and the United Kingdom; launched a new product, a double wall cabinet to house a combination automated external defibrillator/OxySure system; added new distributors in the United States to expand distribution footprint; made significant progress towards the development of the military market in connection with a teaming agreement for the military; made significant progress toward gaining CE mark for its flagship product, the OxySure Model 615; and added Jerry M. Jones, former chairman and CEO of Apria Healthcare, to the board of directors.
According to OxySure, its continued growth strategy includes initiatives to expand its sales and distribution footprint in the United States and internationally; leverage distribution partnerships to enhance market penetration; diversify product offerings through additions of complimentary or additive products/services; and promote market awareness and education; and pursue strategic alliances to further accelerate growth.
OxySure’s technology focus is specialty respiratory and related medical solutions.
Third quarter highlights:
- Total revenue increased by approximately 428 percent to $545,820;
- Interest expense down by approximately 15 percent to $47,180;
- Working capital deficit improved by approximately $2,204,966;
- Stockholder deficit improved by approximately $2,080,000;
- Gross profit increased approximately 722 percent to $434,710; and
- Net loss down by approximately 38.3 percent to $82,613 or $0 per share
“We had an excellent building quarter and we are pleased to have sustained our positive momentum for the year so far,” said Julian T. Ross, chairman of the board and CEO of OxySure. “Our results for the third quarter reflect our continued success at executing on strategic initiatives aimed at generating superior top-line growth while staying focused on controlling our expenses. We plan to continue our strategy of building awareness for our new and innovative lifesaving products, while investing in branding, distribution, [research and development] and sales. We are excited about some of the initiatives we are currently working on.”
Selling, general and administrative expenses were $478,518 compared to $206,810 for the comparable three months in 2012. The company increased sales and marketing expenses from $7,234 to $77,841 as it expanded its sales and branding efforts. OxySure also recorded an increase in research and development expenses primarily attributable to an increase in research and development expense recognized in connection with products for military markets. Research and development expense during the three months ended Sept. 30, 2013 was $134,357 as compared to $579 for the three months ended Sept. 30, 2012. Other general and administrative expenses also increased by 34 percent to $266,320 as compared to $198,997 for the prior period. The increase in other general and administrative expense was primarily as a result of increases in depreciation and amortization expense, sales and marketing expense, research and development expense, and salaries and wages.
This past fiscal year, OxySure signed a distribution agreement with Dutch conglomerate Medizon B.V. to distribute products in The Netherlands, Belgium and Luxembourg; signed a distribution agreement with Aero Healthcare to distribute products in Australia, New Zealand, and the United Kingdom; launched a new product, a double wall cabinet to house a combination automated external defibrillator/OxySure system; added new distributors in the United States to expand distribution footprint; made significant progress towards the development of the military market in connection with a teaming agreement for the military; made significant progress toward gaining CE mark for its flagship product, the OxySure Model 615; and added Jerry M. Jones, former chairman and CEO of Apria Healthcare, to the board of directors.
According to OxySure, its continued growth strategy includes initiatives to expand its sales and distribution footprint in the United States and internationally; leverage distribution partnerships to enhance market penetration; diversify product offerings through additions of complimentary or additive products/services; and promote market awareness and education; and pursue strategic alliances to further accelerate growth.
OxySure’s technology focus is specialty respiratory and related medical solutions.