NEW YORK, May 13, 2013 /PRNewswire/ --
SPO Medical Inc. (SPOM), a leading developer of biosensor and microprocessor technologies for use in portable monitoring devices, announced today financial results for the fiscal quarter ended March 31, 2013.
Total revenue for Q1-2013 was $149,000 compared to no revenues for the same period in 2012. In addition the Company has a current backlog of approximately $347,000 of purchase orders which it plans to deliver in the coming quarters. The increase in revenue was attributed to the continued success of the Company's partnership with HoMedics LLC for distribution of its private-labeled pulse oximeter known as the HoMedics Deluxe Pulse Oximeter.
In addition, the Company announced that it has secured working capital requirements via an equity investment in the Company that will provide funds for its business activities during 2013. With increased quarterly sales and the planned introduction of new wellness products, the Company believes it can now move forward to further expand its strategy in the consumer wellness market.
Michael Braunold, Chief Executive Officer of SPO commented: "We continue to build strength through our increased quarterly revenues and now via an equity investment into the Company. In addition we see further growth of sales with our distribution partner HoMedics LLC including expanded placement of the HoMedics Deluxe Pulse Oximeter within the US and Internationally. We look forward to capitalizing on these revenue opportunities throughout the rest of fiscal 2013."
SPO continues to work on other product opportunities and specifically on its wellness watch. Initial responses from retail category buyers to this new product opportunity have been positive and the Company is now focused on working with its timepiece manufacturing and distribution partner to realize this retail opportunity during fiscal 2013 and beyond. The Company is also continuing its dialogue with interested parties to incorporate its proprietary technology into other consumer mass-market product opportunities. They include a unique baby-monitor for parental reassurance when babies are sleeping and a sports watch to continuously measure heart-rate during exercise without the need of a chest strap.
Further details as to SPO's financial information and results of operations for the fiscal quarter ended March 31, 2013 are in the Company's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 13, 2013.
SPO is a leading developer of biosensor and microprocessor technologies for use in portable monitoring devices to capture life-enhancing information within four key markets: medical care; sports and wellness; homecare monitoring and security. Its patented technology uses information gathered from the reflectance of light on the human body, in a noninvasive manner, to monitor key vital signs. The company manufactures its products in addition to licensing its technologies to appropriate client corporations for commercialization and distribution. For more information, visit http://www.spoglobal.com.
Forward Looking Statements
This press release contains forward-looking statements that involve substantial uncertainties and risks. These forward-looking statements are based upon our current expectations, estimates and projections about our business and our industry, and that reflect our beliefs and assumptions based upon information available to us at the date of this release. We caution readers that forward looking statements are predictions based on our current expectations about future events. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions that are difficult to predict. Our actual results, performance or achievements could differ materially from those expressed or implied by the forward-looking statements as a result of a number of factors, including but not limited to, expectations as to the realization of additional revenues from the order backlog, if any, of our efforts to expand distribution of products to additional mass market retailers, the ability to create additional strategic partnerships to aid in the distribution of products, expectations regarding the successful expansion of our product base to include, among other products, the wellness watch, the baby monitor and the sports watch, profitability, market acceptance of our products and new product applications, timing of new product launches, success of the Company's rebranding program, product performance, size of prospective markets, revenue assessments, marketing strategies, success of our restructured operations and plans, our ability to generate fees or raise capital to support our business operations and plan, the sufficiency and availability of working capital, changes in economic conditions generally and in more specifically, the introduction of competing products, changes in our operating strategy or development plans patent protection for our products and technologies, changes in economic conditions generally and in more specifically, in the markets we operate, changes in technology, legislative or regulatory changes that affect us and the risks and uncertainties discussed under the heading "Risk Factors" in Item 1 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2012. We undertake no obligation to revise or update any forward-looking statement for any reason.
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SOURCE SPO Medical Inc.