NEW YORK, April 11, 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 year ended December 31, 2012. During this period the Company completed development of its new wellness product and commenced sales activities.
Total revenue for 2012 was $316,000 compared to $20,000 for the same period in 2011. The increase in revenue was the result of the Company's strategy to enter the non-medical consumer wellness market through its partnership with HoMedics LLC. In addition, the Company has a backlog of firm orders of approximately $500,000 for planned shipments through 2013. The Company anticipates this backlog to increase during fiscal year 2013 as sales continue to grow in the United States and in international markets. This is primarily attributed to the expanded distribution of its private-labeled pulse oximeter known as the HoMedics Deluxe Pulse Oximeter for non-medical consumer wellness markets.
Further details as to SPO's financial information and results of operations for the fiscal year ended December 31, 2012 are in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission on April 11, 2013.
Michael Braunold, Chief Executive Officer of SPO commented: "We are very pleased with our fiscal results for 2012 and backlog position which show a strategic turnaround for the Company - this was achieved in a relatively short period of time after our decision to distribute under the HoMedics private-label which gave us immediate access to mass-market retailers worldwide. We have also made our first shipment to the international market outside of the United States and we see further upside during 2013, by leveraging on our joint-success to date."
During 2013, SPO anticipates expanding other product opportunities currently under development and specifically its fitness watch - a new consumer wellness time-piece designed to measure overall daily activity level, especially useful for overweight and obese adults and children. This new and innovative product, already demonstrated to several retail category buyers, will include unique innovative features as well as being a fashionable time-piece to continuously measure the number of daily activities and calories burned against a recommended goal.
Braunold continued: "We see substantial opportunities to expand in the drugstore channel and beyond as we grow our product portfolio during 2013, particularly as our partner HoMedics looks to increase distribution worldwide via its extensive network in over 60 countries. We look forward to an exciting year ahead for the Company as our products enter the vast consumer wellness market, which in turn contributes to potentially increasing value for the SPO shareholders."
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, expectations as to increasing the order backlog in 2013, the success of efforts to expand distribution of our products, the success, if any, of our efforts to expand distribution of products to additional mass market retailers, the ability to create strategic partnerships to aid in the distribution of products, 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.