Vista Medical Reports First Quarter Results

Apr 30, 2001, 01:00 ET from Vista Medical Technologies, Inc.

    CARLSBAD, Calif., April 30 /PRNewswire/ -- Vista Medical Technologies,
 Inc. (Nasdaq:   VMTI), today reported financial results for the first quarter
 ended March 31, 2001.
 
     Results
     For the quarter ended March 31, 2001, revenues were $1,933,000, versus
 $1,797,000 for the first quarter of 2000, an increase of 7.5%.  The Company
 narrowed its net loss for the quarter to $940,000, or $0.05 per basic and
 diluted share, versus a loss of $997,000 or $0.07 per basic and diluted share
 for the corresponding quarter of 2000.  The number of shares used in computing
 the basic and diluted loss per share was 19,589,386 in the first quarter of
 2001, compared to 13,763,095 in the first quarter of 2000.
     Commenting on first quarter highlights, President and Chief Executive
 Officer John R. Lyon, said, "Our principal focus during the first quarter and
 for the remainder of this year is the expansion of our Laparoscopic Bariatric
 Surgery (LBS) Program, both in terms of new centers and in consideration of
 additional services to be offered to this growing market.  There are now 18
 participating LBS Centers that provide minimally invasive gastric bypass
 surgery, a proven surgical method of enabling the morbidly obese patient to
 lose substantial weight.
     "Also during the quarter we agreed to continue and broaden our alliance
 with Spotlight Health, creators of our LBS awareness campaign, featuring the
 entertainer Carnie Wilson, which is a highly effective patient information
 resource for the LBS Centers."
     A map of the locations of LBS Centers, and further information on morbid
 obesity may be found on www.spotlighthealth.com .
 
     Vista Medical Technologies, Inc.
     Vista Medical Technologies, Inc. develops, manufactures and markets
 products that provide information to doctors performing minimally invasive
 general surgical, cardiac surgical and other selected microsurgical
 procedures.  The Company also develops and manages training and support
 programs which enhance the adoption of procedures incorporating use of our
 visualization technology, including the Laparoscopic Bariatric Surgery Program
 whereby we are working to establish a national network of centers performing
 minimally invasive gastric bypass surgery, to assist weight reduction in the
 morbidly obese.  The Company's products combine a head mounted display with
 video cameras to provide surgeons with critical visual information during
 these microsurgical procedures, combined with the ability to view additional
 information in a voice-controlled, picture-in-picture format, to facilitate
 real-time decision making during surgery.  The Company also manufactures
 compact, high-resolution endoscopic cameras for original equipment
 manufacturer customers and strategic partners.  Vista Medical Technologies is
 traded on the Nasdaq SmallCap Market under the stock symbol VMTI.  The
 Company's Internet Website is www.vistamt.com .  For more information on Vista
 Medical Technologies, Inc. via facsimile at no cost, call 1-800-PRO-INFO and
 dial code VMTI.
 
     Forwarding Looking Statements
     This news release may contain forward-looking statements concerning the
 business and products of the Company.  Actual results may differ materially
 depending on a number of risk factors, including, but not limited to the
 following: the Company's ability to raise additional capital to fund its
 operations and execute its business plan, development, manufacturing,
 shipment, global economic and distribution risks and customer acceptance.
 Other risks inherent in the business of the Company are described in
 Securities and Exchange Commission filings, including the Annual Report on
 Form 10-K for the year ended December 31, 2000.  The Company undertakes no
 obligation to revise or update any forward-looking statements to reflect
 events or circumstances after the date of this release.
 
 
                        VISTA MEDICAL TECHNOLOGIES, INC.
                     Consolidated Statements of Operations
                                  (Unaudited)
 
 
 
                                                Three Months Ended March 31,
                                                       2001           2000
     Sales                                         $1,932,533     $1,796,886
 
     Cost and expenses:
       Cost of sales                                1,531,906      1,539,846
       Research and development                       389,899        431,538
       Sales and marketing                            487,697        413,335
       General and administrative                     495,983        427,800
     Total cost and expenses                        2,905,485      2,812,519
 
     Loss from operations                            (972,952)    (1,015,633)
 
     Interest income                                   32,738         18,667
 
     Net loss                                       $(940,214)     $(996,966)
 
     Basic and diluted loss per share                  $(0.05)        $(0.07)
 
     Shares used in computing basic and
      diluted loss per share                       19,589,386     13,763,095
 
 
 
 
                        VISTA MEDICAL TECHNOLOGIES, INC.
                    Selected Consolidated Balance Sheet Data
 
                                                   March 31,        Dec. 31,
                                                      2001           2000
                                                         (Unaudited)
 
     Cash, cash equivalents and
       available-for-sale securities               $2,327,677     $2,934,230
 
     Total current assets                           5,496,109      6,116,681
 
     Property and equipment, net                      759,576        900,083
 
     Total assets                                   6,354,825      7,154,511
 
     Total current liabilities                      1,068,138      1,003,349
 
     Total stockholder's equity                    $5,286,687     $6,151,162
 
 
                     MAKE YOUR OPINION COUNT -  Click Here
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SOURCE Vista Medical Technologies, Inc.
    CARLSBAD, Calif., April 30 /PRNewswire/ -- Vista Medical Technologies,
 Inc. (Nasdaq:   VMTI), today reported financial results for the first quarter
 ended March 31, 2001.
 
     Results
     For the quarter ended March 31, 2001, revenues were $1,933,000, versus
 $1,797,000 for the first quarter of 2000, an increase of 7.5%.  The Company
 narrowed its net loss for the quarter to $940,000, or $0.05 per basic and
 diluted share, versus a loss of $997,000 or $0.07 per basic and diluted share
 for the corresponding quarter of 2000.  The number of shares used in computing
 the basic and diluted loss per share was 19,589,386 in the first quarter of
 2001, compared to 13,763,095 in the first quarter of 2000.
     Commenting on first quarter highlights, President and Chief Executive
 Officer John R. Lyon, said, "Our principal focus during the first quarter and
 for the remainder of this year is the expansion of our Laparoscopic Bariatric
 Surgery (LBS) Program, both in terms of new centers and in consideration of
 additional services to be offered to this growing market.  There are now 18
 participating LBS Centers that provide minimally invasive gastric bypass
 surgery, a proven surgical method of enabling the morbidly obese patient to
 lose substantial weight.
     "Also during the quarter we agreed to continue and broaden our alliance
 with Spotlight Health, creators of our LBS awareness campaign, featuring the
 entertainer Carnie Wilson, which is a highly effective patient information
 resource for the LBS Centers."
     A map of the locations of LBS Centers, and further information on morbid
 obesity may be found on www.spotlighthealth.com .
 
     Vista Medical Technologies, Inc.
     Vista Medical Technologies, Inc. develops, manufactures and markets
 products that provide information to doctors performing minimally invasive
 general surgical, cardiac surgical and other selected microsurgical
 procedures.  The Company also develops and manages training and support
 programs which enhance the adoption of procedures incorporating use of our
 visualization technology, including the Laparoscopic Bariatric Surgery Program
 whereby we are working to establish a national network of centers performing
 minimally invasive gastric bypass surgery, to assist weight reduction in the
 morbidly obese.  The Company's products combine a head mounted display with
 video cameras to provide surgeons with critical visual information during
 these microsurgical procedures, combined with the ability to view additional
 information in a voice-controlled, picture-in-picture format, to facilitate
 real-time decision making during surgery.  The Company also manufactures
 compact, high-resolution endoscopic cameras for original equipment
 manufacturer customers and strategic partners.  Vista Medical Technologies is
 traded on the Nasdaq SmallCap Market under the stock symbol VMTI.  The
 Company's Internet Website is www.vistamt.com .  For more information on Vista
 Medical Technologies, Inc. via facsimile at no cost, call 1-800-PRO-INFO and
 dial code VMTI.
 
     Forwarding Looking Statements
     This news release may contain forward-looking statements concerning the
 business and products of the Company.  Actual results may differ materially
 depending on a number of risk factors, including, but not limited to the
 following: the Company's ability to raise additional capital to fund its
 operations and execute its business plan, development, manufacturing,
 shipment, global economic and distribution risks and customer acceptance.
 Other risks inherent in the business of the Company are described in
 Securities and Exchange Commission filings, including the Annual Report on
 Form 10-K for the year ended December 31, 2000.  The Company undertakes no
 obligation to revise or update any forward-looking statements to reflect
 events or circumstances after the date of this release.
 
 
                        VISTA MEDICAL TECHNOLOGIES, INC.
                     Consolidated Statements of Operations
                                  (Unaudited)
 
 
 
                                                Three Months Ended March 31,
                                                       2001           2000
     Sales                                         $1,932,533     $1,796,886
 
     Cost and expenses:
       Cost of sales                                1,531,906      1,539,846
       Research and development                       389,899        431,538
       Sales and marketing                            487,697        413,335
       General and administrative                     495,983        427,800
     Total cost and expenses                        2,905,485      2,812,519
 
     Loss from operations                            (972,952)    (1,015,633)
 
     Interest income                                   32,738         18,667
 
     Net loss                                       $(940,214)     $(996,966)
 
     Basic and diluted loss per share                  $(0.05)        $(0.07)
 
     Shares used in computing basic and
      diluted loss per share                       19,589,386     13,763,095
 
 
 
 
                        VISTA MEDICAL TECHNOLOGIES, INC.
                    Selected Consolidated Balance Sheet Data
 
                                                   March 31,        Dec. 31,
                                                      2001           2000
                                                         (Unaudited)
 
     Cash, cash equivalents and
       available-for-sale securities               $2,327,677     $2,934,230
 
     Total current assets                           5,496,109      6,116,681
 
     Property and equipment, net                      759,576        900,083
 
     Total assets                                   6,354,825      7,154,511
 
     Total current liabilities                      1,068,138      1,003,349
 
     Total stockholder's equity                    $5,286,687     $6,151,162
 
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X88761835
 
 SOURCE  Vista Medical Technologies, Inc.