OxySure Systems, a medical technology company focused on the design, manufacture, and distribution of specialty respiratory and medical solutions, today in its third-quarter financial and operating results posted its third consecutive quarter of triple-digit revenue growth and a narrowed net loss.
“We had an excellent building quarter and we are pleased to have sustained our positive momentum for the year so far,” Julian T. Ross, CEO of OxySure stated in the news release. “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, R&D and sales. We are excited about some of the initiatives we are currently working on.”
Total revenues for the quarter increased 428 percent to $545,820, as compared to revenues of $103,327 in the third quarter of last year.
Gross profit increased approximately 722 percent to $434,710 from $52,855 a year ago.
The company cut its net loss by approximately 38.3 percent to $82,613, or $0.00 per share, from a net loss of $133,779, or a loss of $0.01 per share, reported in the year ago period.
Selling, general, and administrative expenses increased to $478,518 from $206,810 for the comparable quarter of 2012, reflecting ramped up sales and marketing expenses as the company worked to expand its sales and branding efforts. Research and development expense during the third quarter of 2013 was $134,357 as compared to $579 for the third quarter of last year.
OxySure said it continues to execute on its core growth strategy to grow its sales and distribution both domestically and abroad, and recapped key milestones of 2013, including new distribution agreements and product launch.
For more information, visit www.OxySure.com
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