Shares of Opthalmic Imaging Systems Inc. (OTCBB: OISI) slipped down today after releasing its financial results for the second quarter of 2007. In mid-day trading, OISI was down 21 cents (12 percent) to $1.50 per share on volume of just over 92,000 shares.
For the six months ended June 30, 2007, OISI reported net revenues of $7.8 million compared with net revenues of $7.5 million for the same period last year. Net income for the six months ended June 30, 2007 was $1.1 million, or 6 cents per share, compared with net income of $1 million, or 6 cents per share, for the first six months of 2006.
“During the second quarter, OISI experienced steady sales for its digital imaging equipment business. However, the impact of two large contracts over the second and third quarters of 2006 offset potential sales growth in the second quarter,” stated Gil Allon – CEO of OISI – in a statement. “Additionally, sales of OIS’s ophthalmic PACS (Picture Archiving and Communication Systems), part of the company’s Ophthalmology Office offering, continues to gain traction in the market.”
For the quarter ended June 30, 2007, OISI reported net revenues of $3.6 million, compared with net revenues of $3.8 million for the same period in 2006. Net income for the second quarter of 2007 was $0.5 million, or 3 cents per share, compared with net income of $0.5 million, or 3 cents per share, for the second quarter of 2006.
“As one of the first providers of ophthalmic PACS software specifically designed for ophthalmologists, OIS is strategically positioned to tap its existing client base and emerge as a leader in the space. OIS believes the market is at a turning point and expects a growing number of its clients will begin to adopt ophthalmic PACS over the next few years,” concluded Allon in a statement.
OISI, a majority-owned subsidiary of MediVision, is the leading provider of ophthalmic digital imaging systems. The company designs, develops, manufactures and markets digital imaging systems and informatics solutions for the eye care market. With over twenty years in the ophthalmic imaging business, the company has consistently introduced new, innovative technology. The company, together with MediVision, co-markets and supports their products through an extensive network of dealers, distributors and direct representatives.
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