CHESTER, NY / ACCESSWIRE / September 30, 2015 / Repro Med Systems, Inc. dba RMS Medical Products (OTCQX: REPR) announced that its second quarter net revenues for fiscal 2016 increased 26.4% over the previous year's Q2, led by the Company's sales of proprietary infusion products. The Company's current fiscal year ends February 28, 2016.
Revenues for the second quarter of fiscal 2016 were $3,166,177 compared with $2,504,854 for the second quarter of fiscal 2015. In addition to representing a 26.4% increase year-over-year, the second quarter results for fiscal 2016 showed a 20.4% increase sequentially over first quarter 2016 revenues of $2,630,545. Our net income for the quarter improved by 65.1% compared with the same period last year, to $335,214, driven by the strong sales in the quarter.
During the first six months of its fiscal year, the Company invested in reorganization and implementation of lean manufacturing initiatives, which were completed in the second quarter. While these improvements reduced year to date net income over the comparable period, we expect them to result in gross margin improvement over the balance of our fiscal year and beyond. We are already enjoying the initial benefits and returns on these investments, including increased capacity as well as reductions in direct assembly labor costs.
Further, to accelerate growth, the Company has both reorganized and augmented its management team over the past two quarters. This included adding professionals in the Company's sales, production, quality control, regulatory, human resources, and engineering departments.
"We are seeing continued growth in all sectors of the infusion market both domestically and internationally, especially in home administration," commented Andy Sealfon, President and CEO of the company. "We strive to continue producing products which combine the best value and highest quality for healthcare providers and their patients. I am also very excited about our expanded management team and the efforts we are making to take advantage of growth opportunities by serving our customers with superior products which will help improve the quality of their lives and in doing so, take the Company to the next level," Mr. Sealfon added.
The Company manufactures medical products used for infusions and suctioning. The Infusion product portfolio currently includes the FREEDOM60(R) Syringe Infusion Pump, RMS Precision Flow Rate Tubing(TM) and RMS HIgH-Flo(TM) Subcutaneous Safety Needle Sets. These devices are used for infusions administered in professional healthcare settings as well as at home. The company's RES-Q-VAC line of medical suctioning products is used by emergency medical service providers in addition to a variety of other healthcare providers.
The Company's website may be visited at www.rmsmedicalproducts.com.
This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In addition to statements which explicitly describe such risks and uncertainties, readers are urged to consider statements labeled with the terms "believes," "belief," "expects," "intends," "anticipates," "will," or "plans" to be uncertain and forward looking. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the company's reports and registration statements filed with the Securities and Exchange Commission.
For more information please call:
Mike King
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Princeton Research
SOURCE: RMS Medical Products