OXYSURE (OXYS) REPORTS FIRST QUARTER 2014 RESULTS
Growth Continues with Revenues Up 48%
Frisco, Texas, May 16, 2014 – OxySure Systems, Inc. (OTCQB: OXYS) (“OxySure,” or the “Company”), a global leader and medical device innovator of life-saving, easy-to-use emergency oxygen solutions with its “oxygen from powder” technology today announced financial and operating results for the first quarter 2014.
1Q 2014 Highlights:
- Revenues were up 48% to $356,229
- Sales & marketing expense down 18%
- Research & development expense down 96%
- G&A expense up 35%
- Notes payable slightly up by $25,843 to $375,818
- Net loss per share flat at $.01 for the quarter
- Cartridge shipments increased 394%
Julian T. Ross, Chairman of the Board and Chief Executive Officer of OxySure stated, “We had an excellent building quarter. We have accomplished many of our goals regarding the preparation for the European market and for a potential foray into the direct to consumer market. We invested in our future, while maintaining our bottom line, and we remain on track with our goals for the rest of 2014 and beyond.”
For the quarter ended March 31, 2014, revenues increased by 48% to $356,229 from $240,420 in the comparable period last year. The increase was primarily driven by a 161% increase in product sales in the United States.
For the Company’s Model 615 portable emergency oxygen product, unit cartridge reorder rates continued to increase as the installed base of Model 615 increases, continuing the “sticky” customer relationship with the product upon adoption. Unit cartridge shipments exceeded unit shipments of Model 615: during the quarter ended March 31, 2014 unit cartridge shipments represented 201% of Model 615 units shipped, up from 94% during the first quarter 2012. As of March 31, 2014, replacement cartridges shipped represented 44.2% of the known Model 615 installed base, up from 35.7% as at March 31, 2013.
Sales and marketing expense was down 18% and research and development expense was down 97%; these improvements were offset by an increase in other general and administrative expense of 35% to $345,757, and an increase in interest expense to $107,607 from $28,716 in the first quarter of 2012. Of this interest amount, approximately $100,115 of interest expense is non-cash, GAAP interest, comprising $71,740 of amortization of beneficial conversion features and $28,375 in amortization of debt discount.
Net loss for the quarter ended March 31, 2014 was $376,320, or $0.01 per share, as compared to $242,152 or $0.01 per share for the quarter ended March 31, 2013. The weighted average shares outstanding were 25,889,334 and 22,665,515 for the quarters ended March 31, 2014 and 2013, respectively.
Conference Call
OxySure’s CEO Julian Ross will host a conference call to discuss the Company’s first quarter 2014 results.
Date: Friday, May 16, 2014
Time: 9:00 am ET
US Dial-In: 1 (800) 697-5978 US Toll Free
International Dial-In: 1 (630) 691-2750 US Toll
Passcode: 9900 607#
For webcast link: http://www.oxysure.com/aed/index.php/investors-home
(under Investor Events)
Please dial in at least 10-minutes before the call to ensure timely participation.
About OxySure Systems, Inc.
OxySure Systems, Inc. (OXYS) is a medical technology company that focuses on the design, manufacture and distribution of specialty respiratory and medical solutions. The company pioneered a safe and easy to use solution to produce medically pure (USP) oxygen from inert powders. The company owns numerous issued patents and patents pending on this technology which makes the provision of emergency oxygen safer, more accessible and easier to use than traditional oxygen provision systems. OxySure's products improve access to emergency oxygen that affects the survival, recovery and safety of individuals in several areas of need: (1) Public and private places and settings where medical emergencies can occur; (2) Individuals at risk for cardiac, respiratory or general medical distress needing immediate help prior to emergency medical care arrival; and (3) Those requiring immediate protection and escape from exposure situations or oxygen-deficient situations in industrial, mining, military, or other "Immediately Dangerous to Life or Health" (IDLH) environments. www.OxySure.com
Forward-Looking Statements
Statements in this earnings release that are not historical facts are considered to be forward-looking statements. Such statements include, but are not limited to, statements regarding management beliefs and expectations, based upon information available at the time the statements are made, regarding future plans, objectives and performance. All forward-looking statements are subject to risks and uncertainties, many of which are beyond management’s control and actual results and performance may differ significantly from those contained in forward-looking statements. OxySure Systems, Inc. intends any forward-looking statement to be covered by the Litigation Reform Act of 1995 and is including this statement for purposes of said safe harbor provisions. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this news release. OxySure Systems, Inc. undertakes no obligation to update any forward-looking statements to reflect events or circumstances that occur after the date as of which such statements are made. A discussion of certain risks and uncertainties that could cause actual results to differ materially from those contained in forward-looking statements is included in OxySure Systems, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2013.
Contacts:
Investor Contact:
Stonegate Securities, Inc.
214-987-4121 / 972-294-6461
investors@oxysure.com
Media Contact:
media@oxysure.com
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