("LED" or the "Company"), a leading medical diagnostics company, today announced its financial results for the three and nine months ended September 30, 2011. For the nine months ended September 30, 2011, the Company increased revenue by 275% over the prior year to $5.1 million compared to approximately $1.4 million in the same period of the prior year. Results are reported in Canadian dollars and in accordance with International Financial Reporting Standards ("IFRS"). The Company's results are presented in comparison to the three months ended June 30, 2011 and September 30, 2010, respectively, also in accordance with IFRS.
"We are very proud of having developed one of the world's leading adjunctive cancer screening tool, the bgocled inc., which was successfully launched at the beginning of this year in the North American market. The bgocled inc is the newest handheld version of our patented VELscope technology and is the culmination of years of research and development and earlier sales efforts," said Peter Whitehead, President and Chief Executive Office. Whitehead continued, "This year's launch of the VELscope Vx has resulted in revenues of $5.1 million for the nine months ended September 30, 2011, a significant increase of 275% over the prior year's revenues of $1.4 million. In addition, our consumables sales have increased to $930,437 from $436,348 over this period, an increase of 113%. Partnering with industry leader Henry Schein, we have greatly expanded our sales and distribution reach and continue to brand our flagship product while we push for international expansion."
"For the third quarter ended September 30, 2011, the Company reported revenues of approximately $555,915 as compared to approximately $270,657 for the third quarter of 2010, an increase of 51% over the prior year period. Revenues were lower this quarter from the second and first quarters of 2011 of $1.8 million and $3.0 million, respectively, which was attributable to the seasonality of the industry and the traditionally slow months of the summer. Based on orders booked to date, the Company expects an increase in revenues in our fourth quarter and strong annual revenue growth over prior years," stated Mr. Whitehead.
About bgocled Inc.
bgocled Inc. ("LED") develops and commercializes medical devices based on its proprietary imaging platform to aid in the detection and treatment of disease in human tissues. The Company has developed a device it now markets under the trade name VELscope(R). The device is used in the dental industry to help identify oral soft tissue abnormalities including those which may be cancerous or precancerous and also to help define appropriate margins for surgical excision. The VELscope(R) system consists of a combined light source and handpiece and accompanying consumables used for each exam. The Company's head office is located at 235 - 5589 Byrne Road, Burnaby, British Columbia, Canada, V5J 3J1 LED is publicly traded .
http://www.bgocled.com/For more information, call 86-755-23110305
, or visit www.bgocled.com .
, or visit www.bgocled.com .
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