NIMS Achieves Profit for Fourth Quarter and Turnaround Profit
of Approximately $26,000 for Year 2004 from Loss of $1,556,000 for Year 2003
(Source: BusinessWire) 11/01/04 09:00
Non-Invasive Monitoring Systems, Inc. (NIMS) (OTCBB: NIMU), North
Bay Village, FL, announces fourth quarter results ended July 31, 2004.
For the 12 months ended July 31, 2004, total revenue was approximately
$852,000 compared to approximately $463,000 in 12 months ended July
31, 2003. For the 12 months ended July 31, 2004, NIMS had a profit of
approximately $26,000 compared to a loss of approximately $1,556,000
for the 12 months ended July 31, 2003. For the quarter ended July 31,
2004, total revenue was approximately $322,000 compared to
approximately $85,000 in quarter ended July 31, 2003. For the quarter
ended July 31, 2004, NIMS had a profit of approximately $114,000
compared to a loss of approximately $285,000 for the quarter ended
July 31, 2003.
Dr. Sackner, CEO NIMS stated, "Improvement in operations was due
to increased royalty income, continued sales of the AT-101 powered
exercise device, reduction of staff as well as reduction of
administrative, costs of sales, research and development expenses." He
added, "royalty income from SensorMedics Division of ViaSys and
VivoMetrics should approximate $30,000 per month for the remainder of
the calendar year 2004. But there can be no assurances that the
Company will achieve the anticipated revenues or that such revenues
will subsequently increase." Dr. Sackner added that the business of
the Company has now shifted from diagnostic to therapeutic medical
technology through its wholly owned division, Acceleration
Therapeutics. Its efforts are focused on marketing and sales of the
AT-101 to home users and health care providers.
The AT-101 is a platform, mounted on a hospital-like patient
gurney that moves the body repetitively head to foot as in movements
that comfort a child in a baby carriage but at a more rapid pace.
Acceleration Therapeutics, a division of NIMS, markets the AT-101
worldwide. The AT-101 is listed with the FDA as a Class I (exempt)
powered exercise device intended as an aid to improve the circulation
and joint mobility. Animal laboratory studies indicate that AT-101
treatments release nitric oxide from the inner lining of blood
vessels. Such studies have shown that nitric oxide has potent
anti-inflammatory properties. AT-101 treatments are currently
reimbursable by Medicare and insurance companies under CPT 97110,
Therapeutic Exercises, which requires that patients have one of the
following, neurological diseases such as Parkinson's disease or
multiple sclerosis, rheumatological diseases such as osteoarthritis,
soft tissue injuries such as muscle strains and bone fractures.
Consolidated Financial Summary
Three Months Ended Twelve Months Ended
July 31, 2004 July 31, 2004
---------- ---------- ---------- -----------
2004 2003 2004 2003
---------- ---------- ---------- -----------
Total Revenue $321,737 $84,985 $851,514 $463,132
Net Income (Loss) $114,323 ($284,807) $26,190 ($1,556,185)
Income (Loss per
Share) $0.004 ($0.009) $0.001 ($0.051)
Number of Shares ----------- ----------- ----------- -----------
Outstanding 31,221,971 30,466,387 30,734,008 30,240,002
----------- ----------- ----------- -----------
SOURCE: Non-Invasive Monitoring Systems, Inc.
NIMS, North Bay Village
Deborah Goldring, 305-861-0075
dgoldring@accelerationtherapeutics.com
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