HASBROUCK HEIGHTS, N.J., Feb. 22, 2006 (PRIMEZONE) -- U.S. MedSys Corp. (OTCBB:UMSY) (the "Company") is pleased to announce the filing of its Form 10-QSB for the second quarter of fiscal 2006 which showed continued revenue growth for the fifth straight quarter. For the second quarter of fiscal 2006, the Company recognized net revenue of $953,074 compared to net revenue of $20,671 for the second quarter of fiscal 2005. Gross profit from operations was $244,240 and $20,671 for the respective periods.
Net revenue for the first six months of fiscal 2006 was $1,679,201 versus $127,556 for the comparative 2005 fiscal period. The Company's gross margin increased to $455,074 versus $127,556. The Company's results quarter over quarter, showed an increase of 31.25% in net revenue.
The Net loss for the six month period decreased to ($2,285,174) as compared to a net loss of ($2,396,345) for the six months of fiscal 2005. The increased revenue is directly related to the Company's diabetic supply business and its efforts of expanding of existing contracts and programs. The Company has been able to maintain a relatively stable spending pattern during these past six months but it will increase in the upcoming months, since the Company's manufacturing division in Wilton, Maine has begun operations.
Total shareholder's equity decreased to $200,894 as of December 31, 2005, from $2,486,089 as of June 30, 2005. For the second quarter of fiscal 2006, the net loss per share recorded was (.05) as compared to (.06) for the second quarter of fiscal 2005. For the first half of fiscal 2006, the net loss per share recorded was (.07) as compared to (.09) for the first half of fiscal 2005. The Company reported total assets of $3,129,336 as of December 31, 2005 which was a decrease compared to the total assets of $3,691,026 reported as of June 30, 2005.
Anthony R. Rubino, CFO commented that: "The organization is continuing to position itself to advance to next level of our business plan execution. We have strived to provide quality customer service and addressing the needs of our customers and will continue to build on that. We also have now participated in three trade shows that have provided us the opportunity to market our products and services. Our manufacturing division in Wilton, Maine has begun to receive orders and we will continue to expand our efforts in the disease management arena that will hopefully lead to our continued growth. It is truly an exhilarating time for this young organization."
Investors are encouraged to review the complete report available at www.sec.gov or at the company's website at www.usmedsyscorp.com.
About U.S. MedSys Corp.
U.S. MedSys Corp. is a medical network developer, marketing and distribution organization which provides support services and medical technology to the healthcare industry. U.S. MedSys Corp. is focusing on its core competencies in healthcare delivery, network development and marketing. The Company's purpose is to create a total platform that can be presented to healthcare providers as a means for Healthcare Administrators to cut costs without sacrificing quality of care to its membership. The UMSY business network consists of Global Medical Direct, a provider of sales, marketing and distribution of self-management products and services to patients with diabetes, PMC/Footcare, LLC, PMC Occular, LLC and New England Orthotic and Diabetic Shoe Company (NEODS), which has been established to manufacture and market semi-custom orthotics, diabetic shoes and insoles. The company also markets its proprietary wound care program to the nursing home market.
Safe Harbor Forward-Looking Statements:
This press release may contain "forward-looking statements" within the meaning of section 27A of the 1933 Securities Act and Section 21E of the Securities Exchange Act. Actual results could differ materially, as the result of such factors as competition in the markets for the company's products and services and the ability of the company to execute its plans. By making forward-looking statements, the company can give no assurances that the transactions described in this release will be successfully completed, and undertakes no obligation to update these statements for revisions or changes after the date of this press release.