VSTI..$0.075.. Versus Technology Announces First Quarter Results
TRAVERSE CITY, MI -- (MARKET WIRE) -- 03/09/12 -- Versus Technology, Inc. (PINKSHEETS: VSTI) ("Versus" or the "Company") announced record first quarter revenues of $2,138,000 for the fiscal quarter ended January 31, 2012, an 85.5% increase over revenues of $1,153,000 for the same period in 2011. Versus' quarterly revenues can vary significantly depending upon the timing of delivery of major customer projects. Accordingly, the revenues reported in any one quarter are not necessarily indicative of what full year results will be.
Gross profits as a percentage of revenues were 69.5% for the quarter compared to 67.0% for the same period in 2011. Operating expenses excluding cost of revenues totaled $1,384,000, or 64.7% of revenues, which exceeded prior year by $46,000, or 3.3%.
Versus reported a pre-tax income of $102,000 for the quarter, compared to a pre-tax loss of $562,000 for the same period in 2011.
For additional information, please refer to the attached unaudited consolidated financial statements.
About Versus Technology, Inc.
Established in 1988, Versus Technology, Inc. specializes in real-time location systems (RTLS) for healthcare. Used for enterprise patient tracking, bed management, asset tracking, and nurse call automation, Versus Advantages™ improves patient flow and documentation of caregiver and patient interactions, while enhancing communication and efficiency. Exclusively endorsed by the American Hospital Association, the Versus Advantages infrared (IR) and Active RFID solution is responsible for clinical-grade location and automation at a number of hospitals, clinics and long-term care facilities throughout North America. To learn more about Versus Technology, Inc. (PINKSHEETS: VSTI), our technology and client successes, visit www.versustech.com and take the Advantages Tour.
REPORT OF MANAGEMENT
The accompanying consolidated balance sheets of Versus Technology, Inc. and Subsidiary as of January 31, 2012, and October 31, 2011, and the related consolidated statements of income and cash flows for the three-month periods ended January 31, 2012 and 2011, have been prepared by management.
Management has elected to omit the statement of shareholders' equity and substantially all of the footnote disclosures required by accounting principles generally accepted in the United States. If the omitted statement and disclosures were included in the financial statements, they might influence the user's conclusions about the Company's financial position, results of operations, and cash flows. Accordingly, these financial statements are not designed for those who are not informed about such matters.
The reader should refer to the Versus Technology, Inc. 2011 Annual Report for further details regarding the Company's financial position at October 31, 2011.
Joseph E. Winowiecki
EVP and Chief Financial Officer
March 8, 2012
VERSUS TECHNOLOGY, INC. AND SUBSIDIARY
Consolidated Balance Sheets
(Unaudited)
------------- -------------
31-Jan-12 31-Oct-11
------------- -------------
Assets
Current assets
Cash and cash equivalents $ 1,665,000 $ 1,380,000
Accounts receivable 1,584,000 1,965,000
Inventories 718,000 741,000
Prepaid expenses and other current assets 179,000 211,000
------------- -------------
Total current assets 4,146,000 4,297,000
------------- -------------
Property and equipment
Machinery and equipment 644,000 631,000
Furniture and fixtures 99,000 99,000
Leasehold improvements 429,000 429,000
------------- -------------
1,172,000 1,159,000
Less accumulated depreciation 726,000 696,000
------------- -------------
Net property and equipment 446,000 463,000
Goodwill 1,533,000 1,533,000
Other intangible assets, net 129,000 128,000
Other noncurrent assets 44,000 10,000
------------- -------------
Total assets $ 6,298,000 $ 6,431,000
See accompanying report of management.
VERSUS TECHNOLOGY, INC. AND SUBSIDIARY
Consolidated Balance Sheets
(Unaudited)
------------ ------------
31-Jan-12 31-Oct-11
------------ ------------
Liabilities and shareholders' equity
Current Liabilities
Accounts payable $ 509,000 $ 599,000
Accrued expenses 331,000 499,000
Deferred revenue from customer advance
payments 295,000 306,000
------------ ------------
Total liabilities (all current) 1,135,000 1,404,000
------------ ------------
Shareholders' equity
Common stock $0.01 par value; 150,000,000
shares authorized; 101,608,325 issued and
outstanding 1,016,000 1,016,000
Additional paid-in capital 43,279,000 43,254,000
Accumulated deficit (39,132,000) (39,234,000)
------------ ------------
Total shareholders' equity 5,163,000 5,027,000
------------ ------------
Total liabilities and shareholders' equity $ 6,298,000 $ 6,431,000
See accompanying report of management.
VERSUS TECHNOLOGY, INC. AND SUBSIDIARY
Consolidated Statements of Income
(Unaudited)
Three Months Ended
January 31,
2012 2011
----------- ----------
Revenues $ 2,138,000 $1,153,000
Operating Expenses
Cost of revenues 653,000 380,000
Research and development 202,000 199,000
Sales and marketing 912,000 905,000
General and administrative 270,000 234,000
----------- ----------
Total Operating Expenses 2,037,000 1,718,000
Income From Operations 101,000 (565,000)
----------- ----------
Interest income 1,000 3,000
----------- ----------
Net Income (Loss) $ 102,000 $ (562,000)
Basic and Diluted Net
Income Per Share $ - $ (0.01)
See accompanying report of management.
VERSUS TECHNOLOGY, INC. AND SUBSIDIARY
Consolidated Statements of Cash Flows
(Unaudited)
Three Months Ended
January 31,
2012 2011
---------- ----------
Cash flows from Operating Activities
Net income (loss) $ 102,000 (562,000)
Adjustments to reconcile net income (loss) to net
cash used in operating activities:
Depreciation 30,000 18,000
Amortization 2,000 3,000
Non-cash equity based compensation 34,000 33,000
Changes in operating assets and liabilities:
Accounts receivable 381,000 296,000
Inventories 23,000 (181,000)
Prepaid expenses and other current assets 32,000 (82,000)
Accounts payable (90,000) (22,000)
Accrued expenses (168,000) (149,000)
Deferred revenues (11,000) (14,000)
---------- ----------
Net cash provided by (used in) operating activities 335,000 (660,000)
---------- ----------
Cash flows from investing activities
Additions to property and equipment 13,000 (13,000)
Increase in other intangible assets (3,000) -
Increase in other noncurrent assets (34,000) -
---------- ----------
Net cash used in investing activities (50,000) (13,000)
---------- ----------
Net Increase (Decrease) in Cash and Cash Equivalents 285,000 (673,000)
Cash and Cash Equivalents, at the beginningof the
period 1,380,000 2,083,000
---------- ----------
Cash and Cash Equivalents, at the end of the period $1,665,000 $1,410,000
See accompanying report of management.
Investors/Analysts contact:
Joseph E. Winowiecki
Chief Financial Officer
Media contact:
Stephanie Bertschy
Director of Marketing
Versus Technology, Inc.
(231) 946-5868
=====================
VSTI,, DD 02/15/12
PeaceHealth Saves Millions With RTLS Asset Tracking From Versus...
TRAVERSE CITY, MI -- (MARKET WIRE) -- 02/15/12 -- Versus Technology, Inc. (Versus) (PINKSHEETS: VSTI) is pleased to announce another expansion of Real-time Locating System (RTLS) services to PeaceHealth's Sacred Heart Medical Center at RiverBend. Over the past 7 years, PeaceHealth's staff has been the driving force behind delivering greater value to the organization using the Versus Advantages™ RTLS for clinical automation, improved communication, greater situational awareness and better visibility of patients, staff and assets. The latest RTLS expansions include PAR level enhancements to the facility-wide asset tracking application in place since 2010.
With the equipment tracking application and par level alerts for IV pumps in place, PeaceHealth was able to switch from a lease/rental model to a purchase model for IV pumps. More importantly, even though they reduced their IV pump fleet by 26% (from 923 to 700 units), they were able to ensure the availability of equipment for staff. An ROI study facilitated by Christian Buchsteiner, Healthcare Improvement Engineer, and PeaceHealth Finance has concluded an immediate cost avoidance of about $600,000 and a $2.7 million dollar savings over 10 years for IV pumps alone!
"We knew we needed new distribution process for Infusion pumps and other house-wide small assets like PCA and syringe pumps," explains Buchsteiner. "Initially, we went live with tracking the IV pump location and generating daily replenishment reports twice per day to balance PAR levels. Post implementation, and with the help of Versus experts and PeaceHealth technical resources in HID/CHR, we transitioned our process from a daily replenishing model to a lean Just-In-Time model by designing and implementing a real-time par level management system complete with 'below par level' and 'above par level' alerts for IV pumps to trigger the inventory replenishing and balancing process."
Since go-live (Summer 2011), this new process has been sustained and it has become the standard for asset management. PeaceHealth is currently in the process of expanding the Versus Asset Module to other assets. With each asset brought on-line and following the same "rigger" and method as used for the IV pumps, substantial financial savings are realized and expected.
Syringe Pump replacement: $45,000.00 (confirmed and planned)
Feeding Pump replacement: $35,000.00 (estimate)
PCA Pump replacement: $100,000.00 - 250,000.00 (estimate)
The transition to a reduced inventory model was a hard sell, but was accomplished through the use of the facility's existing RTLS technology and promise to provide an "economy of plenty" to caregivers. Ensuring equipment was available when and where needed required equipment utilization and placement studies as well as some process changes. However, the results have been worth it. Beyond saving millions as described above, other benefits have been realized.
As an example, before the par level alerts were implemented, the distribution department would receive approximately six calls each day for IV pumps and the "noise" and frustration of caregivers who had to "hunt" for pumps was a daily occurrence. Now, calls requesting IV pumps are rare and the "noise" is gone, too. Knowing exactly where equipment is has been a huge benefit to Biomed engineering as well, especially the impact on maintenance turnaround time and reliability.
Below, Buchsteiner explains some of the processes required to achieve automated Par Level Asset Management.
"Our first step was to evaluate our IV pump utilization rate throughout the hospital. To do so, we utilized our Versus RTLS solution to track equipment and to fully understand the existing distribution. This provided the foundation for the standardized equipment distribution model we would create."
PeaceHealth's next step was to add simulation testing, which allowed them to analyze pump flow from where patients first and last use the IV pumps. They realized nurses in gateway areas (where patients come in) were always looking for IV pumps; meanwhile, the pumps would collect in discharge areas. The process was prone to pump "hoarding" and "hunting" -- an unsatisfying and frustrating experience for caregivers. In the past, PeaceHealth tried renting additional IV pumps and increasing inventory to eliminate these frustrations; however, this method only increased expenses without solving the root causes of the problem.
Moving from a system where nurses were forced to search for IV pumps and would sometimes hoard equipment required a paradigm shift. Nurses had to have complete confidence in their ability to find a clean IV pump where it was supposed to be whenever it was needed. "To solve this," Buchsteiner says, "a cross-functional team with nursing involvement and great operational leadership provided by Tim May, our Clinical Lead, and Chris McGuire, our Distribution Manager, validated several options, including centralized and de-centralized distribution and inventory models."
"The team realized that a hybrid model that relied on PAR level management would offer the greatest benefit in alignment with key project objectives. The backbone of this new process was the Versus Advantages real-time asset tracking system, and continued success relies on Versus to support PeaceHealth's processes."
PeaceHealth is the most advanced health system in terms of RTLS application spread and clinical knowledge of RTLS to support patient care and operational efficiency. Learn more about this implementation and other RTLS innovations at the HIMSS annual conference in Las Vegas, February 21st through 23rd.
About Sacred Heart Medical Center
Sacred Heart Medical Center is one of the largest hospitals between Portland and San Francisco and a regional referral center serving as a Level II trauma center for an eight-county region. Key services for the nonprofit hospital include the Oregon Heart & Vascular Institute, Neurosciences Institute with a Gamma Knife Center, Gerontology Institute, a Neonatal Intensive Care Unit, and specialized surgical services. Sacred Heart Medical Center has two campuses: RiverBend in Springfield, Oregon, and University District, located in neighboring Eugene, Oregon. For more information, visit the RiverBend online press kit at www.peacehealth.org/newsroom.
=======================
VSTI.. $0.05 DD 2/14/12
RTLS Educational Opportunities Abound at HIMSS12, Versus Automates Epic EMR
TRAVERSE CITY, MI -- (MARKET WIRE) -- 02/14/12 -- Each year the annual Health Information Management Systems Society (HIMSS) conference presents an opportunity for vendors to educate consumers and partners as to their products and how they contribute to patient care. This year's HIMSS conference (HIMSS12), taking place in Las Vegas February 21st through 23rd, will be no different and Versus Technology, Inc. (Versus), healthcare's foremost provider of automated patient flow and clinical workflow solutions, will be taking full advantage of the opportunity to connect with and educate clients and partners alike.
According to CMIO Magazine, healthcare IT spending is expected to decline over all segments -- except Real-time Locating Systems (RTLS). In fact, spending on RTLS is the only segment expected to grow over the next two years -- and by a significant amount: 34%. This is because automated workflow solutions like Versus provides, in addition to patient tracking and asset tracking applications, have substantiated increases in patient safety and satisfaction while reducing operational expenses related to staff overtime, scheduling inefficiencies, capacity management and excess equipment.
A key educational opportunity for those interested in RTLS is HIMSS Education Session #182: "Ambulatory Clinic Patient Tracking with RTLS for Process Improvement." Speakers are Brenda Joslyn, RN, BSN, MSB, Manager of Nursing Services at Eastern Maine Medical Center's CancerCare of Maine, and Susan Pouzar, CPHIMS, Versus' Vice President of Sales. This topic moves beyond the more basic and common asset tracking use case to describe CancerCare of Maine's advanced RTLS application: automated patient flow, data capture and performance metric analysis in an ambulatory care environment.
Similar opportunities to discuss advanced RTLS applications with Versus customers and patient flow experts are available at Versus' booth (#5852) each day during the HIMSS12 conference. Attendees can sign up for sessions ranging from innovations in workflow analytics and automation to how RTLS supports patient satisfaction (HCAHPS) and patient safety. Moderators of these roundtable sessions include Brenda Joslyn from Eastern Maine Medical Center, Ginger Banks, RN, BSN, MBA -- an expert on the Versus Advantages™ implementation at PeaceHealth, which has deployed more RTLS applications for process improvement than any other healthcare system, and Mary Longe, Director at AHA Solutions, and patient flow solutions expert.
Other happenings at Versus' booth include the debut of Reports Plus™ Analytics featuring the most advanced RTLS analytic reporting capabilities available. Reports Plus™ Analytics contains over 40 patient, staff, equipment, and quality measurement reports -- each with flexible report criteria -- and the ability to create your own reports and dashboards using the Reports Builder™ module. Attendees will learn which reports are best for analyzing Lean Sigma and Clinical Quality Metrics, how to drill-down to individual patient care metrics and which dashboards, scatter charts, bar graphs or lists are most beneficial for viewing patient care milestones. Versus will demonstrate how it has made clinically-relevant RTLS data more accessible and valuable to caregivers, administrators and end-users.
Versus will also be introducing another option for collecting and distributing this highly accurate real-time data. The Smart-IR™ Wi-Fi Sensor is a new wireless Wi-Fi-enabled RTLS node that collects and prioritizes location data. By offering a choice of reliable wired and flexible wireless platforms, the Smart-IR Wi-Fi Sensor allows Versus to continue guaranteeing customers the same "No False Positives" clinical-grade accuracy through its infrared location signal, while allowing customers to utilize their existing Wi-Fi networks to communicate location data back to the system server.
Smart-IR eliminates the need for wiring in areas where it is impossible or cost prohibitive. Unlike other Wi-Fi systems, when using the Smart-IR Wi-Fi Sensor, badges and tags require neither discreet IP addressing nor proprietary WCS licensing. There is also no additional cost related to Wi-Fi network expansion and administration. The result is a low total cost of ownership. Finally, the Smart-IR Wi-Fi Sensor is fully backward compatible to Versus' existing 650+ RTLS installations, allowing current customers to expand to new areas quickly and cost effectively.
Versus' capability to seamlessly integrate with other healthcare systems allows a hospital to truly leverage location-based information to automate tasks throughout the facility. Most recently, at Memorial Hospital Miramar, Versus integrated to Epic's EMR to provide accurate patient location updates and to Epic's Prelude/ADT product via HL7 v3 web-based services. Memorial Hospital Miramar prefers that clinical systems integrate to Versus because Versus keeps all systems in sync and up-to-date automatically with patient tracking data. Though several other Versus customers are currently in the planning process, the integration at Miramar is the premier RTLS integration to an Epic product and the first to apply the HL7 v3 standards.
About Versus Technology, Inc.
Established in 1988, Versus Technology, Inc. specializes in real-time location systems (RTLS) for health care. Used for enterprise patient tracking, bed management, asset tracking, and nurse call automation, Versus Advantages™ improves patient flow and documentation of caregiver and patient interactions, while enhancing communication and efficiency. Exclusively endorsed by the American Hospital Association, the Versus Advantages infrared (IR) and Active RFID solution is responsible for clinical-grade location and automation at a number of hospitals, clinics and long-term care facilities worldwide. To learn more about Versus Technology, Inc. (PINKSHEETS: VSTI), our technology and client successes, visit www.versustech.com and take the Advantages Tour.
============================
VSTI.. $0.05 DD 2/7/12
An Industry First: PeaceHealth Implements RTLS in Labor and Delivery ...
TRAVERSE CITY, MI -- (MARKET WIRE) -- 02/07/12 -- Versus Technology, Inc. (Versus) (PINKSHEETS: VSTI) is pleased to announce another expansion of Real-time Locating System (RTLS) services to PeaceHealth's Sacred Heart Medical Center at RiverBend. As an organization, PeaceHealth relies on Versus to support location and patient flow automation within several of its emergency department environments as well as its anesthesia clinic and house-wide at Sacred Heart Medical Center at RiverBend in support of OR workflows, house-wide asset tracking and nurse call automation. PeaceHealth also is utilizing Versus' RTLS data for a number of very important continuous improvement projects.
PeaceHealth's staff has been the driving force behind delivering greater value to the organization using the Versus Advantages™ RTLS for clinical automation, improved communication, greater situational awareness and better visibility of patients, staff and assets. The latest RTLS expansions include new workflow designs for the Labor and Delivery department and the Mother Baby Unit.
After months of functioning in their new Labor and Delivery department, PeaceHealth staff wanted additional visibility into the patient care areas. It was difficult to know where doctors and nurses were within patient rooms and throughout the department. Staff wanted to address what they perceived to be a patient safety issue, but also be more efficient and more responsive. They needed a solution to help visualize patient and staff movement within their very large and expansive department. PeaceHealth trusted Versus to provide this visibility and lean process management based on the efficiency and communication gains they were already experiencing in the Emergency Department.
Already familiar with Versus and its ability to adapt to the facility's existing workflows, the Labor and Delivery department outlined their workflows and what they hoped to capture utilizing the Versus Advantages solution. They approached Versus, asking the company to automate the functionality they had outlined. Versus responded with a new, custom application that provides the Labor and Delivery department with a view of patient and staff locations, room status, and the status of certain orders like epidurals and lab tests. These new views communicate to staff the status of laboring moms whether in pre-labor or active delivery.
These new tools allow staff to quickly locate one another and communicate patient status in real time without having to physically search the floor or pick up the phone. "The system is very intuitive. Everyone utilizes it," says Becky Moore, RN. "There's no way to explain what a difference it makes being able to communicate automatically via the boards."
Cindy Hunter, RN, shared a go-live situation which says it all: "There was a serious post-partum hemorrhage followed rapidly by a second incident that required the Post-Partum Hemorrhage cart (like a crash cart but with specific equipment needed for post-partum hemorrhage). The staff involved in the first incident didn't know about the second one and vice versa. The technician who was sent for the PPH cart used the Versus system to locate the cart quickly in a patient room and retrieve it for her team. The ability to locate the PPH cart quickly saved valuable time and much anxiety for all involved."
The Versus Advantages solution helps improve visibility and care progression. "Our goal," Susan Pouzar, Vice President of Sales for Versus, explains, "is to bring situational awareness to staff to improve safety, efficiency and satisfaction for both patients and staff."
The solution has been so popular, expansion into the Mother Baby Unit has already occurred. The Mother Baby Unit is utilizing the Versus Advantages solution for similar reasons, though views and workflows are different. For example, the Mother Baby Unit has custom iconography to allow staff to quickly identify whether Mom has a boy, girl, twins, other multiples and whether an adoptive family is also involved.
About Sacred Heart Medical Center
Sacred Heart Medical Center is one of the largest hospitals between Portland and San Francisco and a regional referral center serving as a Level II trauma center for an eight-county region. Key services for the nonprofit hospital include the Oregon Heart & Vascular Institute, Neurosciences Institute with a Gamma Knife Center, Gerontology Institute, a Neonatal Intensive Care Unit, and specialized surgical services. Sacred Heart Medical Center has two campuses: RiverBend in Springfield, Oregon, and University District, located in neighboring Eugene, Oregon. For more information, visit the RiverBend online press kit at www.peacehealth.org/newsroom.
==================================
Year End Numbers
VSTI,, DD 12/11/11
Versus Technology Announces Fiscal Year Results ...
TRAVERSE CITY, MI -- (MARKET WIRE) -- 12/21/11 -- Versus Technology, Inc. (PINKSHEETS: VSTI) ("Versus" or the "Company") announced revenues of $2,605,000 for the quarter ended October 31, 2011, compared to revenues of $1,600,000 for the same period in 2010. Fourth quarter revenues represent a 62.8% improvement over the same quarter of the prior year and the fourth consecutive quarter of growth. For the full fiscal year ended October 31, 2011, revenues totaled $6,589,000 compared to revenues of $7,703,000 for fiscal year 2010. Versus' revenue can vary significantly depending on the timing and delivery of major customer projects. Accordingly, revenues reported in any one quarter are not necessarily indicative of what full year results will be.
Gross profit for the current year's fourth quarter as a percentage of revenue was 72.7% compared to 67.3% for the same quarter of the prior year. Fiscal 2011 gross profit as a percentage of revenue was 71.0% compared to 71.3% in fiscal 2010.
Fourth quarter operating expenses other than cost of revenue totaled $1,190,000, or 45.7% of revenues, compared to $858,000, or 53.6% of revenues, in 2010. Operating expenses other than cost of revenues for the full year increased from $4,826,000, or 62.3% of revenues in 2010 to $4,964,000, or 75.3% of revenues, in 2011. The increase is the direct result of continued investment in growth strategies directed at building the sales organization and dealer network.
Net income for the quarter ended October 31, 2011, was $704,000 compared to net income of $222,000 for the same period in 2010. For the full year, the Company reported a net loss of $278,000 compared to net income of $675,000 for fiscal 2010.
For additional information, please refer to the attached unaudited consolidated financial statements.
About Versus Technology, Inc.
Established in 1988, Versus Technology, Inc. specializes in real-time location systems (RTLS) for healthcare. Used for enterprise patient tracking, bed management, asset tracking, and nurse call automation, Versus Advantages™ improves patient flow and documentation of caregiver and patient interactions, while enhancing communication and efficiency. Exclusively endorsed by the American Hospital Association, the Versus Advantages infrared (IR) and Active RFID solution is responsible for clinical-grade location and automation at a number of hospitals, clinics and long-term care facilities throughout North America. To learn more about Versus Technology, Inc. (PINKSHEETS: VSTI), our technology and client successes, visit www.versustech.com and take the Advantages Tour.
Safe Harbor Provision
This document may contain forward-looking statements relating to future events, such as the development of new products, the commencement of production, or the future financial performance of the Company. These statements fall within the meaning of forward-looking information as defined in the Private Securities Litigation Reform Act of 1995. These statements are subject to a number of important risks and uncertainties that could cause actual results to differ materially including, but not limited to, economic, competitive, governmental, and technological factors affecting the Company's markets and market growth rates, products and their rate of commercialization, services, prices and adequacy of financing, and other factors. The Company undertakes no obligation to update, amend, or clarify forward-looking statements, whether because of new information, future events, or otherwise.
REPORT OF MANAGEMENT
The accompanying consolidated balance sheets of Versus Technology, Inc. and Subsidiary as of October 31, 2011, and October 31, 2010, and the related consolidated statements of operations and cash flows for the fiscal year ended October 31, 2011, and 2010, have been prepared by management.
Management has elected to omit the statement of shareholders' equity and substantially all of the footnote disclosures required by accounting principles generally accepted in the United States. If the omitted statement and disclosures were included in the financial statements, they might influence the user's conclusions about the Company's financial position, results of operations, and cash flows. Accordingly, these financial statements are not designed for those who are not informed about such matters.
The reader should refer to the Versus Technology, Inc. 2011 Annual Report which is available upon request for further details regarding the Company's financial position at October 31, 2011.
VERSUS TECHNOLOGY, INC. AND SUBSIDIARY
Consolidated Balance Sheets
October 31,
2011 2010
----------- -----------
Assets
Current assets
Cash and cash equivalents $ 1,380,000 $ 2,083,000
Accounts receivable 1,965,000 1,467,000
Inventories, net 741,000 836,000
Prepaid expenses and other current assets 211,000 161,000
----------- -----------
Total current assets 4,297,000 4,547,000
----------- -----------
Property and equipment
Machinery and equipment 631,000 450,000
Furniture and fixtures 99,000 108,000
Leasehold improvements 429,000 429,000
----------- -----------
1,159,000 987,000
Less accumulated depreciation 696,000 707,000
----------- -----------
Net property and equipment 463,000 280,000
Goodwill 1,533,000 1,533,000
Other intangible assets, net 128,000 138,000
Other noncurrent assets 10,000 10,000
----------- -----------
Total assets $ 6,431,000 $ 6,508,000
See accompanying report of management.
The full annual report is available upon request.
VERSUS TECHNOLOGY, INC. AND SUBSIDIARY
Consolidated Balance Sheets
October 31,
2011 2010
-------------- --------------
Liabilities and shareholders' equity
Current liabilities
Accounts payable $ 599,000 $ 543,000
Accrued expenses 499,000 407,000
Deferred revenue from customer advance
payments 306,000 371,000
-------------- --------------
Total liabilities (all current) 1,404,000 1,321,000
-------------- --------------
Shareholders' equity
1,016,000 1,016,000
Common stock $0.01 par value; 120,000,000
shares authorized; 101,608,325 issued and
outstanding (95,325,325 in 2009)
Additional paid-in capital 43,245,000 43,128,000
Accumulated deficit (39,235,000) (38,957,000)
-------------- --------------
Total shareholders' equity 5,027,000 5,187,000
-------------- --------------
Total liabilities and shareholders' equity $ 6,431,000 $ 6,508,000
See accompanying report of management.
The full annual report is available upon request.
VERSUS TECHNOLOGY, INC. AND SUBSIDIARY
Consolidated Statements of Operations
Three months ended Year ended October 31,
October 31,
2011 2010 2011 2010
----------- ----------- ----------- --------------
Revenues $
$ 2,605,000 $ 1,600,000 $ 6,589,000 7,703,000
----------- ----------- ----------- --------------
Operating Expenses
Cost of revenues 712,000 524,000 1,908,000 2,214,000
Research and development 170,000 178,000 770,000 835,000
Sales and marketing 828,000 570,000 3,329,000 2,801,000
General and
administrative 192,000 110,000 865,000 1,190,000
----------- ----------- ----------- --------------
Total Operating Expenses 1,902,000 1,382,000 6,872,000 7,040,000
----------- ----------- ----------- --------------
Income (Loss) From
Operations
703,000 218,000 (283,000) 663,000
----------- ----------- ----------- --------------
Interest income 1,000 4,000 5,000 12,000
----------- ----------- ----------- --------------
Net Income (Loss) $ 704,000 $ 222,000 $ (278,000) $ 675,000
=========== =========== =========== ==============
Basic and Diluted Net
Income (Loss) Per Share $
$ 0.01 $ - $ (-) 0.01
=========== =========== =========== ==============
VERSUS TECHNOLOGY, INC. AND SUBSIDIARY
Consolidated Statements of Cash Flows
Year ended October 31,
2011 2010
------------ ------------
Cash flows from operating activities
Net (loss) income $ (278,000) $ 675,000
Adjustments to reconcile net (loss) income to
net cash (used in) provided by operating
activities:
Depreciation and amortization 106,000 73,000
Share-based compensation 117,000 118,000
Changes in operating assets and liabilities
which provided (used) cash:
Accounts receivable (498,000) (145,000)
Inventories 95,000 (167,000)
Prepaid expenses and other current assets (50,000) 15,000
Accounts payable 56,000 88,000
Accrued expenses 92,000 41,000
Deferred revenue from customer advance payments
(65,000) ( 39,000)
------------ ------------
Net cash (used in) provided by operating
activities (425,000) 659,000
------------ ------------
Cash used in investing activities
Additions to property and equipment (278,000) (54,000)
Increase in other noncurrent assets - (96,000)
------------ ------------
Net cash used in investing activities (278,000) (150,000)
------------ ------------
Cash flows from financing activities
Issuance of common stock upon exercise of stock
options - 273,000
Net (decrease) increase in cash and cash
equivalents (703,000) 782,000
Cash and cash equivalents, at the beginning of the
year 2,083,000 1,301,000
------------ ------------
Cash and cash equivalents, at the end of the year
$ 1,380,000 $ 2,083,000
==========================
VSTI.. DD 11/29/11
Versus Advantages(TM) Real-time Locating System (RTLS) Selected by The Johns Hopkins Hospital ..
TRAVERSE CITY, MI -- (MARKET WIRE) -- 11/29/11 -- Following two successful Versus pilot projects, The Johns Hopkins Hospital has selected Versus Advantages™ RTLS from Versus Technology, Inc. (PINKSHEETS: VSTI). The Real-time Locating System will support staff locating and asset tracking in the Weinberg building OR and automated nurse call cancellation throughout the Johns Hopkins new clinical buildings. Johns Hopkins evaluation efforts began in 2008.
Between May and December 2008, The Johns Hopkins Hospital piloted several different real time locating system solutions throughout their 12,000 sq. ft. Simulation Center. These pilots included staff and asset tracking utilizing a variety of real time locating system technologies, including Wi-Fi, a beacon infrared (IR) and Radio Frequency Identification (RFID) system and IR-RFID solution from Versus. To conduct the pilots, Johns Hopkins permitted each vendor to install their solution and train Sim Center staff to use the system. From there, the RTLS was used continuously for six weeks. Staff were able to evaluate accuracy, ease of use and alerts capability. After the six-week test period, the RTLS in use was removed and the next was installed. This guaranteed that each RTLS received ample and dedicated use during the pilot phase.
Following the results of the Sim Center pilot, Versus RTLS was installed in the Weinberg OR for a production system pilot. Here, Versus RTLS was evaluated for its ability to provide the location of key staff members and critical clinical assets to support the workflow of a busy OR. This included producing accurate reports of asset utilization to better locate equipment. This pilot began in November 2009 and lasted 90 days. The pilot was deemed successful and the RTLS, having proven its worth, remains in use for asset tracking.
A separate pilot was conducted in The Johns Hopkins Hospital Nelson building on the 8th floor nursing unit. This pilot focused on using Versus RTLS to automate GE's Telligence nurse call system. Following successful demonstration of automated nurse call cancellation and passive nurse registry, Versus Advantages RTLS for staff locating, asset tracking and nurse call automation was selected for deployment in the new clinical building, opening in April 2012.
"While there is much work yet to be done, these 'Proof of Concept' evaluations represent significant milestones for Versus," says HT Snowday, President, Versus. "To have one of the world's top healthcare and research facility test, and ultimately choose to implement, our solution helps substantiate the story we've been telling for over 20 years. Accuracy matters." Versus has demonstrated a unique blend of accuracy, application suitability, enterprise scalability, cost effectiveness and clinical reliability with regard to both its hardware and software. Through service and commitment to innovation, Versus has elevated the standards to which RTLS is expected to perform in today's healthcare delivery environment.
About Versus Technology, Inc.
Established in 1988, Versus Technology, Inc. specializes in real-time location systems (RTLS) for healthcare. Used for enterprise patient tracking, bed management, asset tracking, and nurse call automation, Versus Advantages™ improves patient flow and documentation of caregiver and patient interactions, while enhancing communication and efficiency. Exclusively endorsed by the American Hospital Association, the Versus Advantages infrared (IR) and Active RFID solution is responsible for clinical-grade location and automation at a number of hospitals, clinics and long-term care facilities worldwide. To learn more about Versus Technology, Inc. (PINKSHEETS: VSTI), our technology and client successes, visit www.versustech.com and take the Advantages Tour.
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VSTI.. DD 11/10/11
Northwest Michigan Surgery Center Selects RTLS From Versus...
TRAVERSE CITY, MI -- (MARKET WIRE) -- 11/10/11 -- Michigan's largest surgery center, Northwest Michigan Surgery Center recently selected the Versus Advantages™ (PINKSHEETS: VSTI) Real-time Locating System (RTLS) to help improve the patient care experience. Key focus areas include relaying patient status information to families in the waiting room and automated process flow management for clinical staff.
Northwest Michigan Surgery Center is one of the largest surgery centers in Michigan and ranked among the top in the nation. Averaging around 80 patients per day within their six operating rooms and four procedure rooms, the center maintains an incredibly high patient volume, which it seeks to continually improve and manage.
Currently, Northwest Michigan Surgery Center staff manually record and calculate patient wait times. When using the Versus Advantages Clinic solution, patients will receive a small Clearview Badge which emits a safe Infrared signal. This locating badge, coupled with the Versus Advantages software, will allow Northwest Michigan Surgery Center to capture, display and report on several patient care elements.
1. They will know instantly and at a glance, how many patients are waiting in the waiting room and other areas of the clinic.
2. On the exam and surgery sides, they'll know exactly where each patient is, when and where they interacted with staff and where the patient is in terms of the visit progression.
3. They'll know how long each patient has been waiting, how long since the patient was last seen and how much time the patient spends with the Medical Assistant, Nurse, Physician or lab technician.
4. They'll be able to share this information with patients' family members in the waiting areas via electronic Glance-and-Go™ boards -- cutting down on interruptions to staff.
5. The RTLS will be integrated to the clinic's SourceMedical Vision EHR™ and to the clinic's scheduling system to automate patient badge assignments.
For the first time, the clinic will be automatically capturing real-time-based patient care metrics and interaction data. "Through the immediate feedback we'll be providing patients and their families, we expect the solution to have a positive impact on patient satisfaction," says Jim Stilley, CEO, Northwest Michigan Surgery Center. "Behind the scenes, we'll be improving our patient flow processes through automation and continuously collecting data that will allow us to evaluate and report on our procedures. This is important to our ongoing patient satisfaction and process improvement goals."
While more and more clinics have begun to realize the benefits of automated patient workflows to facilitate operations and safety, the concept is still relatively new among clinics. Northwest Michigan Surgery Center is one of many on the growing list of Versus outpatient clinic customers. "Versus was an easy choice to make," Stilley says. "They're the only ones in the industry providing the location accuracy necessary to automate clinical workflows, they work with the top healthcare organizations in the nation, and they're located just miles from our facility. We can't imagine a better arrangement to bring this technology to our patients."
The Versus Advantages solution will be showcased at the Medical Group Management Association (MGMA) 2011 Annual Conference in Las Vegas, October 23-26, 2011, booth #1604.
About Northwest Michigan Surgery Center
The Northwest Michigan Surgery Center (NMSC) was developed by local physicians, in partnership with Munson Medical Center, to create a state of the art outpatient surgical center. This 90,000 sq. ft. complex has been providing surgical services in Northern Michigan since 2004. The NMSC team is comprised of 80 board certified or board eligible Physicians, 43 Anesthesia providers, and a dedicated Healthcare Staff of over 120 people. Providing care to over 17,000 patients annually, the facility optimizes use of its six operating rooms, four procedure rooms and over 44 pre/post-operative beds with five extended stay/overnight rooms. Since its inception, NMSC has maintained the highest level of Federal and State certification as well as national accreditation.
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