Penny Stock News: Ophthalmic Imaging Systems Reports First Quarter Financial Results

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SACRAMENTO, CA–(Marketwire – May 13, 2011) – Ophthalmic Imaging Systems (OIS) (OTCBB: OISI), a leading digital imaging, image management, Electronic Medical Records (EMR) and Practice Management (PM) company, today reported financial results for the three months ended March 31, 2011, and provided an update on recent corporate developments.

For the first quarter of 2011, OIS reported net revenue of $3.5 million, compared with net revenue of $4.1 million for the first quarter of 2010. Lower product sales in the 2011 quarter are attributable primarily to the introduction of improved software in March for the OIS EyeScan™, which delayed product sales for two months during the quarter, and lower EMR/PM product sales due to a shift of focus and priorities at OIS’ wholly owned subsidiary Abraxas Medical Systems, following the appointment of a full-time Chief Executive Officer.

Operating expenses for the first quarter of 2011 were $3.2 million, compared with $2.9 million for the first quarter of 2010. Sales and marketing expenses increased to $1.7 million, compared with $1.5 million in the prior year period, with the increase primarily due to an increase in the sales force at OIS and Abraxas.

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