Dallas, Texas (September 15, 2011) – StockGuru Shines its Spotlight on Viking Systems, Inc. (OTCBB:VKNG), a leading worldwide developer, manufacturer and marketer of 3D and 2D visualization solutions for complex minimally invasive surgery. The Company announced that Nationwide Children’s Hospital in Columbus, Ohio has purchased two of Viking’s 3DHD Vision Systems. The Company closed yesterday at $0.20, with a market capitalization of $14.48 million.
Jed Kennedy, President and CEO of Viking Systems said, “We are very pleased to report the sale of our first two 3DHD Vision Systems to a US hospital and particularly pleased that it was Nationwide Children’s Hospital that selected the Viking 3DHD Vision System for use in its Minimally Invasive Cardiothoracic Surgical program. This commitment by Nationwide Children’s clearly demonstrates the value of superior 3DHD vision when performing the most complex surgeries on delicate anatomical structures.” Kennedy went on to say, “Capital purchases of this magnitude are not made lightly, particularly in this economic environment but the timing is in line with the 6-12 month buying cycles we anticipated when we launched the 3DHD Vision System and we expect additional hospital purchases in the US this year. Despite the seasonal summer slowdown in the European market, we anticipate continued strong year-over-year revenue growth in the third quarter and for full year 2011 with revenue growth rates in line with that reported in the first half of 2011.”
Since the new 3DHD System was launched in the fourth quarter of 2010 through its last completed fiscal quarter ended June 30, 2011, Viking Systems had shipped 50 systems. As of June 30, 2011 the Company had 28 demonstration systems deployed worldwide. Prior to the systems being sold to Nationwide Children’s Hospital, all of the customer system sales in 2011 had been in markets outside the United States where adoption of Viking’s new technology is happening more quickly than in the U.S. as the Company is finding that international markets have been more conditioned to the benefits of 3D visualization by the distributor network that was selling Viking’s predecessor 3D product. While the Company believes that a majority of its 3DHD sales in 2011 will be from markets outside the U.S., it expects to receive additional orders from U.S. customers during the remainder of the year. Demonstrations in the U.S. of salable product began in January 2011.
About Viking Systems, Inc.
Viking Systems, Inc. is a leading worldwide developer, manufacturer and marketer of 3D and 2D visualization solutions for complex minimally invasive surgery. It actively markets and sells the only stand alone, FDA cleared, cost-effective 3D system for use in minimally invasive laparoscopic surgery. Viking partners with medical device companies and healthcare facilities to provide surgeons with proprietary visualization systems enabling minimally invasive surgical procedures, which reduce patient trauma and recovery time. Viking, through its OEM products business, also designs and manufactures surgical vision systems and components for several leading medical instrument companies worldwide. For more information, please visit our website at www.vikingsystems.com.
This press release contains forward-looking statements. These forward-looking statements are estimates reflecting the best judgment of our management and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. These forward-looking statements should, therefore, be considered in light of various important factors as described in our annual report on Form 10-K under the heading “Risk Factors” as updated from time to time by our quarterly reports on Form 10-Q and our other filings with the Securities and Exchange Commission. Statements concerning forecasts, revenue growth, profitability, production and shipment of units, future financial results, and statements using words such as “estimate”, “project”, “plan”, “intend”, “expect”, “anticipate”, “believe” and similar expressions are intended to identify forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. We undertake no obligation to publicly update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.
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