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October 31, 2018

Branford medical device maker reports 3Q results

Branford-based CAS Medical Systems Inc. (CasMed), narrowed its losses and posted sales increases for its core products for the third quarter compared to the same period last year, the company reported Wednesday.

CasMed, a maker of medical technology used for non-invasive monitoring of tissue oxygenation, reported net sales from continuing operations for the third quarter of 2018 of $5.4 million, up 19 percent from the third quarter of 2017.

Losses narrowed to $1.7 million, or $0.06 per share, for the third quarter of 2018, compared to $2.7 million, or $0.10 per share, for the third quarter of 2017.

CasMed sold its non-invasive blood pressure product line in July 2017 to focus on its cerebral oximetry products, aiming to tap into a market worth $800 million a year, the company said at the time.

“Given the accuracy and reliable readings from our Fore-Sight tissue oximeter, believe we are in an excellent competitive position,” CasMed CEO Thomas Patton said in an SEC filing.

Sales of the company’s Fore-Sight cerebral oximetry device increased 20 percent in 3Q 2018, while Fore-Sight sensor sales rose 22 percent.

CasMed’s profit margin held steady at 58.3 percent in 3Q 2018, compared with 58.4 percent in 3Q 2017. As of Sept. 30, the company’s cash balance plus cash available under its line-of-credit was $5.9 million, the statement said.

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