BioMedical Technology Solutions Holdings, Inc. reported its third quarter financial results as well as the 9-month
period ended September 30, 2010 through a 10Q filed with the Security and Exchange Commission. BMTL is a provider of safe and environmentally sound medical waste disposal equipment for sharps and red bag waste that allows for medical waste to be processed, sterilized, labeled and then disposed of as common trash. The Company operates through its wholly-owned subsidiary, BioMedical Technology Solutions (“BMTS”). As with most developing companies, the company is operating at a loss, but there were many significant improvements in this most recent quarter as compared to the same period in 2009.
Most notably, revenues for the third quarter in 2010 were $238,298 as compared to $115,019 in 2009, an increase of 107%. The management of BMTS attributes these gains to successful sales campaigns that have been launched through its distributors. Throughout the year, BMTS signed multiple distribution agreements, both domestically and internationally, that have been added to an ever-growing list of distributors which includes industry giant, Henry Schein. Through these distributors, the company’s Demolizer® II units are now found in medical, dental, veterinary, nursing, assisted living, and other health care facilities, including facilities that are properties of, or controlled by, organizations such as the U.S. Department of Veterans Affairs and U.S. HealthWorks.
BioMedical Technology Solutions also reported significant decreases in operating expenses for the third quarter. Selling, general and administrative costs for the quarter totaled $313,119 as compared to $503,624 for the year prior quarter, reflecting a 37.83% decrease. BMTS effected many cost-cutting measures in 2009, with the exception of stock based compensation, to promote the decrease in expenses. Additionally, research and development costs were lowered by nearly 60% from $55,793 in the third quarter of 2009 to $22,367 in the same quarter of 2010 as a result of further cost-cutting tactics.
While still operating at a net loss, the net loss was markedly lowered by 57%. Net losses for the third quarter of 2009 were $530,202. In the same quarter this year, net losses were $230,829.
For most small cap companies, operating at a loss is inevitable for several years while business strategies are fully intact and realized through ongoing expansions in distribution and sales. BioMedical Technology Solutions is in this realm, but appears to be heading in the right direction. From prior press releases, it can be deduced that further announcements of Demolizer® II sales with U.S. HealthWorks are to be coming in the fourth quarter, which will keep investors on the lookout for a possible strong quarter to end the year.
The complete SEC filing can be found on www.sec.gov.
More information on BioMedical Technology Solutions and its technologies can be found on the Company’s website at www.bmtscorp.com.