Versus Technology announces first quarter results

Traverse City medical technology firm Versus Technology has released its first-quarter results, which aren't sparkling compared to last year at this time, but the company says there are many factors that play into the results.

For the quarter ending Jan. 31, Versus reported revenues of $1.15 million, down from $1.79 million in the first quarter of 2010. However, chief financial officer Joseph Winowiecki says that the company's quarterly revenues vary depending on the timing and delivery of major client projects, and don't represent the whole picture of what the yearly results will be.

The gross profits in the quarter were 67 percent, almost the same as the 68 percent posted in the first quarter of 2010. Operating expenses were up by 20 percent, mostly because Versus hired on more sales staff in the final quarter of 2010.

Also included in the results was a pre-tax loss of $562,000 for the quarter, compared to a pre-tax net income of $105,000 in the first quarter of 2010.

Versus has been around since 1988 and designs and builds real-time location systems for the health care industry, which are used for patient tracking, bed management, and other health care needs.

Writer: Sam Eggleston
Source: Joseph Winowiecki, Versus Technology