Versus announces final fiscal year results for 2010

Traverse City-based Versus Technology, Inc. announced its fiscal year results for 2010, and the news is looking good.

The medical technology company had revenues of $7.7 million for the 2010 fiscal year ending Oct. 31, a significant improvement over fiscal year 2009, when revenues were $5.6 million.

Looking at the numbers from a percentage standpoint, Versus' 2010 gross profit as a percentage of its revenue was a slight improvement, with 71.3 percent compared to 70.3 percent for fiscal year 2009.

The company also showed more profitable numbers when comparing operating expenses to revenues; operating expenses as a percentage of revenues was just 62.7 percent for 2010, down significantly from 80.2 percent in 2009. Versus attributed the change to higher revenues.

And, best of all, the company reported a net income for the fiscal year, of $675,000. That's good news compared to fiscal year 2009, when Versus charted a net loss of $538,000.

Versus President HT Snowday says the company is looking at a positive future, with the growth of the healthcare industry and the need for Versus' innovations.

"With the focus on healthcare reform and reducing the costs of care, we're really in an exciting place right now," says Snowday. "We anticipate continued growth as more hospitals and clinics realize our system helps make it easier for staff to document and deliver patient care. Our solution is entirely focused on healthcare delivery--making healthcare safer and more efficient."

Versus, marking its 23rd year, specializes in real-time tracking and location systems that can help health care institutions document, find and track patients, beds, equipment, and staff, which improves efficiency, communication, documentation--and often budgets.

Versus' latest client, the Pacific Medical Center in Washington state, installed Versus real-time locating systems in its Canyon Park Clinic in Bothell, Wa., in 2010, and is planning to add them to its other locations after the system showed good results.

Writer: Sam Eggleston
Source: HT Snowday, Versus Technology, Inc.