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Viking Systems Inc. (VKNG) Posts Q2 Financials with Revenue Boost, Wider Loss

|Includes: Viking Systems, Inc. (VKNG)

Viking Systems Inc., a leading worldwide developer, manufacturer and marketer of 3D and 2D visualization solutions for complex minimally invasive surgery, today announced results for the first quarter ended March 31, 2011.

The company reported a 63 percent increase in first-quarter revenues at $3.1 million compared to $1.9 million reported in the first quarter of 2010. The increase was driven by increased sales of Viking’s 3D vision systems, which the company sold 21 of in the first quarter of 2011 compared to the sale of one system in the first quarter of last year.

Gross profit for the quarter was $0.7 million compared with $0.5 million in the same period in 2010.

Viking reported a net loss of $0.4 million, or $(0.01) per share, compared with a loss of $0.3 million, or $(0.01) per share, in the first quarter of 2010.

“We are very pleased with the progress we made this quarter, which represents the first full quarter of sales of our new 3DHD Vision System since its launch in October 2010. Not only did we experience 63 percent growth in sales in this quarter ,but we now also have 20 3DHD demonstration systems deployed which we believe is essential to ramping up sales later in the year,” Jed Kennedy, president and CEO of Viking stated in the press release.

The company also provided a business update for the first quarter of 2011, noting that it processed orders for 22 of its recently-released 3DHD Vision Systems in addition to four of its previous generation 3Di systems. The company has shipped 19 of the systems, with the other three units being delayed due either to financing or regulatory delays in the receiving countries.

During the first quarter, Viking reached agreement with Medychny Komplex-MK Ltd. to distribute the company’s 3DHD Vision Systems in Russia and the Ukraine and certain other countries that are part of the Commonwealth of Independent States.

Lastly, the company said it raised $160,473 from the sale of its common stock in the first quarter of 2011, and an additional $211,479 in April 2011.

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