CAS Medical Systems, Inc. (CASM) saw its loss narrow to $1.35 million, or $0.06 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $1.63 million, or $0.07 a share. Revenue during the quarter grew 16.45 percent to $5.76 million from $4.95 million in the previous year period. Gross margin for the quarter expanded 279 basis points over the previous year period to 52.87 percent. Operating margin for the quarter stood at negative 17.38 percent as compared to a negative 32.43 percent for the previous year period.
Operating loss for the quarter was $1 million, compared with an operating loss of $1.60 million in the previous year period.
"Our financial results for the third quarter are solid and feature top-line growth, margin expansion, expense control, a narrowing of operating loss, and careful cash management. Sales of FORE-SIGHT products grew 22% during the quarter, driven by a 23% increase in U.S. sensor sales," said Thomas M. Patton, President and Chief Executive Officer of CASMED. "Our growth reflects both market expansion and our ability to capture market share, which we attribute to the superior features and benefits of our FORE-SIGHT technology. Growing FORE-SIGHT sensor sales contributed to gross profit margin expansion of 280 basis points. Sales growth, along with expense management, reduced quarterly operating loss by approximately $600,000, compared with the prior-year quarter.
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