Oridion announced that it has achieved preliminary
(un-audited) revenues of USD 64.2 million for fiscal year
2011, representing a growth rate of 18.5% over 2010. The
Company experienced strong continuing demand from the market
for its capnography devices as well as for its
patient-interface consumables.
Alan Adler, Chairman and CEO of Oridion comments: "We are
pleased with our strong growth in 2011 and expect increased
demand for our products to continue in 2012. The company has
been the subject of an import alert from the FDA, which has
led to a temporary cessation of the import of Oridion
products into the U.S. We have had recent contacts with the
FDA and have had a substantive and open exchange regarding
the corrective action programs that we have undertaken to
deal with the issues identified by the FDA in our purchasing
controls. We expect to hear back from the FDA within the next
two weeks regarding the import alert and how to reach a
resolution of this situation as soon as possible. We will
provide additional information to the public at that
time."
Oridion will issue guidance regarding its fiscal year 2012
when it publishes full details of its Financial
Statements and 2011 Annual Report on February 27, 2012.
Alan Adler, Chairman and Chief Executive Officer
Walter Tabachnik, Chief Financial Officer
Elena Gerberg, Investor Relations
e-mail investor@oridion.com website http://www.oridion.com
phone +972 2 589 9159
address Oridion Systems Ltd., P.O. Box 45025, 91450
Jerusalem, Israel
February 27, 2012 Results 4th Quarter / Fiscal Year 2011
About Oridion
Oridion Systems Ltd. (www.oridion.com) is a global medical
device company specializing in patient
safety monitoring. The Company operates through wholly owned
subsidiaries in Israel and the United
States.
Oridion develops proprietary medical devices and patient
interfaces, based on its patented Microstream®
technologies, for the enhancement of patient safety through
the monitoring of the carbon dioxide (CO2) in a
patient's breath. These products provide effective, proven
airway management and are used in various clinical
environments, including procedural sedation, pain management,
critical care units, post-anesthesia care units, emergency
medical services, transport, alternate care and other
settings where patients' ventilation may be compromised and
at risk.
Certain statements made herein that are not historical are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. The words "estimate" "project" "intend" "expect" "believe" and similar expressions are intended to identify forward-looking statements. These forward- looking statements involve known and unknown risks and uncertainties. Many factors could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, among others, our ability to maintain profits, the market demands for our Capnography products, our ability to focus our team on the Capnography business, changes in general economic and business conditions, inability to maintain market acceptance to the Company's products, inability to timely develop and introduce new technologies, products and applications, rapid changes in the market for the Company's products, loss of market share and pressure on prices resulting from competition, introduction of competing products by other companies, inability to manage growth and expansion, loss of key OEM partners, inability to attract and retain qualified personnel, inability to protect the Company's proprietary technology; resolution of the final nature of the recall; future actions of the FDA with respect to the Company's implementation of the recall; future actions of the FDA or any other regulatory body or government authority that could delay, limit or suspend product development, manufacturing or sale or result in seizures, injunctions, monetary sanctions or criminal or civil liabilities; product quality or patient safety issues.
Furthermore, this press release does not constitute an offer to sell or a solicitation of an offer to buy any securities. The Company's shares issued have not been, and will not be, registered under the US Securities Act of 1933, as amended (the "Securities Act"), or under any of the relevant Securities Laws of any state of the United States. The Company's shares may not be offered, sold or delivered, directly or indirectly, to, or for, the account of any US person (as defined in regulation S under the Securities Act) in or into the United States, or by use of the US mail, or by any means or instrumentality of United States interstate commerce, absent registration, or an exemption from registration under the Securities Act.
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