Sound Health Solutions Inc. (SHSO) News

CARLSBAD, Calif., Aug. 15 /PRNewswire-FirstCall/ -- iVOW, Inc. (Nasdaq: IVOW), a provider of disease management services for the treatment of chronic and morbid obesity, today reported financial results for the second quarter ended June 30, 2005.

For the quarter ended June 30, 2005, the Company reported a net loss of $485,000, or $(0.05) per basic and diluted share, on revenues of $253,000, versus a net loss of $796,000, or $(0.10) per basic and diluted share, on revenues of $303,000 for the corresponding quarter of 2004. For the six months ended June 30, 2005, iVOW reported a net loss of $1,443,000, or $(0.13) per share on revenues of $493,000, compared with a net loss of $1,699,000, or $(0.29) per share, on revenues of $903,000 for the same period of 2004.

Included in the reported net loss for the three and six months ended June 30, 2005 was a gain from discontinued operations of $129,000, or $0.01 per basic and diluted share, and $133,000, or $0.01 per basic and diluted share, respectively, compared to a loss from discontinued operations of $133,000, or $(0.02) per basic and diluted share, and $633,000, or $(0.10) per basic and diluted share, for the same periods in 2004.

Dr. Michael Owens, President and CEO of iVOW, said, 'Despite a challenging operating environment caused primarily by changes in reimbursement and uncertainty related to the National Coverage Determination decision by Medicare on gastric bypass surgery, we were able to generate improvement in our financial results compared to the first quarter of 2005. Our revenues increased 5.5% over the first quarter, which is attributable to the impact of our new management services agreement with Lenox Hill Hospital in New York City. At the same time, we have been able to significantly reduce the Company's cost structure and reduce our operating expenses by 28% from the previous quarter.

'We have continued to make progress in positioning iVOW as a leading resource for helping bariatric surgery programs achieve and maintain a 'Center of Excellence' designation that we believe is essential for success in the current reimbursement environment. During the quarter, we had the opportunity to demonstrate the value of our management services during 'Industry Night' at the American Society for Bariatric Surgery Conference. We also recently announced the formation of our Clinical Advisory Group, which will help iVOW remain at the forefront of best practices in bariatric surgery program management. Collectively, we believe these efforts have created a solid foundation that will enable us to attract additional clients as market conditions become more favorable,' said Dr. Owens.

Conference Call and Webcast

iVOW will hold a conference call with simultaneous webcast today, Monday, August 15th at 12:00 p.m. Eastern/9:00 a.m. Pacific. The conference call will feature Dr. Michael Owens, President and Chief Executive Officer, and Howard Sampson, Chief Financial Officer, in a discussion of second quarter results and events. Members of the public are invited to listen through the Investor Relations section of the Company's web site, www.iVOW.com. A replay will be available until August 22, 2005 at (800) 405-2236 passcode 11037160.

To be added to iVOW's investor e-mail or fax lists, contact Tony Rossi via e-mail at trossi@financialrelationsboard.com or via phone at 310-854-8317.

iVOW, inc.

Our business is focused exclusively on the disease state management of chronic and morbid obesity. We provide program management, operational consulting and clinical training services to physicians and hospitals involved in the medical and surgical treatment of morbidly obese patients. We also provide specialized vitamins to patients who have undergone obesity surgery. Our corporate website is www.ivow.com; information on our nutritional supplements for post-surgical gastric bypass patients may be found on www.vistavitamins.com. iVOW is the new corporate name of Vista Medical Technologies, Inc. iVOW is traded on the NASDAQ SmallCap Market under the stock symbol IVOW.

Forward Looking Statements

This news release may contain forward-looking statements concerning the business and products of Vista Medical. Actual results may differ materially depending on a number of risk factors, including, but not limited to the following: our ability to penetrate the market for obesity surgery management services; customer acceptance of our products and services; decisions by Medicare and carriers to provide coverage for bariatric surgical procedures; uncertainties related to our healthcare services business model; and our efforts to maintain compliance with the continued listing requirements of the Nasdaq SmallCap Market. Other risks inherent in our business are described in our Securities and Exchange Commission filings, including our Annual Report on Form 10-K, as amended, for the year ended December 31, 2004. We undertake no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this release.

     FOR FURTHER INFORMATION
     AT iVOW:                               AT FINANCIAL RELATIONS BOARD:
     Michael H. Owens, MD,MPH,FACPE,CPE     Tony Rossi
     President & CEO                        Media Contact
     mowens@ivow.com                        trossi@financialrelationsboard.com
     (760) 603-9120                         (310) 854-8317



                                    iVOW, Inc.
            Condensed Statements of Operations and Comprehensive Loss
                                   (Unaudited)

                             Three Months Ended          Six Months Ended
                                  June 30,                    June 30,
                             2005         2004          2005            2004
                                        Restated                      Audited

    Revenues               $252,916    $302,911       $492,597       $902,715
    Costs and expenses:
      Cost of revenues      237,431     253,241        523,028        632,114
      Product development    22,956      96,865        100,403        178,965
      Sales and marketing   216,076     249,247        488,794        420,638
      General and
       administrative       394,478     370,373        966,253        739,889
    Total costs and
     expenses               870,941     969,726      2,078,478       1,971,606
    Loss from operations   (618,025)   (666,815)    (1,585,881)    (1,068,891)
    Other income, net         4,490       3,577         10,212          2,772
    Loss from continuing
     operations            (613,535)   (663,238)    (1,575,669)    (1,066,119)
    Gain (loss) from
     discontinued
     operations             128,588    (133,212)       132,644       (632,516)
    Net loss               (484,947)   (796,450)    (1,443,025)    (1,698,635)
    Accretion of
     dividends on
     preferred stock        (29,362)    (34,665)       (35,237)       (70,192)
    Deemed dividends
     on redemption of
     preferred
     stock                       --    (131,985)            --       (131,985)
    Net loss applicable
     to common
     stockholders         $(514,309)  $(963,100)   $(1,478,262)   $(1,900,812)

    Other comprehensive
     loss:
    Net loss               (484,947)         --     (1,443,025)            --
    Unrealized loss on
     available-for-sale
     securities            (330,800)         --       (479,660)            --
    Total comprehensive
     loss                 $(815,747)        $--    $(1,922,685)           $--

    Loss per share
     basic and diluted:
       Continuing
        operations           $(0.06)     $(0.10)        $(0.14)        $(0.19)
       Discontinued
        operations             0.01       (0.02)          0.01          (0.10)
       Net loss per
        common share
        applicable to
        common
        stockholders         $(0.05)     $(0.12)        $(0.13)        $(0.29)

    Shares used in
     computing basic
     and diluted
     net loss per
     common share        11,062,346   7,728,995     11,049,175      6,495,282



                      Selected Condensed Balance Sheet Data

                                                     June 30,    December 31,
                                                       2005          2004
                                                                   (Audited)

    Cash and cash equivalents                         $643,582    $1,969,561
    Total current assets                             1,074,120     2,646,106
    Equipment, net                                      12,419        31,743
    Total assets                                     1,913,539     3,984,509
    Total current liabilities                          585,067       751,013
    Total stockholders' equity                      $1,328,472    $3,222,980

SOURCE iVOW