Branford medical device manufacturer CAS Medical Systems Inc.’s loss deepened in the third quarter to $3.3 million as net sales fell 11 percent due to a slowdown of vital signs monitor sales to the U.S. Veterans Administration, the company reported.
Net sales were $5.4 million, down from $6.1 million in the third quarter last year, in which the company lost $1.8 million.
The recent quarter’s loss included an impairment charge of $407,000. Higher R&D expenses also contributed to the financial picture.
Casmed CEO Thomas M. Patton said in a statement that the recent release of the company’s new tissue oximeter and two new monitors has resulted in new distribution partnerships in Germany and that he expects further partnerships to be announced in the coming quarters.
