LED Dental reported revenues of $1.8 million Canadian ($1.82 million U.S.) for the second quarter of 2012 (end-June 30), compared with $1.5 million ($1.51 million U.S.) for the same quarter a year ago.
However, the company turned a profit of $43,000 ($43,500 U.S.) for the quarter, compared with a loss of $645,000 ($653,000 U.S.) for the second quarter of 2011.
Revenues were down 22% to $3.6 million ($3.65 million U.S.) in the first half of 2012, compared with $4.6 million ($4.66 million U.S.) in the first half of 2011.
The second quarter was characterized by accelerating sales of the VELscope Vx, particularly in international markets, according to Peter Whitehead, CEO and director of LED Medical Diagnostics, parent company of LED Dental.
In North America, sales were bolstered by approval from major U.S. conglomerate Pacific Dental Services, currently affiliated with more than 275 dental practices.
LED Dental is also rolling out a second source of revenue: Second Step Laboratory Services. Second Step helps practices efficiently diagnose the lesions they find. The addition to the LED portfolio adds a new recurring revenue stream that grows organically from the expanding base of VELscope Vx users.
