LED Medical Diagnostics, makers of the VELscope oral cancer screening device and parent company of LED Dental, reported record revenues for 2011 (end-December 31) and expects to see this trend continue in 2012.
LED Medical reported revenues of $7.1 million for the year, a 352% increase over fiscal year 2010. The company attributed the increase to its partnership with Henry Schein, which has expanded its sales and distribution reach.
For the fourth quarter of 2011, LED Medical reported revenues of $2.0 million, compared with $213,000 for the fourth quarter of 2010, an 841% increase.
"We expect three pillars to continue to drive growth for LED Medical Diagnostics in 2012 and beyond," said Peter Whitehead, CEO and Director, LED Medical Diagnostics, in a press release. "The new VELscope Vx, which we introduced in early 2011, is already the leading adjunctive cancer screening device in the market; Henry Schein, the world's largest dental distribution firm, is now the exclusive distributor of the VELscope Vx in key markets around the world; and an increased awareness that oral cancers are rising among non-traditional patients, such as non-smokers and otherwise healthy individuals."
The proliferation of the HPV virus among sexually active people and its direct links to oral cancer is increasing the demand and importance of detecting oral abnormalities early, Whitehead added.
