Vaso Corporation - Company Overview

Business Segments and Operations

Vaso Corporation operates primarily in the healthcare equipment and information technology industries, managed through three key business segments:

1. IT Segment

• Managed through a wholly-owned subsidiary VasoTechnology, Inc.
• Focus areas:
  • Healthcare IT solutions
  • Managed network and security services
• Offerings:
  • Healthcare software solutions (including diagnostic imaging applications, SaaS software)
  • Managed network infrastructure (routers, switches)
  • Managed network transport services (reselling through FCC-licensed carriers)
  • Managed security services
• Operations:
  • Uses proprietary technology combined with third-party applications
  • Employs a team in Tampa, FL led by VasoTechnology President

2. Professional Sales Service Segment

• Operates through Vaso Diagnostics, Inc. (VasoHealthcare)
• Focus:
  • Sale of healthcare capital equipment, primarily for GE Healthcare Technologies (GEHC)
  • Serves the U.S. middle market healthcare providers
• Key facts:
  • Over 80 experienced sales professionals
  • Long-term exclusive sales representation agreement with GEHC (through December 31, 2026)
  • Revenues primarily from commissions on GEHC diagnostic and ultrasound equipment
  • Booked approximately $41.3 million in commission revenue in 2024
  • Booked approximately $37.8 million in 2023

3. Equipment Segment

• Operates through VasoMedical, Inc. (domestic) and Vasomedical Global Corp. (international)
• Focus:
  • Design, manufacture, sale, and service of proprietary medical devices and software
• Key products:
  • Cardiovascular diagnostic and therapeutic devices
  • Biox® series ambulatory monitors (Holter, blood pressure)
  • ARCS® software for ECG and blood pressure analysis (cloud-based SaaS)
  • MobiCare® wireless vital signs monitoring system
  • EECP® therapy systems (for non-invasive treatment of ischemic heart disease)
• International operations through subsidiaries in China
• Significant acquisitions:
  • Acquired assets related to China-based LET and Biox in 2011-2019
  • Acquired Genwell Instruments Co. Ltd. in 2014
• Previously formed joint ventures in China, sold in 2018 and 2020

Financial Highlights (2024)

• Revenue: $86.8 million (up 7.1% from 2023's $81.0 million)
• Net Income: $0.95 million (down from $4.8 million in 2023)
• Employees: 298 full-time employees
• Stockholders’ Equity: Approximately $27.7 million
• Market Capitalization: About $29.2 million (market value of non-affiliate held stock)
• Share Count: 175,696,311 shares outstanding as of March 24, 2025

Key Business Focus & Strategy

• Continue controlling operating costs
• Expand product offerings and market penetration across segments
• Maintain and grow GEHC-related sales
• Improve efficiency in equipment business
• Explore partnership opportunities and capital market options

Regulatory & Market Environment

• Operates under extensive U.S. FDA regulation for medical devices
• Holds various international certifications (CE, CFDA, KFDA, ANVISA)
• Faces competition from Siemens, Philips, Canon, Hologic (diagnostic imaging)
• Competes with other healthcare IT providers such as McKesson, Philips, Carestream, Epic
• Large competition from national and regional IT providers
• Subject to federal, state, and foreign law regulations including data privacy (HIPAA), anti-kickback laws, and trade regulations

Summary

Vaso Corporation is a diversified healthcare technology and equipment company with operations spanning medical devices, healthcare IT, and professional sales services primarily centered around GE Healthcare Technologies. It serves hundreds of customers in the U.S. and internationally, employing nearly 300 people, with annual revenues approaching $87 million as of 2024. The company emphasizes growth in product and service offerings, operational efficiency, and strategic partnerships, operating under strict regulatory standards across multiple jurisdictions.