VELscope maker releases latest financials

LED Medical Diagnostics, the Canadian manufacturer of the VELscope oral-cancer detection device, reported revenues of $1.8 million (US$1.78 million) for the first quarter of 2012 (end-March 31), down from $3.1 million (US$3.07 million) for the same quarter a year ago.

The company reported a loss of $387,600 (US$385,000) in the first quarter, compared with $525,671 (US$521,900) for the same quarter in 2011.

The VELscope, which is marketed through the company's LED Dental subsidiary, is now available in 23 countries, the company noted in a press release.

"We have just started penetrating the global dental market and now have had 10,000 dentists do 1 million oral scans," said Peter Whitehead, CEO of LED Medical Diagnostics.

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