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VYCOR MEDICAL INC : Change in Directors or Principal Officers, Results of Operations and Financial Condition (form 8-K)

03/27/2020 | 08:02am

Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements with Certain Officers

At its March 23, 2020 meeting the Company's Board of Directors accepted the
tendered resignation as Director of Oscar Bronsther, M.D., with effect from July
1, 2020
, expressing appreciation for his years of service. There were no
disagreements between the Company and Mr. Bronsther on any matters.

Item 2.02. Results of Operations and Financial Conditions

The information in this report and the exhibit attached hereto are being
furnished pursuant to Item 2.02 of Form 8-K and shall not be deemed "filed" for
purposes of Section 18 of the Securities Exchange Act of 1934, nor shall they be
deemed incorporated by reference in any filing with the Securities and Exchange
under the Securities Act of 1934 or the Securities Act of 1933,
except as shall be expressly set forth by specific reference to such filing.

On March 27, 2020, we issued a press release regarding our financial results for
the year ended December 31, 2019. A copy of the press release is furnished as
Exhibit 99.1 to this Form 8-K.

Non-GAAP Measures

We make reference to non-GAAP financial information in this press release
together with a reconciliation of these non-GAAP financial measures to the
comparable GAAP financial measures. Specifically, we have provided non-GAAP Cash
Operating Expenses and non-GAAP Cash Operating Loss measures that exclude
Depreciation, Amortization and non-cash Stock Compensation.

We believe that these non-GAAP financial measures provide investors with insight
into what is used by management to conduct a more meaningful and consistent
comparison of our ongoing operating results and trends, compared with historical
results. This presentation is also consistent with the measures management uses
to measure the performance of ongoing operating results against prior periods
and against our internally developed targets. There are limitations in using
these non-GAAP financial measures because they are not prepared in accordance
with GAAP and may be different from non-GAAP financial measures used by other
companies. These non-GAAP financial measures should not be considered in
isolation or as a substitute for GAAP financial measures. Investors and
potential investors should consider non-GAAP financial measures only in
conjunction with the Company's consolidated financial statements prepared in
accordance with GAAP and the reconciliation of non-GAAP financial measures in
this press release.

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