Medical device firm ART Advanced Research Technologies' transition to a direct distribution sales model adversely affected revenues at the Montreal-based company in 2007.
Revenues for the year slipped to $2.1 million, compared with $3.1 million in 2006. The net loss for the year was $8.6 million, compared with $8.7 million in 2006. (All amounts are in U.S. dollars.)
For the fourth quarter (end-December 31), revenues tripled to $1.9 million, compared with $629,000 in the same quarter of 2006. ART posted a fourth-quarter net loss of $1.7 million, compared with net income of $1.3 million in the same quarter a year ago.
ART implemented its new marketing strategy in the third quarter. The result was the sale of four Optix units in the fourth quarter, compared with 11 sales in all of 2006.
Related Reading
ART sells first SoftScan, February 20, 2008
ART boosts Optix sales force, January 17, 2008
ART scores two Optix orders, December 6, 2007
Revenues dip, net loss shrinks at ART, November 15, 2007
ART wins patent for breast physiology imaging, November 2, 2007
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