Although revenues were in the upper range of IMRIS' expectations, the image-guided therapy developer posted sharply lower revenues and an increased loss in its third quarter.
For the period (end-September 30), the firm had revenues of $6.9 million, down 61% from the $17.8 million reported in the third quarter of 2013. IMRIS had a net loss of $8.4 million, compared with a net loss of $3.8 million a year ago.
The revenue drop was due to the installation and delivery timing of Visius surgical theater systems, according to the firm.
In positive developments, IMRIS received $6.1 million in new order bookings for its third quarter, resulting in an ending backlog of $127.2 million. The firm said it's also experiencing growth in service revenues and upgrades. Operating expenses are also down 24.5%, IMRIS said.
In product news, IMRIS plans to submit a 510(k) application for its Symbis surgical system in the fourth quarter.