Vital Images Q1 shows revenue improvement

Imaging software provider Vital Images of Milwaukee reported first-quarter fiscal 2004 revenues of $7.7 million, up 14% compared with the $6.8 million posted a year ago.

In the 2004 first quarter (end-March 31), Vital Images reported a net loss of $1.1 million, compared with $654,000 in net income for the first quarter of 2003. The loss includes previously announced amortization costs of $163,000 and a write-off of in-process research and development costs of $1 million related to the firm's acquisition of HInnovation, which closed in February, Vital Images said.

The firm noted that its first-quarter 2004 sales through its U.S. and international marketing distribution agreement with Toshiba Medical Systems of Tochigi, Japan, rose to $5.3 million, or 69% of total revenue, compared to $3 million, or 45% of revenue, in the first quarter of 2003.

For the second quarter of 2004, Vital Images said it expects total revenue of $7.5 million to $8.5 million, and also a net loss, which will include $326,000 in costs related to the amortization of intangibles purchased in the HInnovation acquisition.

The company continues to anticipate 2004 annual revenue growth of 25%-35%, and expects to report a net loss for the 2004 year of less than $900,000, with quarterly profitability occurring by the fourth quarter of 2004, Vital Images said.

By staff writers
April 29, 2004

Related Reading

Vital Images completes HInnovation deal, February 20, 2004

Vital Images revenues, earnings sag in Q4, February 11, 2004

Vital Images makes management moves, January 28, 2004

Vital Images to acquire HInnovation, January 9, 2004

Vital Images and Toshiba renew deal, December 15, 2003

Copyright © 2004

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