Medical imaging and PACS software developer Cedara Software reported 2003 fiscal first-quarter revenues of $4 million (U.S.), down 44% compared with the $7.2 million posted in the first quarter last year. For the period (end-September 30), the Mississauga, Ontario-based vendor had a net loss of $2.5 million, compared with a net loss of $1.1 million in the same period in 2001.
Cedara attributed the revenue decline to sharply lower sales of software licenses. This shortfall was due to a temporary inventory overhang of licenses held by customers, resulting from Cedara's bulk sales of licenses in the preceding fiscal year, the company said. Cedara also predicts that fiscal 2003 revenues will be lower than fiscal 2002 revenues of $28.9 million, with 2003 estimates ranging from $21.6 million to $23.5 million.
The firm said it expects it will be profitable and cash-flow positive in late fiscal 2003, with a return to more normal sales levels in fiscal 2004.By AuntMinnie.com staff writers
November 25, 2002
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