Fischer Imaging moved a step closer to profitability in 1999. The Denver-based firm had a net loss of $343,000 for the year (end-December 31), compared with a loss of $6.8 million in 1998. Including $6.2 million received for the sale of a manufacturing license in the first quarter, Fischer had revenues of $66.1 million in 1999, up 9.7% compared with the $59.8 million posted in 1998.
A strong fourth-quarter performance helped drive the improvement in Fischer's results. For the period, the vendor had revenues of $16.3 million, an 8.7% increase compared with the $15 million booked last year. Net income was $398,000, compared with a loss of $4.4 million in 1998.
Chairman and CEO Morgan Nields pointed to strong growth in the firm's Mammotest stereotactic breast biopsy business as a key factor behind the quarterly profit. Mammotest sales rose, both in the U.S. through Fischer's direct sales force, and in Europe through its strategic partnership with Ethicon Endo-Surgery. Fischer executives also report that the firm is benefiting from a restructuring of its operations, which began in September.
In other news, Fischer announced that it is planning in the near future to seek clearance from the Food and Drug Administration for the vendor's SenoScan full-field digital mammography system. The firm did not clarify whether it would submit a 510(k) application or a pre-market approval application. GE Medical Systems received pre-market approval last week for its digital mammography system, Senographe 2000D. Fischer is planning a global product launch later this year for SenoScan.
By AuntMinnie.com staff writers
February 9, 2000
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