One-time charges added up to a net loss in the second quarter for advanced visualization software developer Vital Images of Minnetonka, MN.
For the period (end-June 30), Vital Images posted revenue of $13.4 million, down 15% compared to $15.7 million in the same period of 2008.
The company posted a net loss of $19.6 million, compared with a net loss of $1.6 million in the corresponding quarter of 2008. The most recent period's net loss was affected by one-time charges, including a $15 million valuation allowance against the company's deferred tax assets, and a $3.1 million write-off of capitalized costs relating to the unimplemented portion of the company's enterprise resource planning system due to continued cost-control efforts.
Vital Images said that the economic downturn continues to constrain hospital spending, affecting the company's revenue.
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Vital Images gets SSPA certification, April 1, 2009
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