Canadian magnetoencephalography (MEG) developer VSM MedTech of Vancouver, British Columbia, posted an increase in revenues and losses for its 2006 fiscal first quarter (end-March 31).
Consolidated revenue for the period was $4.3 million Canadian ($3.9 million, U.S.), up 5% from $4.1 million ($3.7 million) for the same period in 2005. The net loss for the first quarter of 2006 rose to $3.5 million ($3.2 million) compared with losses of $2.6 million ($2.4 million) for the first quarter of fiscal 2005.
The firm said the increased loss is attributable mainly to higher research and product development expenses in the first quarter of 2006, as it focused on MEG product improvements. This includes an engineering redesign of MEG electronics that is scheduled to reduce manufacturing costs beginning in 2007, according to the company.
By AuntMinnie.com staff writers
May 10, 2006
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