Medipattern has posted a net loss of CAD $717,288 (U.S. $678,895) for the first quarter of fiscal 2010, which ended Sept. 30. Despite the loss, it represented a 35 percent improvement over the CAD1.1 million ($1 million U.S.) loss reported during the same period last year.
Revenue for the Toronto, Ontario-based company was CAD2.12 million ($2.01 million U.S.) in the first quarter compared to approximately CAD76,000 ($72,000 U.S.) posted in the first quarter last year.
Medipattern's CEO Jeff Collins said the drop in earnings was due to timing issues connected with a shift from a traditional licensing model to an annuity model. "As an inducement under the long-term contract, we give customers a grace period before payments begin, which impacted our results in the quarter," Collins said.
Total expenses for the first quarter of the 2010 fiscal year declined 39 percent to CAD720,000 ($680,000 U.S.) from CAD1.18 million ($1.12 million U.S.) in the same period last year, mostly as a result of reduced sales and marketing costs, research & development and administrative costs.