Medipattern posts losses in 2008 year-end results

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Medipattern has reported an increase in net loss and total expenses in its audited financial results for the 2008 fiscal year, which ended June 30.

For the 2008 year-end, the Toronto-based company reported revenues of CAD $801,000 ($666,500 U.S.), versus revenues of CAD $407,000 ($339,000 U.S.) in fiscal 2007.

Total expenses rose 45 percent to CAD $4.33 million ($3.6 million U.S.) versus CAD $2.99 million ($2.5 million U.S.) in fiscal 2007, mostly as a result of increased sales and marketing costs, and administrative and product support costs, Medipattern said.

Year-over-year, research and development expenses increased to CAD $1.68 million ($1.4 million U.S.) from CAD $1.16 million ($964,000 U.S.) in fiscal 2007.

Administration and product support costs rose to CAD $1.6 million ($1.4 million U.S.)  in 2008 versus CAD $1.03 million ($856,000 U.S.) in fiscal 2007, while sales and marketing expenses reached CAD $1.14 million ($ 947,000 U.S.) in fiscal 2008 versus CAD $797,000 ($662,000 U.S.) in fiscal 2007.

However, Medipattern saw its resulting net loss for fiscal 2008 rise 36 percent to $3.5 million ($2.9 million U.S.) from CAD $2.6 million ($2.2 million U.S.) in the previous year.

Cash and cash equivalents totaled CAD $2.9 million ($2.4 million U.S.) at the end of fiscal 2008, compared to CAD $1.7 million ($1.4 million U.S.) at the end of fiscal 2007. Investments totaled CAD $475,000 (394,000 U.S.) at the end of fiscal 2008, compared to no investments at the end of fiscal 2007, the company said.