Computer-aided detection software developer Medipattern booked an increase in losses for its 2009 fiscal year, which ended June 30.
The Toronto-based firm posted a net loss of CAD $4.24 ($3.99 million, U.S.) for the year, an increase compared with a net loss of $3.53 million ($3.32 million) booked for fiscal 2008.
The company reported revenue of $229,500 ($215,700) during 2009, down from the $800,600 ($752,400 U.S.) posted for the prior fiscal year.
Operating expenses in fiscal 2009 totaled $4.10 million (3.85 million), trimmed from the $4.33 million ($4.07 million) shown in fiscal 2008.
Medipattern said it has undertaken cost cutting measures in response to the overall economic decline, including staff reductions and general reductions in discretionary spending such as advertising, promotion, travel to conference and trade shows and contract fees.