Vital Images, a provider of enterprise-wide advanced visualization and analysis solutions, has reported losses for the first quarter of 2008, which ended March 31.
The company posted the revenues of $17.3 million, compared to $20.8 million in the first quarter of 2007. Net loss for the first quarter was $594,000, compared to net income of $2.4 million in the first quarter of 2007.
First quarter 2008 operating expenses totaled $16 million, compared to $15.1 million for the same quarter in 2007, according to the Minneapolis-based company.
“While we are operating in an uncertain industry environment, we have many initiatives underway to re-ignite growth including a new business model to provide complete enterprise availability to our customers and enable our strategic partners, Toshiba and McKesson, the ability to offer their customers the entire ViTAL Solution, including our web-based products,” said Michael H. Carrel, Vital Images president and CEO.
“Given our confidence in ViTAL's long-term prospects, we announced a stock buyback of up to $25 million. We believe our stock is attractive at current levels and that this is a prudent use of resources. We are retaining ample cash for strategic opportunities, which could be investing in product development or responding promptly to advantageous business transactions that may present themselves,” Carrel said.