Vital Images drastically narrows losses in Q2

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Vital Images, an advanced visualization and analysis software company, has narrowed its net losses considerably, according to financial results for the second quarter, which ended June 30.

Second quarter net loss was $1.6 million, compared with a net loss of $19.6 million, which included $18.1 million of non-cash charges for the second quarter of 2009, according to the Minneapolis-based company.

Vital also reported that its second quarter revenue was $14 million, compared with $13.4 million for the second quarter of 2009.

"While the CT market remains challenging and clearly impacted our results, we are beginning to see increased revenue from enterprise sales," said Michael H. Carrel, Vital Images president and CEO. "We are confident our cost management, strategic position and calculated investments will enable us to succeed in the market long-term. As a result, our board of directors approved an additional stock buyback of up to $20 million, on top of the 566,000 shares remaining to be purchased under the previously approved plan as of June 30.”