Vital Images posts losses, but Medtronic partnership spurs optimism

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Vital Images has posted $15.8 million in revenue for the fourth quarter of 2009, a 9.2 percent decrease compared to $17.4 million for the fourth quarter of 2008.

The Minnetonka, Minn.-based visualization company also experienced a 14.6 percent decrease for the full year’s revenue posting $58.2 million compared to 2008’s $68.1 million.

Vital posted a net loss for the fourth quarter, which ended Dec. 31, 2009, of $630,000. By comparison, the company posted a net loss of $386,000 for the fourth quarter of 2008.

For the full year 2009 the company netted a loss of $21.3 million, according to Vital. That included $18.1 million worth of non-cash charges in the second quarter, the company said. The net loss for 2008 was $2.8 million, Vital stated.

However, Vital remained optimistic about the future despite the loss of revenue. "The fourth quarter was our second quarter of sequential revenue growth and we are cautiously optimistic that our markets are improving,” said Michael H. Carrel, Vital Images president and CEO.

“During the fourth quarter, we grew our enterprise customer base, delivered and deployed product enhancements both clinically and for the enterprise, and established a strategic partnership with Medtronic whereby they will use our software as part of their new 3D Recon service for endovascular treatment of aortic aneurysms," Carrel said.