Amicas Q2 losses widen, despite strong revenues

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Amicas, a provider of image and information management solutions, has reported a large jump in revenue, despite sliding net income in its unaudited financial results for its fiscal 2009 second quarter, which ended June 30.

The Boston-based company said its net loss for the 2009 second quarter was $6.6 million, compared with a net loss of $97,000 for the second quarter of 2008. However, the previous quarter's total revenue was $23.5 million, compared with $13.6 million for the same period last year.

Operating loss was $6.6 million, compared with an operating loss of $600,000 for the second quarter of 2008, Amicas said.

The company ended this year's second quarter with a cash, cash equivalents, and marketable securities balance of $34.6 million and working capital of $21.9 million. Amicas used $1.2 million of cash from operations in the second quarter of 2009, and generated $500,000 of cash from operations in the first half of 2009

"Our recent acquisition [of Emageon] enables Amicas to scale and to execute both as a top-flight IT-solution provider and as a standalone, independent public company," said Stephen Kahane MD, president, CEO and chairman of Amicas. "We continue to maintain focus on our core markets--including serving the end-to-end needs of radiology groups and outpatient imaging businesses, addressing departmental workflow needs for image-intensive specialties in hospitals and IDNs, as well as delivering vendor-neutral, large-scale imaging infrastructure solutions that support healthcare system EMR installations.

Kahane went on to say that their "growth will be improved by trends in the market for teleradiology, solutions for image-enabling the EMR and a growing trend in replacement opportunities where customers value interoperability, modern technology, and opportunities for high returns on investment."

The company also predicted its fiscal year 2010 revenue to be approximately $115 million.