Cedara releases strong 2Q FY05 results after eMed acquisition

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Cedara Software Corp. released second quarter FY05 sales and earnings ending December 31, which for the first time include results of direct sales to hospitals and imaging centers since the company acquired eMed technologies in mid-October.
   
Revenues increased 89 percent to $23 million, compared with $12.1 million in the second quarter of FY04. Net income for the quarter climbed 27 percent to $4.9 million, compared with $3.9 million in the year-ago quarter. Cedara said this included approximately $1.1 million of eMed acquisition related charges.
   
For the six month period, revenues were $35.3 million, up 59 percent form the $22.3 million in the first half of FY04. Net income reached $8.1 million, compared with $5.6 million in the year-ago period.
   
According to Cedara, the strong growth in revenue for the quarter included a 75 percent increase in software license revenue to $12.5 million. Sales of systems and workstations (which include bundled software and hardware) reached $5.3 million. Support services revenue increased 42 percent to $3 million, while engineering services revenue declined slightly to $2.2 million.
   
In January, RIS/PACS vendor Merge eFilm and Cedara announced a definitive agreement to merge in an all-stock transaction. The companies said the merged entity could produce combined revenue of $100 million.