Financial News: Vital Images, Naviscan PET Systems
Vital Images had Q1 revenue 2007 of $20.8 million, a 32 percent increase over $15.8 million of revenue a year ago. Net income for the first quarter increased to $2.4 million. This compares to net income for Q1 2006 of $1.4 million.

Naviscan PET Systems has completed a $15 million Series C round of financing. The financing was led by QuestMark Partners of Baltimore and joined by Sanderling Ventures, Mayo Medical Ventures and Walker Ventures, all previous investors in Naviscan.
Proceeds from the financing will be used to further clinically validate and commercialize the PEM Flex Solo II PET scanner, the company’s high resolution PET scanner. The company also plans to use the proceeds to continue development of other imaging and intervention technology, including proprietary imaging agents.
The company also announced that Michael Ward, a partner at QuestMark, will join its board of directors.