Medipattern, a developer of computer-aided detection (CAD) breast ultrasound software solutions, showed an increase in net losses in unaudited financial results for the firm's fiscal 2009 second quarter, which ended Dec. 31.
The Toronto-based company said its net loss in the second quarter was CAD $1.06 million ($847,000 U.S.), compared with a net loss of $907,000 ($724,950) in 2007.
Revenue was $72,000 ($57,530) in the second quarter of fiscal 2009 versus $157,000 ($125,500) in the corresponding period of 2007, according to Medipattern. The company said that the revenue resulted from professional fees and licensing fees, and "licensing fees were comparably lower in the first half of fiscal 2009 as no licensing fees were recognized during the first quarter of fiscal 2009."
During the period, the company reported that it signed an agreement for the sale of 200 B-CAD systems in China, but none of the revenue from the transaction was recognized in the quarter.
"The Chinese market represents a massive opportunity for Medipattern and we look forward to beginning to ship B-CAD systems during the first half of this calendar year. Through the fall our quoting activity did not translate into the sales we expected due to the difficulty our customers had in attaining the financing necessary to purchase B-CAD. As a result we introduced B-CAD-For-Life, a monthly fee-based managed service agreement, and have begun installations in the field under this new initiative," said Jeff Collins, CEO of Medipattern.