Merge announces new CEO, files quarterly numbers
Things were looking up this week for Merge Technologies with the announcement that the company has named a new chief executive officer, instituted a shareholder protection plan, and has released the most recent quarterly financial numbers.
As for its financials, Merge reported Q2 2006 and first six months results, as well as the filing of its Form 10-Q for the quarter. For Q2, Merge reported revenue of $31.7 million, but this came with a loss of $215.8 million, part of which was a $219.4 million goodwill impairment fee. In Q2 2005, the company saw Q2 revenues of $15.2 million.
The company still has stock delisting fears because of the lateness of so many of its filings this year. Thus, Merge remains in waiting for word from Nasdaq that the filing will bring the company into full compliance.
The company also announced Kenneth Rardin as its new president and chief executive officer. Rardin also will serve on the company's board of directors. Prior to this position, Rardin was chairman and CEO of Park City Solutions, a company largely involved in electronic health records, systems integration, and consulting. He also founded IMNET Systems and served as chairman and CEO at the company.
Addtionally, Rardin will serve as interim president for Cedara Software. Robert White will remain as president of Merge eMed.
To reassure shareholders, the company has adopted a plan that would protect their rights and stock buyback plans in the event of an unsolicited takeover attempt.