Merge Healthcare has released its financial results for the second quarter of 2008, which ended June 30.
The company said its net loss for the 2008 second quarter was $18.2 million, compared to a net loss of $10.7 million in the second quarter of 2007, and a net loss of $7.8 million in the 2008 first quarter.
For the 2008 second quarter, the company said its net sales totaled $13.3 million, compared to $14 million in the second quarter last year, and $13.7 million in the 2008 first quarter, which ended March 31.
Operating loss for the quarter was $18.3 million, compared to an operating loss of $10.7 million in the second quarter ended June 30, 2007 and $8.4 million in the first quarter March 31, according to the Milwaukee-based Merge.
The company said that the following charges contributed to the operating loss for the 2008 second quarter:
- $7.5 million related to its restructuring initiative announced in June, consisting of $4.6 million in severance and related employee termination costs, $2 million of share-based compensation expense associated with the accelerated vesting of stock options and restricted stock for certain former officers and $800,000 of contract exit costs;
- $1.1 million trade name impairment associated with renaming its Cedara Software business unit;
- $1.7 million related to the disposal of its French subsidiary; and
- $3 million related to the settlement of the shareholder lawsuit against the company.