While Vital Images Inc. described its fourth-quarter revenue shortfall as "unquestionably a disappointment," the 3D imaging software company posted a 27 percent revenue gain for all of 2003.
Revenues increased to $26.8 million, compared with $21.1 million in 2002. Revenues from core products increased 36 percent to $24.7 million, up from $18.2 million in 2002. Net income last year jumped to $8.1 million, compared with $790,000 in 2002. Net income results for 2003 include a net tax benefit of $6.5 million.
Vital Images' partnership with Toshiba Medical Systems Corp. continued to aid the 3D imaging software company, as Toshiba-related revenues accounted for $11.2 million, or 42 percent of total revenues.
In 2003, Vital Images added more than 400 Vitrea 3D imaging software licenses to bring the total number of licenses shipped to more than 1,300.
Vital Images said that it expects total revenues in the first quarter to reach $6.5 million to $7.5 million and anticipates a net loss of $900,000 to $1.3 million. The company said the projected net loss includes estimated amortization costs of $200,000 and a write-off of in-process R &D costs of approximately $1 million related to the acquisition of HInnovation.