Vital Images reports healthy first-quarter results

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Vital Images Inc.'s distribution agreement with Toshiba Medical Systems Corp. paid dividends in the first quarter, as the 3D software developer posted record revenues.

Revenues climbed to $7.7 million, up 14 percent from $6.8 million in the first quarter of 2003. Vital Images also reported a net loss of $1.1 million, compared with net income of $654,000 in the year-ago quarter.

The company attributed the net loss to amortization costs of $163,000 and a write-off of in-process research and development costs of $1 million related to its February acquisition of HInnovation.

First-quarter sales through the company's distribution agreement with Toshiba increased to $5.3 million -- or 69 percent of total revenues -- compared with $3 million in the year-ago quarter.

Toshiba offers Vital Images' Vitrea software to its CT scanner customers through subsidiaries and distributors in the United States and more than 50 countries worldwide.