Vital Images Inc. saw record revenue for the fourth quarter of 2005 with $15.3 million, a 38 percent improvement over $11.1 million in same quarter in the previous year. Net income was also up for the quarter at $2.4 million, or $0.18 per diluted share, compared to net income for the in Q4 2004 of $900,000, or $0.07 per diluted share. This net income total includes equity-based compensation costs of $123,000 (pretax) related to restricted stock awards, the company said.
The company’s pretax income during the quarter was at to $3.3 million, or $0.24 per diluted share (a non-GAAP measure), which compares to the 2004 total of $1.2 million, or $0.10 per diluted share.
Looking at the fiscal 2005 numbers, revenues jumped some there too with $51.7 million, a 43 percent increase over $36.1 million in the previous year. Net income for the full year was $5.8 million, or $0.44 per diluted share, up from 2004 net income of $296,000, or $0.02 per diluted share, the company said.
Some financial highlights from the year included:
- The company’s Vitrea install base increased to approximately 2,750, with approximately 250 Vitrea licenses sold in the fourth quarter. The installed base now comprises approximately 1,300 domestic and 400 international customers;
- Sales from software options (including third-party software) increased to $6.3 million during the fourth quarter, up from $4.9 million in the Q4 of 2004; and
- Full-year revenue through Toshiba totaled $24.3 million, or 47 percent of total revenue, compared to $18.1 million in 2004, or 50 percent of total revenue.
In November at RSNA 2005 in Chicago, the company announced its ViTAL Solutions portfolio with Vitrea-based rendering performance and workflow restore in ViTALConnect, its web-based analysis and distribution solution, and enhancements to clinical applications within its flagship systems, Vitrea and ViTALCardia.
The company’s 2006 outlook includes revenue expectations in a range of $68 million to $71 million, or 31 percent to 37 percent growth over 2005, according to Vital Images.