ART trims Q2 losses

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Advanced Research Technologies (ART), a Montreal-based optical molecular imaging product developer, saw a decrease in net losses for its fiscal 2007 second quarter; however, the firm also posted a sharp downturn in revenues for the period (end-June 30).

ART incurred a net loss in its 2007 second quarter of $3.17 million (U.S.), compared with a net loss of $3.64 million for the same quarter last year. The company booked revenues of $42,000 for the period, a steep decline compared with the $829,000 in revenues realized in the second quarter of 2006.

ART said it is in a transition phase for the distribution of its eXplore Optix system, which recorded no sales in the second quarter. The firm said it is now implementing a new sales distribution model, comprised of a mix of direct and indirect sales channels. As part of this new marketing strategy, ART said it is in the process of recruiting up to five sales professionals, combined with in-house application specialists.