Mobile positron emission tomography (PET) provider Molecular Imaging Corp. achieved its first year-end profit in FY03, ending June 30.
Revenues increased to $20.9 million, up 28 percent from $16.3 million in FY02. Net income totaled $964,131 compared with a net loss of $5.8 million in the previous fiscal year. The company attributed its positive results, in part, to the generation of approximately $2 million in cash from operations. President and CEO Paul Crowe said gains in PET procedures through "physician adoption . . . should provide the platform for continued revenue growth for fiscal year 2004."
Molecular Imaging also released un-audited results from its first fiscal quarter, ending Sept. 30. Revenues increased 24 percent to $5.6 million, compared with $4.6 million in the year-ago quarter. Profit-loss results were not yet available.