Revenues up, net loss up at Molecular Imaging Corp.

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Molecular Imaging Corp. increased revenues in its second fiscal quarter, ending Dec. 31, 2003, as the company works to get into the black.

The mobile positron emission tomography (PET) provider posted service revenues of $5.6 million, compared with $5 million in the second quarter of FY03. The net loss from continuing operations totaled $1.4 million, compared with a net loss of $382,284 in the year-ago quarter.

For the six-month period, service revenues increased to $11.2 million, compared with $9.6 million in the same period of FY03. The six-month net loss from continuing operations reached $1.8 million, compared with $1.2 million in the year-ago period.

Molecular Imaging President and CEO Paul J. Crowe said the company's "near-term goals are focused to correct revenue performance by managing our operating overheads, focusing the sales organization to increase same store sales on a unit-by-unit basis, increase our collection efforts to reduce interest expense on borrowings and by restructuring equipment debt in an attempt to get to cash flow breakeven."

He added that the mobile PET provider has fallen "behind with some equipment lease payments and vendor payables; and we are working to restructure future lease payments in order to allow us to meet our obligations until revenues increase and we close an equity financing."