10 May Merge Technologies' net loss doubles to $10.1M
West Allis, Wis. – Merge Technologies reported a net loss of $10.1 million, or $0.30 per share, in the first quarter of 2007, more than double the net loss of $4.9 million, or $0.15 per share, in the first quarter of 2006.
While the first quarter loss was well below the $27.0 million, or $0.80 per share net loss reported in the fourth quarter of 2006, it signaled continuing difficulties for a company that is trying to emerge from financial reporting problems that almost got it delisted from the NASDAQ Stock Market.
Quarterly revenue, however, represents a glimmer of hope for the embattled medical software company, which has introduced several product upgrades in 2007.
Part of the Q4 loss in 2006 was related to the company’s “right-sizing” initiative in which it recognized a goodwill impairment, trade name impairment, and restructuring charge of $11.3 million, or $0.33 per share.
Merge’s non-GAAP adjusted net loss was $4.1 million, or $0.12 per share, in the first quarter of 2007, compared to a non-GAAP adjusted net loss of $1.1 million, or $0.03 per share, in the first quarter ended March 31, 2006.
The company’s Q1 net sales totaled $15.7 million, down from the $16.2 million reported in the first quarter of 2006, but up 19 percent over its revenue from the fourth quarter of 2006..
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