01 Apr Merge Healthcare reports $9.6 million Q4 loss
Milwaukee, Wis. – Merge Healthcare continues to report slumping financial results that now include a fourth quarter 2007 net loss of $9.6 million, or $0.28 per share.
The net loss compared to a net loss of $31.4 million, or $0.93 per share, in the fourth quarter of 2006 and a net loss of $141.6 million, or $4.17 per share, in the third quarter of 2007.
Meanwhile, fourth quarter revenue totaled $15.6 million, compared to $12.9 million in the fourth quarter of 2006 and $14.1 million in the third quarter of 2007. Revenue for the fourth quarter included $1 million of revenue from software delivered by Cedara Software, the company’s OEM business unit.
For the full year, the net loss totaled $171.6 million, or $5.06 per share, compared to a net loss of $258.9 million, or $7.68 per share, for 2006. Annual revenue totaled $59.6 million, which compares to $74.3 million for 2006, a decrease of 20 percent.
In addition, the financially troubled company announced that it has filed its annual report on Form 10-K with the Securities and Exchange Commission and is current with its filings with the SEC.
Kenneth D. Rardin, president and CEO, acknowledged that 2007 was a very difficult year because of a second “expensive and very disruptive restatement.” However, he also noted the company was able to develop or upgrade several products, including new teleradiology software and services, a new version of its integrated RIS/PACS product, and a new Web-based RIS/PACS offering.
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