Vital Images reports profitable '04
Advanced visualization software vendor Vital Images Inc. finished 2004 strong with a 110 percent increase in fourth quarter revenues.
Revenues increased 110 percent to $11.1 million, compared with $5.3 million in the fourth quarter of FY03. Net income rose to $900,000, compared with net income of $57,000 in the year-ago quarter.
For the year, revenue climbed 32 percent to $36.1 million, compared with $27.3 million in FY03. Net income was reported at $296,000, compared with net income $8.5 million in the year-ago period. Vital Images said year-end net income in FY04 includes paying back of $1.1 million and a write-off of in-process research and development of $1.0 million, both non-cash charges related to the HInnovation acquisition.
Jay Miller, Vital Images president and CEO, attributes three fueling market drivers as being increased share of the scanner market, sales to its installed customer base of approximately 1,900 licenses and enterprise-wide needs for advanced visualization software.
Revenues increased 110 percent to $11.1 million, compared with $5.3 million in the fourth quarter of FY03. Net income rose to $900,000, compared with net income of $57,000 in the year-ago quarter.
For the year, revenue climbed 32 percent to $36.1 million, compared with $27.3 million in FY03. Net income was reported at $296,000, compared with net income $8.5 million in the year-ago period. Vital Images said year-end net income in FY04 includes paying back of $1.1 million and a write-off of in-process research and development of $1.0 million, both non-cash charges related to the HInnovation acquisition.
Jay Miller, Vital Images president and CEO, attributes three fueling market drivers as being increased share of the scanner market, sales to its installed customer base of approximately 1,900 licenses and enterprise-wide needs for advanced visualization software.