Medipattern posts losses in 2008 year-end results
Medipattern has reported an increase in net loss and total expenses in its audited financial results for the 2008 fiscal year, which ended June 30.
For the 2008 year-end, the Toronto-based company reported revenues of CAD $801,000 ($666,500 U.S.), versus revenues of CAD $407,000 ($339,000 U.S.) in fiscal 2007.
Total expenses rose 45 percent to CAD $4.33 million ($3.6 million U.S.) versus CAD $2.99 million ($2.5 million U.S.) in fiscal 2007, mostly as a result of increased sales and marketing costs, and administrative and product support costs, Medipattern said.
Year-over-year, research and development expenses increased to CAD $1.68 million ($1.4 million U.S.) from CAD $1.16 million ($964,000 U.S.) in fiscal 2007.
Administration and product support costs rose to CAD $1.6 million ($1.4 million U.S.) in 2008 versus CAD $1.03 million ($856,000 U.S.) in fiscal 2007, while sales and marketing expenses reached CAD $1.14 million ($ 947,000 U.S.) in fiscal 2008 versus CAD $797,000 ($662,000 U.S.) in fiscal 2007.
However, Medipattern saw its resulting net loss for fiscal 2008 rise 36 percent to $3.5 million ($2.9 million U.S.) from CAD $2.6 million ($2.2 million U.S.) in the previous year.
Cash and cash equivalents totaled CAD $2.9 million ($2.4 million U.S.) at the end of fiscal 2008, compared to CAD $1.7 million ($1.4 million U.S.) at the end of fiscal 2007. Investments totaled CAD $475,000 (394,000 U.S.) at the end of fiscal 2008, compared to no investments at the end of fiscal 2007, the company said.
For the 2008 year-end, the Toronto-based company reported revenues of CAD $801,000 ($666,500 U.S.), versus revenues of CAD $407,000 ($339,000 U.S.) in fiscal 2007.
Total expenses rose 45 percent to CAD $4.33 million ($3.6 million U.S.) versus CAD $2.99 million ($2.5 million U.S.) in fiscal 2007, mostly as a result of increased sales and marketing costs, and administrative and product support costs, Medipattern said.
Year-over-year, research and development expenses increased to CAD $1.68 million ($1.4 million U.S.) from CAD $1.16 million ($964,000 U.S.) in fiscal 2007.
Administration and product support costs rose to CAD $1.6 million ($1.4 million U.S.) in 2008 versus CAD $1.03 million ($856,000 U.S.) in fiscal 2007, while sales and marketing expenses reached CAD $1.14 million ($ 947,000 U.S.) in fiscal 2008 versus CAD $797,000 ($662,000 U.S.) in fiscal 2007.
However, Medipattern saw its resulting net loss for fiscal 2008 rise 36 percent to $3.5 million ($2.9 million U.S.) from CAD $2.6 million ($2.2 million U.S.) in the previous year.
Cash and cash equivalents totaled CAD $2.9 million ($2.4 million U.S.) at the end of fiscal 2008, compared to CAD $1.7 million ($1.4 million U.S.) at the end of fiscal 2007. Investments totaled CAD $475,000 (394,000 U.S.) at the end of fiscal 2008, compared to no investments at the end of fiscal 2007, the company said.