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Medipattern Corporation announced its business highlights and unaudited financial results for the second quarter and first half of fiscal 2010 ended December 31, 2009.

The Medipattern Corporation, a pioneer in the development of medical software solutions that help improve imaging workflow and productivity, announced its business highlights and unaudited financial results for the second quarter and first half of fiscal 2010 ended December 31, 2009.

Jeff Collins, CEO of Medipattern stated, "Subscription fees for our B-CAD-FOR-LIFE did commence late in the second quarter but as yet are nominal. As previously reported, in response to the change in customer buying patterns caused by the economic slowdown in the United States, we introduced B-CAD-FOR-LIFE as a cost effective alternative to the standard software license. Under this model, the monthly rental fees commence after a three to six month grace period that is an inducement in each contract. We expect that revenues will grow in the second half of the year."

"The vascular development project recently received an all new IRB enabling the collection of pertinent patient information which could link key indicators of the patient's susceptibility to vascular disease with image information. The data collection will now be performed using a procedure that is tailored specifically to the planned Vascular iQ product," continued Collins. "The company believes that this expanded information set in addition to the specific imaging protocol will enable the algorithm to improve analysis, streamline examination time and improve information communication."

Select Business Highlights:

- In November 2009, Medipattern introduced the national launch of its B-CAD-FOR-LIFE program at the Radiological Society of North America ( RSNA ) conference.

- Medipattern announced the signing in November 2009, of a sales and distribution agreement with PenRad Technologies Inc. The agreement licenses B-CAD to PenRad in several formats: as a software tool kit for direct implementation in PenRad products and as the complete application solution for US and worldwide distribution.

- In November 2009, Medipattern and Sentinelle Medical Inc., a leading manufacturer of magnetic resonance imaging ( MRI ) coils and advanced visualization software, announced a Breast MRI development partnership.

- Medipattern announced in December 2009 that it had partnered with Ocean Medical Imaging Centre in New Jersey to provide the service of B-CAD under the B-CAD-FOR-LIFE program.

- Medipattern installed its 150th B-CAD license at Weinstein Imaging Associates in Pittsburgh, Pennsylvania on December 15, 2009.

Financial Highlights of Q2 2010:

- Revenue was $16 thousand and $18 thousand in the second quarter and first half of fiscal 2010 (ended December 31, 2009) respectively versus $72 thousand and $148 thousand for the corresponding periods in 2008.

- Total expenses declined 29 percent to $812 thousand in the three-month period ($1.14 million in 2008) and 34 percent to $1.53 million in the six months ended December 31, 2009 ($2.31 million in 2008), mostly as a result of ongoing company wide cost saving initiatives. Research and development expenses decreased to $246 thousand in the second quarter ($466 thousand in 2008) and to $466 thousand in the six-month period ($885 thousand in 2008). Administration and product support costs declined to $291 thousand in the three months ended December 31, 2009 ($377 thousand in 2008) and to $551 thousand in the six month period ($768 thousand in 2008). Sales and marketing expenses were $262 thousand in the second quarter ($324 thousand in 2008) and $481 thousand in the six-month period ($714 thousand in 2008).

- Resulting net loss in the second quarter was $796 thousand ($1.06 million in 2008) and $1.51 million for the six months ended December 31, 2009 ($2.17 million in 2008), representing improvements of 25 and 30 percent respectively.

- As at December 31, 2009, Cash and cash equivalents totaled $1.12 million, working capital was $1.10 million and the Company had no long term debt.

Source: Medipattern Corporation

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