Attention: Business/Financial Editors
The Medipattern Corporation ("Medipattern") (TSX VENTURE:MKI), a pioneer in the
development of medical imaging software solutions that help medical
practitioners to better understand lesions and critical anatomy, announced first
quarter results from the company's 2012 financial year.
"Working closely with our installed base, our development team has shown
significant improvement to product workflow resulting in increasing product
acceptance by all three target market segments," stated Jeff Collins, President
and CEO of Medipattern. "Significant product milestones for
Visualize:Vascular(TM) were met during the first quarter and are being expanded
through the second quarter. The product is installed in vascular surgery,
cardiology and general radiology private practices. The product is installed in
both private practice and hospital settings. The product is installed and being
used daily in low volume through high volume settings. We have been able to
stress test the product under the full range of practice environments. We have
also stress tested our pay-per-use sales model, whereby the customer pays for a
limited use license key which can be updated in the field. As workflow concerns
are being resolved, we started receiving payment for initial use of the product
and updates to license keys recently in Q2. The product has proven to be
reimbursed by all of the major payers in 4 states, all located in the Northeast
US. We also welcome the following practices to our growing vascular user's
group, who range from very small private practice to healthcare systems: Dr.
Wruble in New York, Zwanger-Pesiri in New York, Massapequa Heart, part of the
North Shore LIJ System in New York and East Orange Hospital in New Jersey."
"The Company also announced that on December 21, 2011, in accordance with its
Stock Option Plan and subject to regulatory approval, the board of directors of
Medipattern has approved the grant of an aggregate of 971,000 incentive stock
options to certain directors, officers, employees and consultants. The options
are exercisable on or before December 21, 2016 at an exercise price of $0.40 per
share, with a portion of the options granted subject to vesting at the rate of
one-third of the options in one-year increments over a three year period."
Financial Highlights for Q1 Fiscal 2012:
-- Revenue totaled $6,504 (Q1 2011 - $33,434) for the fiscal quarter ended
September 30, 2011, an overall decrease of 81%. Subscription rental fees
from B-CAD-FOR-LIFE(TM) accounted for all quarterly revenue (Q1 2011 -
$17,002) as the Company continued to focus its core R&D resources and
marketing expertise on meeting its deadlines for completion of internal
development and commercialization of its new vascular software
Visualize:Vascular(TM) which was rolled out on a limited basis in June
2011. In Q1 2011 the Company also generated $16,432 in B-CAD(TM)
licensing revenue, while no professional fees were earning in either
period;
-- Non-interest operating expenses in Q1 2012 totaled $588,823 versus
$561,938 in Q1 2011, an overall increase of 4.8%. Despite modest
increases in R&D expenses associated with the final development of
Visualize:Vascular(TM), the Company remains committed to controlling all
discretionary spending until operating cash flow improves in response to
its ongoing commercialization of its award winning software products.
Total interest expense (including accreted interest on Convertible Debt)
for Q1 2012 increased to $102,097 (Q1 2011 - $55,324) as a result of its
late fiscal 2011 Convertible Debt financing, while a fair value gain of
$39,287 was recognized in Q1 2012 (Q1 2011 - loss of $2,116) on embedded
conversion options in its Convertible Notes;
-- Resulting net loss for Q1 2012 was $653,096 ($0.01 per share) versus
$587,761 ($0.01 per share) for Q1 2011;
-- As at September 30, 2011, cash and cash equivalents totaled $192,786
(June 30, 2011 - $201,703), current assets, including highly liquid
short-term investments of $2,101,582 (June 30, 2011 - $2,567,619), were
$2,678,753 (June 30, 2011 - $3,313,658) and current liabilities were
$337,180 (June 30, 2011 - $352,104). Working capital at September 30,
2011 totaled $2,341,573 (June 30, 2011 - $2,961,554). At November 30,
2011, the Company estimates working capital at $1,750,000.
Results of Operations:
THE MEDIPATTERN CORPORATION
UNAUDITED STATEMENTS OF OPERATIONS, COMPREHENSIVE LOSS AND DEFICIT
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2011 AND 2010
Three Month Period Ended
--------------------------------------------
September 30, September 30,
2011 2010 Increase
(Unaudited) (Unaudited) (Decrease)
----------------------------------------------------------------------------
REVENUES
Licensing fees $ - $ 16,432 $ (16,432)
Professional fees - - -
Subscription rental fees 6,504 17,002 (10,498)
--------------------------------------------
6,504 33,434 (26,930)
--------------------------------------------
EXPENSES
Research and development 260,530 230,064 30,466
Administration and product
support 209,910 219,925 (10,015)
Sales and marketing 110,589 103,590 6,999
Interest on convertible debt 49,943 41,690 8,253
Accreted interest on
convertible debt 70,154 13,634 56,520
Convertible debt conversion
option (gain) loss (39,287) 2,116 (41,403)
Foreign exchange loss (gain) (271) 4,680 (4,951)
Investment income (9,762) (2,862) (6,900)
Depreciation of property and
equipment 7,794 8,358 (564)
--------------------------------------------
659,600 621,195 38,405
--------------------------------------------
NET LOSS AND TOTAL COMPREHENSIVE
LOSS $ (653,096) $ (587,761) $ (65,335)
----------------------------------------------------------------------------
Weighted Average # of Common
Shares Outstanding - Basic and
Diluted 57,404,579 57,154,579
--------------------------------------------------------------
Loss Per Share - Basic and
Diluted $ (0.01) $ (0.01)
--------------------------------------------------------------
For further details concerning Medipattern's results, please see the Company's
filings on SEDAR (www.sedar.com).
Upcoming Events
45th Annual Mid-Winter Leadership
Conference MHA Jan 27, 2012 Framingham, MA
Annual Hospital - Physician Leadership
Conference MHA Mar 16, 2012 Waltham, MA
Annual Meeting - MHA June 6 - 7, 2012 Brewster, MA
SVU/SVS Annual Conference June 7 - 9, 2012 Baltimore, MD
About the Medipattern Corporation:
Medipattern(R) is a pioneer in the development of imaging software solutions
that help medical practitioners to better understand lesions and critical
anatomy. Medipattern uses its Cadenza(TM) technology to process images, finding
the salient region of interest and presenting them in 2D and 3D formats that
enhance the reader's perception. For more information, please visit the
Company's website: www.medipattern.com.
Medipattern(R) is a registered mark of The Medipattern Corporation.
Visualize:Vascular(TM) is a trademark of the Medipattern Corporation.
Forward-looking statements
This document contains forward-looking statements relating to Medipattern's
performance, operations, or business environment. These statements are based on
what we believe are reasonable assumptions given currently available information
and our understanding of Medipattern's current activities. We have tried,
whenever possible, to identify these forward-looking statements using words such
as "anticipates," "believes," "estimates," "expects," "plans," "intends,"
"potential", and similar expressions. Forward-looking statements are not
guarantees of future performance and involve risks and uncertainties that are
difficult to predict or control. A number of factors could cause actual outcomes
and results to differ materially from those expressed in forward-looking
statements. These factors include but are not limited to those set forth in the
Company's corporate filings, (posted at www.sedar.com). In addition, these
forward-looking statements relate to the date on which they are made. The
Company disclaims any intention or obligation to update or revise any
forward-looking statements for any reason. Readers should not rely on
forward-looking statements.
The Medipattern Corp. (TSXV:MKI)
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