IMRIS Books First Quarter of Positive Results, Record Revenues in Q4

February 9, 2010

WINNIPEG - Medical technology company IMRIS Inc. (TSX:IM) booked its first-ever positive results as revenues more than tripled in the fourth quarter.

The company said Monday it earned $418,000 or two cents a share in the October-December period, its first quarterly earnings since its formation in 2005.

That compared to a loss of $3.9 million or 14 cents a share in the same quarter a year before.

Revenues ballooned to $19.9 million from $5.7 million a year earlier.

"We achieved excellent growth in customer orders, record revenues and profitability and introduced two exciting new products to the marketplace," chief executive David Graves said in a statement.

But the record net income in the last quarter wasn't enough to push the company in the black for the full year.

IMRIS lost $9.2 million or 33 cents in all of last year, trimming its year-earlier loss of $17 million or 62 cents a share.

Revenues nearly doubled to $44.4 million from $23 million. The company cited increased installations, higher pricing and improved revenues from maintenance contracts for the jump in sales.

IMRIS Inc. announced late last week it is acquiring NeuroArm Surgical Ltd., including its technology, patents and associated intellectual property.

A key target of the acquisition is NeuroArm's magnetic resonance-compatible neurosurgical robot. The deal is pegged about $10.7 million.

Shares of the company were up 25 cents to $6.75 during afternoon trading on the Toronto Stock Exchange. 

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