LMS announces first quarter financial results - Revenues more than double over previous year Q-1 to $631,000
August 09 2006 - 5:05PM
PR Newswire (US)
MONTREAL, QC, Aug. 9 /PRNewswire-FirstCall/ -- LMS Medical Systems
(TSX: LMZ, AMEX: LMZ), a healthcare technology company and
developer of the CALMTM clinical information system and risk
management software tools for obstetrics, today announced results
of operations for the first quarter of F2007 ended June 30, 2006.
All amounts are in Canadian dollars. Revenues in Q1 2007 increased
by 136% to $631,000 from $268,000 in Q1 2006. The increase in
revenues is a result of new hospital installations of CALM clinical
information systems, CALM risk management software and technical,
maintenance support and other revenues resulting from a growing
client base. LMS backlog of signed contracts has grown to $2.0
million. Identified sales opportunities currently total $25
million. The net loss for 2006 was in line with expectations at
$2.55 million ($0.15 per share) compared to $2.46 million ($0.15
per share) in 2005. Approximately one-half of the increase in
expenditures of $0.4 million related to increased product
management initiatives. The remainder of the increase related to
increased development salaries and consulting expenses and
increased administrative expenses. Non-cash stock based
compensation expense totaled $0.35 million in Q1 2007 compared to
$0.28 million in Q1 2006. Cash, cash equivalents, short-term
investments and investments held to maturity, as at June 30, 2006
totaled $5.6 million compared to $5.6 million as at March 31, 2006.
The decrease of $2.25 million related to operating activities was
offset by private placement financing inflows of $2.3 million, net
of issue costs of $0.17 million. FIRST QUARTER HIGHLIGHTS: -
Revenues more than double over Q-1 the year prior; - Back log of
signed contracts has grown to $2.0 million; - Identified sales
opportunities up sharply to $25 million; - LMS new product, CALM
Shoulder Screen, continues to attract gratifying attention in the
marketplace. An expanded Management's Discussion and Analysis for
the quarter, and previous periods, is accessible on the LMS website
at http://www.lmsmedical.com/ and with Company's regulatory filings
in Canada at http://www.sedar.com/ and in the United States at
http://www.sec.gov/. ABOUT LMS LMS is a leader in the application
of advanced mathematical modeling and neural networks for medical
use. The LMS CALM(TM) Decision Support Suite provides physicians,
nursing staff, risk managers and hospital administrators with
clinical information systems and risk management tools designed to
improve outcomes and patient care for mothers and their infants
during labor and delivery. Except for historical information
contained herein, the matters discussed in this news release are
forward-looking statements. Because these forward-looking
statements involve risks and uncertainties, there are important
factors that could cause actual results to differ materially from
those expressed implied by the forward-looking statements
including, but without limitation, economic conditions in general
and in the healthcare market, the demand for and market for our
products in domestic and international markets, our current
dependence on the CALM product suite, the challenges associated
with developing new products and obtaining regulatory approvals if
necessary, research and development activities, the uncertainty of
acceptance of our products by the medical community, the lengthy
sales cycle for our products, third party reimbursement,
competition in our markets, including the potential introduction of
competitive products by others, our dependence on our distributors,
physician training, enforceability and the costs of enforcement of
our patents, potential infringements of our patents and the other
factors set forth from time to time in the Company's filings with
the United States Securities and Exchange Commission and with the
Canadian Securities Commissions. The Company has no intention of or
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.
DATASOURCE: LMS MEDICAL SYSTEMS INC. CONTACT: Yves Grou, Chief
Financial Officer, LMS Medical Systems Inc., (514) 488-3461 Ext.
238, Fax: (514) 488-1880, , Website: http://www.lmsmedical.com/;
David Gordon / Grant Howard, The Howard Group Inc., toll-free:
1-888-221-0915, , http://www.howardgroupinc.com/
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