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, today announced
its business highlights and financial results for the fiscal year ended June 30,
2011.
Jeff Collins, CEO of Medipattern, commented "In line with our corporate
technology initiatives of last year, we received FDA clearance and entered the
Vascular Market as planned in June of 2011 with the roll-out of our
Visualize:Vascular(TM) product in Chicago at the Society of Vascular Ultrasound
Annual Meeting and Conference. Our initial limited commercial launch during the
summer of 2011 has been as planned and we are continuing to our full commercial
launch phase where we will add more resellers and commercial support personnel
such as applications trainers, begin our new marketing campaign as seen through
our recent changes in our web site, and go live with our planned electronic
infrastructure to support commercialization."
"Although the B-CAD(R) for breast ultrasound and for breast Magnetic Resonance
Imaging (MRI) product family has not yet generated a sustainable revenue stream,
several programs utilizing these technologies are underway with various Original
Equipment Manufacturers and may provide additional traction for the products
beginning in the latter part of 2012. We have continued to control costs and add
only to areas that support sales in order to conserve our cash as revenues ramp
up from Visualize:Vascular(TM) in the second half of 2012," concluded Collins.
Business Highlights of Fiscal 2011:
-- September 22, 2010 - Medipattern's core technology "system and method of
computer-aided detection (CAD)" received United States Patent #
7,783,094.
-- February 17, 2011 - Medipattern receives U.S. Food and Drug
Administration 510(k) clearance for Visualize:Vascular(TM).
-- March 3, 2011 - Medipattern signs teaming agreement with TomTec Imaging
Systems GmbH, a worldwide leader in providing 2D-, 3D- and 4D- solutions
to the medical ultrasound market, where TomTec will integrate
Medipattern's B-CAD(R) breast imaging software into its Image-Arena(TM)
Platform Suite.
-- March 14, 2011 - Medipattern closes a $3,000,000 secured, convertible
note financing.
-- June 14, 2011 - Medipattern announces Ultrasound Solutions Corporation,
a leading ultrasound sales and service provider with a distribution
network stretching from Virginia, Ohio and Michigan through Maine, will
promote Medipattern's vascular products to its 650+ dedicated
cardiovascular clients.
-- June 17, 2011 - Medipattern announces that the Research Paper "Three
Dimensional Reconstruction of the Vessel Lumen as an Adjunct to the
Cerebrovascular Duplex Equation" presented to the Annual Meeting of the
Societies of Vascular Surgeons and Vascular Ultrasound, by its authors'
Dr. Porreca, Dr. Rodriguez-Wong and Mr. J.P. Hughes, found a
statistically significant correlation in measurement in the reduction of
lumen between Medipattern's Visualize:Vascular(TM) software and
traditional color flow Doppler ultrasound.
-- June 29, 2011 - Medipattern initiates commercial roll-out of its
Visualize:Vascular(TM) 3D carotid artery ultrasound software.
Financial Highlights for Fiscal 2011:
-- Revenue totaled $156,034 (2010 - $304,935) for the fiscal year ended
June 30, 2011 (fiscal 2011), an overall decrease of 49%. Licensing fees
from B-CAD(R)totaled $52,970 compared to $272,573 for the fiscal year
ended June 30, 2010 (fiscal 2010), an 81% decrease which reflected
2010's $250,000 one time software technology licensing contract for B-
CADmri(TM). Subscription rental fees from B-CAD-FOR-LIFE(TM) increased
by $15,373, or 48%, to $47,735 (2010 - $32,362). Professional fees of
$55,329 were earned in fiscal 2011 (2010 - $nil) as the Company utilized
internal programming expertise to augment cash flow by helping external
customers with software development. Throughout fiscal 2011 the
Company's core R&D resources remained focused on meeting its deadlines
for completion of internal development and commercialization of its new
vascular software Visualize:Vascular(TM) which was rolled out in June
2011;
-- Non-interest operating expenses in fiscal 2011 totaled $2,217,942 versus
$2,897,368 in fiscal 2010, an overall decline of 23%, as 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 for fiscal 2011 increased to $322,938 (2010 - $28,313) as a
result of two Convertible Debt financings in late fiscal 2010 and in
March of 2011;
-- Resulting net loss for the 2011 fiscal year was $2,384,846 ($0.04 per
share) versus $ 2,620,746 ($0.05 per share) for fiscal 2010;
-- As at June 30, 2011, cash and cash equivalents totaled $201,703 (2010 -
$269,329), current assets, including highly liquid short-term
investments of $2,567,619 (2010 - $1,250,000), were $3,313,658 (2010 -
$2,070,913) and current liabilities were $352,104 (2010 - $377,443).
Working capital at June 30, 2011 totaled $2,961,554 (2010 - $1,693,470).
At September 30, 2011, the Company estimates working capital at
$2,110,000.
Results of Operations:
THE MEDIPATTERN CORPORATION
AUDITED STATEMENTS OF OPERATIONS, COMPREHENSIVE LOSS AND DEFICIT
FOR FISCAL YEARS ENDED JUNE 30, 2011 AND 2010
2011 2010
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REVENUES
Licensing fees $ 52,970 $ 272,573
Professional fees 55,329 -
Subscription rental fees 47,735 32,362
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156,034 304,935
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EXPENSES
Research and development 877,252 929,788
Administration and product support 938,108 1,114,295
Sales and marketing 370,992 806,129
Interest on convertible debt 179,406 18,305
Accreted interest on convertible debt 143,532 10,008
Foreign exchange loss 12,919 8,224
Investment income (16,182) (3,859)
Amortization of property and equipment 34,853 42,791
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2,540,880 2,925,681
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NET LOSS AND COMPREHENSIVE LOSS $ (2,384,846) $ (2,620,746)
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LOSS PER SHARE - basic and diluted $ (0.04) $ (0.05)
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For further details concerning Medipattern's results, please see the Company's
filings on SEDAR. (www.sedar.com).
2011 Upcoming Events:
-- Veith 38th Annual Symposium, November 16 to 20 with partner Navix
-- RSNA (Radiological Society of North America), November 27 to December 2,
2011, Chicago, IL, with partners TomTec and PenRad
About The Medipattern Corporation:
Medipattern(R) (TSX VENTURE:MKI) 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.
B-CAD(R) and Medipattern(R) are a registered trademarks of The Medipattern
Corporation. Visualize:Vascular(TM), Cadenza(TM) and B-CADmri(TM) are trademarks
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.
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