First Quarter Summary Trading Statement
May 17 2010 - 2:00AM
UK Regulatory
TIDMMDST
RNS Number : 9974L
Medicsight Plc
17 May 2010
+------------------------------+------------------------------+
| Press Release | 17 May 2010 |
+------------------------------+------------------------------+
Medicsight PLC
("Medicsight" or "the Group")
First Quarter Summary Trading Statement
Medicsight plc (AIM: MDST), industry leader in the development of Computer-Aided
Detection (CAD) and image analysis software to assist in the early detection and
diagnosis of disease, is pleased to announce its results for the first quarter
ended 31 March 2010 which are in line with management expectations at this point
in the calendar year.
Highlights
+----+-------------------------------------------------------+
| · | Cash and equivalents at 31 March 2010 was |
| | GBP9,130,000 (31 December 2009: GBP10,708,000) |
+----+-------------------------------------------------------+
| · | Total assets position at 31 March 2010 was |
| | GBP9,802,000 (31 December 2009: GBP11,120,000) |
+----+-------------------------------------------------------+
| · | Net revenue from external customers was GBP39,000 (31 |
| | March 2009: GBP43,000) |
+----+-------------------------------------------------------+
| · | Operating loss before interest and tax of |
| | GBP1,299,000 (31 March 2009: GBP2,457,000) |
+----+-------------------------------------------------------+
| · | Signed a commercial contract with MEDRAD Inc for the |
| | supply and distribution of the new MedicCO2LON |
| | Insufflator |
+----+-------------------------------------------------------+
Allan Rowley, Chief Executive of Medicsight PLC commented "During the first
quarter of 2010, licence revenue was in line with management's expectations
despite being slightly lower than the previous year.
"In January Medicsight signed a global distribution agreement with MEDRAD Inc
for our new, automated MedicCO2LON Insufflator product which distends the colon
prior to a CT scan. We have leveraged our key clinical relations in CT
colonoscopy to develop MedicCO2LON, the first 'hardware' product Medicsight has
developed to complement its software. We expect sales to commence in the second
quarter through MEDRAD's strong commercial and distribution expertise.
"With regards to regulatory approvals we received a second request for
Additional Information (AI) from the FDA in January 2010. In conjunction with
our FDA advisors, we are currently preparing a response and will shortly submit
this to the FDA before the deadline of 20 June 2010. We also await a further
update from the Ministry of Health, Labour and Welfare (MHLW) regulatory
authorities in Japan.
"Operating expenses have fallen compared to the previous year, as we see the
first full quarter of cost savings following the decision last year to reduce
headcount and streamline operations.
"We remain in a healthy cash position with a cash balance of GBP9.1 million at
31 March 2010."
- ENDS -
For further information:
+------------------------------------+--------------------------+
| Medicsight plc | |
+------------------------------------+--------------------------+
| Allan Rowley, CEO | Tel: +44 (0)207 605 |
| | 7950 |
+------------------------------------+--------------------------+
| | www.medicsight.com |
+------------------------------------+--------------------------+
| Daniel Stewart & Co | |
+------------------------------------+--------------------------+
| Simon Leathers / Emma Earl | Tel: +44 (0) 207 776 |
| | 6550 |
+------------------------------------+--------------------------+
| | www.danielstewart.co.uk |
+------------------------------------+--------------------------+
Media enquiries:
+------------------------------------+------------------------+
| Abchurch | |
+------------------------------------+------------------------+
| | www.abchurch-group.com |
+------------------------------------+------------------------+
| Heather Salmond | Tel: +44 (0) 207 398 |
| | 7704 |
+------------------------------------+------------------------+
| heather.salmond@abchurch-group.com | |
+------------------------------------+------------------------+
| Simone Elviss | Tel: +44 (0) 207 398 |
| | 7728 |
+------------------------------------+------------------------+
| simone.elviss@abchurch-group.com | |
+------------------------------------+------------------------+
| Quincy Allan | Tel: +44 (0) 207 398 |
| | 7710 |
+------------------------------------+------------------------+
| quincy.allan@abchurch-group.com | |
+------------------------------------+------------------------+
Notes to editors
Medicsight plc is a UK-headquartered, research driven, leading developer of
computer-aided detection (CAD) and image analysis software for the medical
imaging market. The CAD software automatically highlights suspicious areas on
computerised tomography (CT) scans of the colon and lung, helping radiologists
to identify, measure and analyse potential disease and early indicators of
disease. Medicsight's CAD software has been validated using one of the world's
largest and most population diverse databases of verified patient CT scan data.
Medicsight's ColonCAD(TM) and LungCAD(TM) software products are seamlessly
integrated with the advanced 3D visualisation workstations of several
industry-leading imaging equipment partners.
About Computer-Aided Detection
With increasingly sophisticated radiological imaging hardware such as
Multi-Detector CT scanners, radiologists are facing a growing challenge in the
amount of detailed patient image data that they must review for each patient
examination. Some CT scan examinations generate as many as 2000 images per
patient. Review of this data by the radiologist is not only time-consuming but
also prone to error due to reader fatigue. CAD software can help the reviewing
radiologist by analysing the image data and automatically highlighting
suspicious regions of interest for closer inspection. Without CAD software some
potential abnormalities or areas of disease may be overlooked. This can be
critical for diagnosis and the management of patient outcomes as early detection
of disease greatly increases the probability of successful treatment and a
positive therapeutic outcome. In addition to supporting individual radiologists
CAD also has the potential to help standardise CT interpretation across both
individuals and institutions thereby supporting population based screening
programmes.
About Medicsight's CAD software
Medicsight's ColonCAD(TM) and LungCAD(TM) software use an advanced CAD algorithm
to analyse CT scans of the colon and lung and automatically highlight suspicious
areas that may be indicators of disease. CAD may highlight areas easily
overlooked by the reviewing radiologist, such as small lesions or regions that
are hidden from view behind folds in the colon or normal structures and
surrounding tissue in the lung.
Both CAD products seamlessly integrate with the advanced 3D visualisation
platforms of industry-leading imaging equipment partners. The integrated systems
provide sophisticated image viewing capabilities, including 3D reconstructed
image data, with the added advantage of demonstrating automatic CAD findings to
assist clinical end users in the detection and analysis of disease. This allows
clinical end users to perform either a 'second read', where CAD findings are
displayed to the user after completion of an initial review of the CT scan data,
or a 'concurrent read' where CAD findings are displayed during the user's
initial review of the original CT scan images.
Since inception, Medicsight has developed close and lasting relationships with
some of the world's foremost clinicians in product related areas. This provides
the Company with a wealth of clinical expertise and dedicated clinical research
to support ongoing product development. Medicsight also collaborates with a
number of leading academic institutions and clinical research programmes
worldwide to develop the Company's comprehensive database of population diverse
verified patient CT scan data, thus allowing Medicsight's products to be
validated to the highest possible standards.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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