3rd Quarter Results (6206W)

TIDMMDST

RNS Number : 6206W

Medicsight Plc

23 November 2010

 
 Press Release   23 November 2010

Medicsight PLC

("Medicsight" or "the Group")

Third 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 nine months ended 30 September 2010.

Highlights

 
       --   Revenue increased to GBP253,000 (30 September 2009: 
             GBP94,000) with significant contribution from the 
             MedicCO2LON insufflator in Q2 
       --   Operating costs reduced to GBP3,772,000 (30 September 
             2009: GBP6,720,000) 
       --   Operating loss before interest and tax of GBP3,594,000 
             (30 September 2009: GBP6,626,000) 
       --   Group cash balance at 30 September 2010 of GBP6,415,000 
             (31 December 2009: GBP10,708,000) 
       --   Total assets position at 30 September 2010 was GBP7,511,000 
             (31 December 2009: GBP11,120,000) 
       --   Granted SFDA approval in China for ColonCAD 4.0 on 
             13 October 2010 
       --   Responded to the US Food & Drug Administration's 
             (FDA) second Additional Information request letter 
             on 2 June 2010 
       --   Signed global distribution agreement for the new 
             MedicCO2LON insufflator product with MEDRAD Inc on 
             13 January 2010

Allan Rowley, Chief Executive of Medicsight PLC, commented: "During the nine months ended 30 September 2010 we recorded GBP253,000 of revenue (2009: GBP94,000), of which GBP113,000 (2009: GBP94,000) was for ColonCAD and GBP140,000 (2009: nil) was for our MedicCO2LON Insufflator product that we launched in Q1 of this year.

"We maintain a tight control of operating costs, which were GBP3,772,000 for the nine months ended 30 September 2010, compared to GBP6,720,000 for the previous year. This year on year reduction is due to our 2009 cost reduction program.

"On regulatory approvals, we responded to the FDA's second Additional Information (AI) request on 2 June 2010. We are in regular dialogue and continue to work closely with our FDA review team. We are also working closely with our reviewers at the Japanese Ministry of Health, Labour and Welfare (MHLW).

"We remain in a strong cash position with a cash balance of GBP6,415,000 at 30 September 2010."

- ENDS -

For further information:

 
 Medicsight plc 
 Allan Rowley, CEO          Tel: +44 (0)207 605 7950 
                            www.medicsight.com 
 Daniel Stewart & Co 
 Emma Earl / Oliver Rigby   Tel: +44 (0) 207 776 
                             6550 
                            www.danielstewart.co.uk

Media enquiries:

 
 Abchurch Communications 
                                      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 developed 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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