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Medipattern™ Corporation Reports Second Quarter Results for Fiscal 2010



2/12/2010 10:16:30 AM

TORONTO, ONTARIO--(Marketwire - February 11, 2010) - Attention: Business/Financial Editors

The Medipattern Corporation ("Medipattern") (TSX VENTURE: MKI), a pioneer in the development of medical software solutions that help improve imaging workflow and productivity, today announced its business highlights and unaudited financial results for the second quarter and first half of fiscal 2010 ended December 31, 2009.

Jeff Collins, CEO of Medipattern stated, "Subscription fees for our B-CAD-FOR-LIFE™ did commence late in the second quarter but as yet are nominal. As previously reported, in response to the change in customer buying patterns caused by the economic slowdown in the United States, we introduced B-CAD-FOR-LIFE™ as a cost effective alternative to the standard software license. Under this model, the monthly rental fees commence after a three to six month grace period that is an inducement in each contract. We expect that revenues will grow in the second half of the year."

"The vascular development project recently received an all new IRB enabling the collection of pertinent patient information which could link key indicators of the patient's susceptibility to vascular disease with image information. The data collection will now be performed using a procedure that is tailored specifically to the planned Vascular iQ product," continued Collins. "The company believes that this expanded information set in addition to the specific imaging protocol will enable the algorithm to improve analysis, streamline examination time and improve information communication."

Select Business Highlights:

- In November 2009, Medipattern introduced the national launch of its B-CAD-FOR-LIFE™ program at the Radiological Society of North America (RSNA) conference.

- Medipattern announced the signing in November 2009, of a sales and distribution agreement with PenRad Technologies Inc. The agreement licenses B-CAD to PenRad in several formats: as a software tool kit for direct implementation in PenRad products and as the complete application solution for US and worldwide distribution.

- In November 2009, Medipattern and Sentinelle Medical Inc., a leading manufacturer of magnetic resonance imaging (MRI) coils and advanced visualization software, announced a Breast MRI development partnership.

- Medipattern announced in December 2009 that it had partnered with Ocean Medical Imaging Centre in New Jersey to provide the service of B-CAD® under the B-CAD-FOR-LIFE™ program.

- Medipattern installed its 150th B-CAD® license at Weinstein Imaging Associates in Pittsburgh, Pennsylvania on December 15, 2009.

Financial Highlights of Q2 2010:

- Revenue was $16 thousand and $18 thousand in the second quarter and first half of fiscal 2010 (ended December 31, 2009) respectively versus $72 thousand and $148 thousand for the corresponding periods in 2008.

- Total expenses declined 29 percent to $812 thousand in the three-month period ($1.14 million in 2008) and 34 percent to $1.53 million in the six months ended December 31, 2009 ($2.31 million in 2008), mostly as a result of ongoing company wide cost saving initiatives. Research and development expenses decreased to $246 thousand in the second quarter ($466 thousand in 2008) and to $466 thousand in the six-month period ($885 thousand in 2008). Administration and product support costs declined to $291 thousand in the three months ended December 31, 2009 ($377 thousand in 2008) and to $551 thousand in the six month period ($768 thousand in 2008). Sales and marketing expenses were $262 thousand in the second quarter ($324 thousand in 2008) and $481 thousand in the six-month period ($714 thousand in 2008).

- Resulting net loss in the second quarter was $796 thousand ($1.06 million in 2008) and $1.51 million for the six months ended December 31, 2009 ($2.17 million in 2008), representing improvements of 25 and 30 percent respectively.

- As at December 31, 2009, Cash and cash equivalents totaled $1.12 million, working capital was $1.10 million and the Company had no long term debt. Results of Operations: THE MEDIPATTERN CORPORATION UNAUDITED STATEMENTS OF OPERATIONS AND DEFICIT FOR THE 3 AND 6 MONTHS ENDED DECEMBER 31, 2009 AND 2008 ---------------------------------------------------------------------------- December 31, December 31, December 31, December 31, 2009 2008 2009 2008 UNAUDITED UNAUDITED UNAUDITED UNAUDITED ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- (6 months) (6 months) (3 months) (3 months) REVENUES: Licensing fees $ 18,130 $ 26,092 $ 16,010 $ 26,092 Professional fees - 122,343 - 46,369 ------------ ------------ ----------- ------------ 18,130 148,435 16,010 72,461 OPERATING EXPENSES: Research and development 466,308 885,332 245,730 465,839 Administration and product support 551,887 768,097 290,596 376,985 Sales and marketing 480,617 714,018 262,167 323,788 Foreign exchange 13,072 (39,180) 3,053 (28,995) Investment income (1,825) (42,829) (546) (14,861) Amortization of property and equipment 20,985 28,664 10,638 14,416 ------------ ------------ ----------- ------------ 1,531,044 2,314,102 811,638 1,137,172 ---------------------------------------------------------------------------- NET LOSS AND COMPREHENSIVE LOSS $ (1,512,914) $ (2,165,667) $ (795,628) $ (1,064,711) ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- For further details concerning Medipattern's results, please see the Company's filings on SEDAR. (www.sedar.com). 2010 Upcoming Events: - National Consortium of Breast Centers March 20, 21, Las Vegas, NV (NCBC 2010) - Intensive Breast Ultrasound Course April 13 to 16, Las Vegas, NV About The Medipattern Corporation:

Medipattern® is a pioneer in the development of medical software solutions that help improve imaging workflow and productivity. Our first-to-market, award-winning B-CAD® advances breast ultrasound computer aided detection (CAD) by streamlining workflow and organizing information into a comprehensive patient record. Medipattern uses its Cadenza™ CAD Technology to power the digital conversion in medical communications. B-CAD automatically creates fully digital standardized worksheets and reports that make every practice more efficient, productive and ultimately more effective. For more information, please visit the Company's website at: www.medipattern.com.

B-CAD® and Medipattern® are a registered mark 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.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.


Contacts:
The Medipattern Corporation
Jeff Collins, CEO
(416) 744-0009 ext. 224
jcollins@medipattern.com

Spinnaker Capital Markets Inc.
Kevin O'Connor
(416) 962-3300 ext. 226
ko@spinnakercmi.com


Read at BioSpace.com


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