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IMRIS reports second quarter 2010 results

^{Published on 2010-08-05 13:51:32 - Market Wire}
 

 Q2 2010 Highlights: - Sales increased 70% to $16.8 million over Q2 2009 - Gross profit improved by 43% from Q2 2009 to $6.3 million - Installed customer base increased 44% year over year to 23 systems across four continents - China's PLA 301 hospital launches international IMRISneuro training centre 

 Financial Highlights: ------------------------------------------------------------------------- ($ 000's except per 3 months ended June 30 6 months ended June 30 share amounts ----------------------------------------------------- (unaudited) 2010 2009 Change 2010 2009 Change ------------------------------------------------------------------------- Sales 16,751 9,828 70% 29,299 14,632 100% ------------------------------------------------------------------------- Gross profit 6,349 4,429 43% 11,434 6,276 82% ------------------------------------------------------------------------- Gross profit as % of sales 37.9% 45.1% n/m(1) 39.0% 42.9% n/m ------------------------------------------------------------------------- Operating expenses 8,366 6,765 24% 15,298 12,584 22% ------------------------------------------------------------------------- EBITDA(2) (1,129) (1,809) 38% (2,126) (5,282) 60% ------------------------------------------------------------------------- Operating loss before (2,017) (2,336) 14% (3,864) (6,308) 39% ------------------------------------------------------------------------- Foreign exchange gain (loss) 146 (961) n/m 13 (624) n/m ------------------------------------------------------------------------- Interest income 6 1 n/m 10 5 n/m ------------------------------------------------------------------------- Net loss (1,865) (3,296) 43% (3,841) (6,927) 45% ------------------------------------------------------------------------- Basic & diluted loss per share (0.06) (0.12) 50% (0.12) (0.25) 52% ------------------------------------------------------------------------- Cash, cash equivalents & accounts receivable(3) 25,428 21,191 20% 25,428 21,191 20% ------------------------------------------------------------------------- Total assets 61,364 41,945 46% 61,364 41,945 46% ------------------------------------------------------------------------- ---------------------------------- (1) Not meaningful. (2) EBITDA is defined as earnings before interest income (expense), foreign exchange gain (loss) taxes and amortization. See "Non-GAAP Financial Measures" in the Company's Q2 2010 MD&A for a reconciliation of EBITDA to GAAP measures. (3) Includes restricted cash pledged as security for letters of credit on certain system installations. 

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 ------------------------------------ (4) See "Non-GAAP Financial Measures" in the Company's Q2 2010 MD&A for further information on backlog.