WINNIPEG /PRNewswire/ - IMRIS Inc. (NASDAQ: IMRS; TSX: IM) ("IMRIS" or the "Company") today reported its results for the third quarter of 2012. All figures are reported in US dollars.
Highlights:
Third quarter order bookings of $18 million contribute to YTD 2012 orders of $64 million
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Backlog increases 34% in first nine months to a record $128 million at September 30, 2012
Two VISIUS Surgical Theatres sold in third quarter to hospitals in the U.S. and China
Appointment of Jay D. Miller as IMRIS President & COO strengthens operational leadership
Oncology package for planned MR guided radiation therapy system receives FDA approval
U.S. patent allowed for MR guided radiation therapy
During the third quarter of 2012, IMRIS received orders for two VISIUS Surgical Theatres continuing the trend seen in the first half of the year and bringing total order bookings in the first nine months to $64.3 million which includes eight new VISIUS Surgical Theatre sales. Revenues were $11.6 million in the quarter compared with $7.2 million in the third quarter of 2011 and during the first nine months of the year were $32.3 million compared with $37.1 million in the same period in 2011. Net loss in the third quarter was $8.5 million, unchanged from the third quarter of 2011. Net loss in the first nine months of 2012 was $21.2 million compared with $16.0 million in the first nine months of 2011.
Revenues
Total revenues increased by 61% to $11.6 million in the third quarter of 2012 compared with $7.2 million in the third quarter of 2011. VISIUS Surgical Theatre delivery activities increased over the same period in 2011 resulting in a $4.0 million increase in system revenue compared to the same quarter in 2011. Also contributing to the improvement in third quarter results were service contract revenues which increased 42% million to $1.3 million as a result of an increase in the installed base of VISIUS Surgical Theatres which have transitioned from warranty to service programs.
For the nine months ended September 30, 2012, total revenues were $32.3 million compared with $37.1 million during the same period in 2011. In 2012, revenues from the installation of VISIUS Surgical Theatres decreased by $6.1 million from the same period in 2011 due to lower scheduled conversion of product backlog into deliveries and changes in product mix between the two periods. This decrease was partly offset by higher service contract revenues which increased to $3.6 million, or by 51% from the same period in 2011, reflecting a larger installed base of VISIUS Surgical Theatres in 2012 versus 2011.
