Liquidity and Capital Resources
Cash at September 30, 2012 totaled $28.4 million. In addition, the Company had accounts receivable of $9.2 million. These funds, together with ongoing operating cash flow, will be used to fund the Company's working capital and general corporate purposes.
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Backlog3
At September 30, 2012, IMRIS's backlog was $127.5 million. During the third quarter of 2012, $11.6 million of backlog was converted into revenues and $18.2 million in new orders were received. The change in the US dollar versus the foreign currencies of the orders in backlog resulted in a $1.0 million increase in the value of the backlog. Total backlog at September 30, 2012 was comprised of $84.7 million of system orders and $42.8 million in service contracts. The Company evaluates backlog and individual order conversion on a regular basis and its experience is that orders typically convert into revenues over 12 to 18 months on average. One order in backlog which is valued at approximately $9.6 million has not proceeded at a rate that is consistent with the typical experience by the Company. While the customer has not informed IMRIS of any change in its plans, the Company is continuing to monitor the order.
Other Developments
Global Partnership with KARL STORZ - In September 2012, IMRIS entered into a global partnership with KARL STORZ GmbH & Co. KG that will see the OR1 technology from KARL STORZ integrated into IMRIS's VISIUS Surgical Theatre. OR1 provides centralized control of systems and equipment within the operating room, integrating an array of key OR devices and environmental components to further enhance the capabilities of the VISIUS Surgical Theatre.
Jay D. Miller Joins IMRIS as President and COO -- On September 7, 2012 IMRIS announced the appointment of Jay Miller as President and COO of the Company. Mr. Miller has extensive technical and managerial experience in the medical device industry. Prior to joining IMRIS he was the President and CEO of Zonare Medical Systems; President & CEO, of Vital Images Inc., and held senior roles in both GE Healthcare and Siemens Healthcare.
US Patent Allowance and First Product Clearance in Image Guided Radiation Therapy Business -- On September 5, 2012 IMRIS announced it had been allowed the U.S. patent for MR Guided Radiation Therapy involving the combination of radiation therapy and a moveable magnet system. In addition, the Company also announced that the U.S. Food & Drug Administration had recently cleared the first of several products in its MR Guided Radiation Therapy business.
