Quarterly revenues of $10.2 million were in line with expectations;
Sold a second VISIUS® Surgical Theatre in Japan and one service contract for a total of $6.2 million resulting in an ending backlog of $111 million;
Received FDA 510K clearance in the U.S. in July 2013 and CE Mark approval in Europe in August 2013 to sell the VISIUS iCT, the first ceiling-mounted intraoperative CT solution for the spinal and neurosurgical markets;
Issued four new patents. Total portfolio includes 52 patents and patent applications;
Established Medical Advisory Board with world-renowned clinical thought leaders in robotic surgery.
WINNIPEG and MINNEAPOLIS /CNW/ - IMRIS Inc. (NASDAQ: IMRS; TSX: IM) today reported its results for the second quarter ended June 30, 2013. All figures are reported in U.S. dollars. Revenues of $10.2 million for the second quarter were in line with expectations compared with $17.2 million for the same period last year. Net loss in the second quarter was $8.2 million, or $0.16 per diluted share, versus a prior-year net loss of $4.3 million, or $0.09 per diluted share.

Commented Jay D. Miller, president and chief executive officer of IMRIS: "Our second-quarter revenues came in within our expectations and the IMRIS team did a nice job on cost controls. At this stage in the company's growth, a few orders for our large capital equipment can have a significant impact on sales and earnings. We continue to expect order variability from quarter to quarter. We made progress both on the clinical operations front and on our installation maintenance and services business. And we are intently focused on implementing strategies to increase our order bookings, by making our systems easier for hospitals to purchase in today's cost-containment environment. This is a top priority for 2013."

Revenue

Revenue from VISIUS® Surgical Theatres for the second quarter 2013 was $8.0 million lower than a year ago, due to fewer scheduled project deliveries of major system components in the period, partially offset by increased project installation activities at varying stages of completion. Reflecting the Company's focus on building service revenues, extended maintenance contract revenue was $1.0 million higher. The increase was due to additional extended maintenance contracts from a larger installed base of VISIUS Surgical Theatres that have transitioned off warranty to chargeable service programs. Revenue for the six months ended June 30, 2013, was $18.3 million compared with $20.7 million for the same period last year. Changes in product mix, together with lower scheduled installations, contributed to the lower VISIUS Surgical Theatre revenue, which was partially offset by higher revenue from extended maintenance contracts.

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