Liquidity and Capital Resources

Cash at June 30, 2013, totaled $13.7 million and accounts receivable were $13.6 million. These funds, together with ongoing operating cash flow, will be used to fund the company's working capital and for general corporate purposes.


Backlog1

During the 2013 second quarter, $6.2 million in new orders were received and $10.2 million of backlog was converted into revenues. The change in the U.S. dollar versus the foreign currencies of the orders in backlog resulted in a marginal increase in the value of the backlog. Backlog at June 30, 2013, was $111.0 million and comprised of $59.3 million of system orders and $51.7 million in service contracts.

Other Developments:

IMRIS receives FDA 510K clearance for first ceiling-mounted intraoperative CT solution - On July 22, 2013, IMRIS announced U.S. Food and Drug Administration 510K clearance to market VISIUS iCT, the first and only ceiling-mounted intraoperative computed tomography (iCT) on the market. VISIUS iCT is a state-of-the-art surgical theatre that provides personalized dose management together with diagnostic quality imaging during the surgical procedure to assist surgeons in critical decision making. The 64-slice scanner effortlessly moves into and out of the operating room during surgery using ceiling-mounted rails to ease workflow. This enables multiple room configurations to meet both clinical requirements and increase utilization without compromising image quality or exam speed.

CE Mark Approval for VISIUS iCT - IMRIS received CE Mark for the VISIUS iCT system. The company expects to launch the system through its direct sales and distributors in Europe in the 2013 third quarter.

Le Bonheur Children's Hospital credits VISIUS iMRI with reducing brain tumor re-surgery rates two years post adoption - On June 26, 2013, IMRIS reported that Le Bonheur Children's Hospital in Memphis, Tennessee, is crediting intraoperative MRI (iMRI) within the VISIUS Surgical Theatre with reducing returns to the operating room for residual tumor removal by 84 percent over two years. The VISIUS Surgical Theatre at Le Bonheur provides neurosurgeons with on-demand access to real-time structural brain images before, during or after a procedure without moving patients from the surgical table as the iMRI moves between rooms using ceiling rails. The multifunctional neurosurgical environment, installed in 2011, also allows for surgery in one room and diagnostic scanning in another room, in addition to intraoperative imaging.

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