Molecular imaging services provider Molecular Imaging has appointed Kenneth Frederick as CEO, effective immediately.
Frederick, who has served on the San Diego-based firm's board of directors since June, has held executive positions at companies such as Symmorphix, Picarro, Stratum Technologies, and Raychem. He replaces former Molecular Imaging CEO Paul Crowe, who left the firm in September.
In other Molecular Imaging news, the firm reported fiscal 2004 revenues of $21.2 million, up 1.5% compared to fiscal 2003 revenues of $20.9 million. For the year (end-June 30), Molecular Imaging had a net loss of $8.8 million, compared to net income of $964,000 last year.
Of the $8.8 million loss, $3.3 million was attributed to an impairment charge related to the decreased value of the firm's molecular imaging scanners in light of widespread adoption of PET/CT systems. An additional approximately $1.5 million was due to costs related to initial cyclotron operations, increased depreciation due to a change in the estimated useful life of the company's molecular imaging scanners, and write-offs of bad debt related to discontinued molecular imaging projects, according to the firm.
By AuntMinnie.com staff writers
October 14, 2004
Molecular Imaging CEO resigns, September 20, 2004
Molecular Imaging, CCP sign distribution deal, August 24, 2004
Molecular Imaging nets Kaweah Delta, June 11, 2004
Molecular Imaging requests de-listing from Berlin exchange, June 11, 2004
Copyright © 2004 AuntMinnie.com
