The parent company of advanced visualization firm Medicsight of London and radiology Web portal Medicexchange reported a narrower loss for fiscal 2007 as the company began generating its first revenues.
For the year (end-December 31), MGT Capital Investments posted revenues of $86,000, compared with no revenues in fiscal 2006. The company said the revenue number represented sales from both Medicsight software licenses and online advertising, as well as offline service revenues from Medicexchange.
MGT's net loss for the year was $13.8 million, compared with a net loss of $14.9 million in 2006. The decrease in the net loss for fiscal 2007 is mostly due to the increase in amounts attributable to minority interests that increased significantly following the Medicsight initial public offering.
The company said it had cash and cash equivalents of $94.6 million as of December 31, compared to $24.7 million on December 31, 2006. The increase is due to the net proceeds of $85.6 million that the company received following the listing in 2007 of Medicsight on the Alternative Investment Market (AIM) exchange of the London Stock Exchange, and MGT's sell-off of Medicsight shares.
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