PACS and medical imaging software developer Cedara Software of Mississauga, Ontario has reported 2003 fiscal second-quarter revenues of $5.4 million (U.S.), down 28% from the $7.5 million the company reported in the first quarter last year. For the period (end-December 31, 2002), the Mississauga, Ontario-based vendor had a net loss of $2.5 million, compared with a net loss of $462,000 in the same period in 2001.
Cedara attributed the revenue decline to sharply lower sales of software licenses, for which new orders from customers were down by $2.3 million or 51%. This shortfall was due to a continuing impact of an inventory overhang of licenses held by customers, resulting from Cedara’s bulk sales of licenses in the preceding fiscal year, the company said.
The firm reiterated its guidance for fiscal 2003 full-year revenues of approximately $22.4 million to $24.3 million, down from $30 million in fiscal 2002.
By AuntMinnie.com staff writersFebruary 4, 2003
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