Healthcare IT and advanced visualization developer Merge Healthcare of Milwaukee announced Monday that it was delaying the filing of its 2007 annual report with the U.S. Securities and Exchange Commission.
The company said that the delay is due to the restatement of its 2006 annual report and 2007 first-quarter report, which caused the company to be late in filing its reports for the second and third quarters of 2007. The restatement for those quarters is now complete, but as a result the firm was not able to meet the March 17 deadline for its fourth-quarter and year-end 2007 reports.
The company said that changes in its operating results will be reflected in earnings for its 2007 fiscal year compared to 2006. In addition, the company said that its balance of cash and cash equivalents stood at $14 million as of December 31, compared to $45.9 million on December 31, 2006.
The company expects to post a loss of $171.3 million on revenue of $59.6 million for 2007, compared to a net loss of $258.9 million on $74.3 million in revenue for 2006. The principal difference in the size of the company's losses relates to one-time charges for impairment of goodwill, the company said.
Merge expects to file its 2007 annual report no later than April 1, the company said.
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