Merge Healthcare capped what the healthcare IT and advanced visualization developer described as a "very difficult year" by finally filing its financial statements for 2007.
The Milwaukee-based company also announced that it is continuing to pursue "all possible strategic options in an effort to address its current liquidity situation."
Revenue in 2007 totaled $59.6 million, down 20% from $74.3 million in 2006. The company's net loss for 2007 decreased to $171.6 million, compared with a net loss of $258.9 million in 2006.
For the fourth quarter (end-December 31), revenues increased to $15.6 million, compared with $12.9 million in the same quarter of 2006. The net loss for the quarter was $9.6 million, compared with a net loss of $31.4 million in the same quarter of 2006. The fourth-quarter 2007 net loss includes a $1.2 million charge for the write-down to the estimated fair market value of an investment in the equity of Cedara Software of Mississauga, Ontario.
Merge had $30.6 million in current assets as of December 31, a figure that included $14 million in cash and another $11.8 million in accounts receivable. The company said that senior management is "very focused on cash preservation and the infusion of additional capital," and is debating "all strategic options." The company added that it is working with local management teams for business units in Paris and Nuenen, Netherlands, to spin off these businesses.
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