Digital radiography vendor Imaging Dynamics (IDC) survived a lackluster fourth quarter to post a double-digit gain in revenues in 2011 (end-December 31).
Revenues increased 40% to $7.6 million U.S. last year, compared with $5.4 million in 2010. IDC's year-end net loss shrank to $1.9 million, compared with a net loss of $4.2 million in 2010.
In the fourth quarter, IDC's revenues decreased 13% to $1.7 million, compared with $2 million in the same quarter of 2010. The company's net loss for the fourth quarter was $300,000, compared with a net loss of $700,000 in the fourth quarter of 2010.
In a prepared statement, IDC President and CEO Swapan Kakumanu described the company's fourth-quarter results as "slightly below our expectations with respect to revenue and gross margins, but we continued to reduce overhead expenses and manage our tight working capital."
