PET manufacturer Positron's independent auditor has expressed substantial doubt as to the firm's ability to continue as a going concern, according to the company's recent 10-KSB filing with the U.S. Securities and Exchange Commission.
As of December 31, 2001, Positron had cash and cash equivalents of $635,000, compared to $2.2 million on December 31, 2000. Positron said it utilized a significant amount of its available cash in 2001 to fund operating activities, and that more operating losses and deficits are possible in the future.
The company will need to increase system sales to become profitable or obtain additional capital, the Houston-based firm said. Positron had an accumulated deficit of $54.7 million as of December 31, 2001. Since commencing operations in 1986, the company has installed 14 Posicam systems in the U.S., and five at institutions abroad.
By AuntMinnie.com staff writersApril 2, 2002
Related Reading
Positron partners with HealthCare Concepts, January 14, 2002
Positron sells first PET scanner in south Texas, November 27, 2001
Positron revenues slip, November 12, 2001
Positron revenues dip in Q2, August 13, 2001
Positron gets loan from Imatron, July 24, 2001
Copyright © 2002 AuntMinnie.com
