Nuclear medicine firm Digirad reported a decline in first-quarter revenue and net income compared with the prior year's first quarter.
The company reported revenue of $11.5 million for the first quarter (end-March 31), down 12% from $13 million in the prior year. The firm's net loss for the quarter was $2.4 million, compared with $1.3 million in the first quarter of fiscal 2012.
Revenue generated by its Diagnostic Imaging division was also lower, at $2.6 million, compared with $3.7 million in the first quarter of 2012. The lower revenue reflects disruptions due to deployment of the company's restructuring plan, Digirad said. The restructuring is expected to reduce annual operating costs by $3 million to $4 million.
