Image management software developer Cedara Software reported a net loss for its third quarter (end-March 31), despite a 31% increase in revenues. The Mississauga, Ontario, company said the net loss was due to factors related to its involvement in Surgical Navigation Specialists, an image-guided therapy joint venture of which Cedara is majority owner.
For the quarter, Cedara reported net sales of US$10.6 million, compared with sales of $8.2 million in the same period a year ago. The company said it has enjoyed strong growth in its core software development business, which creates products for the PACS and image processing markets.
The company's net loss was $80,000, compared with net income of $258,000 in the third quarter of 1999. Surgical Navigation Specialists experienced a delay in the roll-out of a new software platform, while an accounting change at SNS reduced earnings by $464,000. This amount will be recovered from SNS profits in future quarters, Cedara reported.
By AuntMinnie.com staff writers
May 11, 2000
