Losses from Cedara Software's Surgical Navigation Specialists subsidiary weighed heavily on the firm's fourth quarter and fiscal year results. The Mississauga, Ontario-based firm reported revenues from continuing operations of $8.7 million (U.S.) in its fourth quarter, up 74% compared with the $5 million posted last year.
For the period (end-June 30), Cedara generated a net loss, including its discontinued SNS operations, of $28.6 million. The SNS unit contributed $21.1 million to the net loss. In the fourth quarter of fiscal 2000, Cedara had a net loss of $4.6 million.
For the fiscal year, Cedara reported revenues from continuing operations of $29.3 million, up 5.8% compared with $27.7 million in fiscal 2000. Including its discontinued SNS operations, the company had a net loss of $42.6 million, however, compared with a net loss of $4.2 million last year.
In other Cedara financial news, the company has been notified by certain promissory note holders that it is in default under the notes' terms. In addition, Cedara has not paid amounts under its agreement with Carl Zeiss.
The firm is currently in negotiations to settle the payments due to the note holders, and is working to postpone and reduce payments to Zeiss. Cedara also is negotating with its bank lender to set up an operating line of credit. The company said that its ability to continue as a going concern will depend on its ability to return to profitable operations and secure adequate financing for these operations.
By AuntMinnie.com staff writersNovember 13, 2001
Related Reading
Analogic buys into Cedara, September 28, 2001
Cedara gets creditor protection for SNS, August 15, 2001
Cedara forges partnership with Inqgen, August 2, 2001
Cedara adds text reporting to cardiology line, March 22, 2001
Cedara lands $6 million investment, December 26, 2000
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