Canadian magnetoencephalography (MEG) developer VSM MedTech of Vancouver, British Columbia, reported fiscal 2004 (end-December 31) revenues of $7.4 million Canadian ($6.13 million U.S.), compared with $11.4 million ($9.4 million) for the 2003 fiscal year.
The firm attributed the decline to its adoption of an enhanced product revenue recognition policy for all MEG system orders dating back to the end of the third quarter of fiscal 2003, whereby revenue would be recognized upon delivery and acceptance by the customer. The company said that revenue from orders received prior to the end of the third quarter of fiscal 2003 was recognized under the percentage-of-completion accounting method.
The company posted a consolidated net loss for the fiscal year of $19.4 million ($16.1 million), a sharp increase compared with a consolidated net loss of $10.4 million ($8.6 million) for fiscal 2003.
In other news, VSM reported that it has cancelled its program to develop and commercialize a hybrid MEG/MRI system, and is terminating a licensing agreement with the University of California's Lawrence Berkeley National Laboratory under which VSM had licensed Berkeley Lab's ultra-low-field MRI technology.
VSM also said that Ryan Males, its vice president of marketing and communications, has left the firm to pursue other opportunities. The company said it has no immediate plans to fill the position.
By AuntMinnie.com staff writers
March 16, 2005
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VSM to showcase new MEG electronics, November 24, 2004
VSM sells MEG to France, December 31, 2003
VSM places MEG in Munster, December 11, 2003
VSM taps Price as CEO, December 5, 2003
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