Canadian magnetoencephalography (MEG) developer VSM MedTech of Vancouver, British Columbia, reported fiscal 2005 first-quarter (end-March 31) revenues of $4.1 million Canadian ($3.3 million U.S.), a sharp turnaround compared with the $900,000 in sales ($719,000) posted for the same period in fiscal 2004.
According to the firm's president and CEO Jack Price, VSM's MEG sales pipeline continued to strengthen in the first quarter. However, due to the nature of the MEG sales cycle, the finalization of MEG contracts continues to be sporadic.
The company posted a consolidated net loss for the quarter of $2.6 million ($2 million), an improvement compared with a consolidated net loss of $5 million ($3.9 million) for the first quarter in 2004.
By AuntMinnie.com staff writers
May 13, 2005
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VSM posts '04 downturn, March 16, 2005
VSM gets DARPA contract, December 21, 2004
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
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