Canadian magnetoencephalography (MEG) developer VSM MedTech of Vancouver, British Columbia, posted an increase in revenues and trimmed its losses for the 2005 fiscal year (end-December 31).
The firm turned in bumpy numbers for its fourth quarter, however. For the period, consolidated revenue was $3.4 million Canadian ($2.9 million U.S.), down 4% from $3.5 million ($3 million) for the same period of 2004. The net loss for the fourth quarter of 2005 was $4.9 million ($4.2 million), a downturn compared with a loss of $4.2 million ($3.6 million) a year earlier.
For the fiscal year, revenue doubled to $11.2 million ($9.6 million), a 51% boost compared with $7.4 million ($6.4 million) in 2004. The net loss declined to $15.9 million ($13.6 million), compared with a net loss of $19.4 million ($16.7 million) for fiscal 2004.
By AuntMinnie.com staff writers
March 24, 2006
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