Magnetic source imaging firm Biomagnetic Technologies reported first-quarter revenues of $278,000, compared with $119,000 posted in the same period last year. For the quarter (end-December 31), BTI had a net loss of $1.7 million, compared with a net loss of $1.8 million last year.
Revenues for the first quarter consisted primarily of software upgrades sold to existing customers, compared with primarily service revenue received in the same period last year. In December, BTI received two orders for its Magnes systems, which added $4 million to the company's revenue backlog, according to president and CEO Scott Buchanan.
The San Diego company is in the process of changing its name to 4-D Neuroimaging following its acquisition of Neuromag in December. Following the acquisition, BTI added three more orders to its backlog, for a total current backlog of approximately $9.8 million, according to the firm.
By AuntMinnie.com staff writersFebruary 24, 2000
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