Click here to close now.

Welcome!

.NET Authors: Andreas Grabner, Pat Romanski, Elizabeth White, Tad Anderson, Gregor Petri

News Feed Item

Medipattern Reports Highlights and Results for Q1 2013

TORONTO, ONTARIO -- (Marketwire) -- 11/30/12 --

Attention: Business/Financial Editors

The Medipattern Corporation ("Medipattern" or "Company") (TSX VENTURE:MKI), is pleased to report first quarter highlights and results of operations from the Company's 2013 financial year, to September 30, 2012.

HIGHLIGHTS FOR THE QUARTER:


--  Increased Visualize: Vascular(TM) customer base to a total of 46
    customers which provide services in a combined total of 272 sites. 
    
--  Processed 1,243 cases in the quarter. 
    
--  Completed the acquisition of Mytrak Health Systems Inc.'s Mobile
    Technology Business Unit ("mHealth division") in conjunction with a $1.8
    million financing. 

"The customer base for our vascular product line continues to grow. We are refining the installation and training to streamline our start up process for Visualize: Vascular(TM) customers. We have implemented a cloud based system for delivery of medical images and reports for our customers so we can begin to scale the solution as we anticipate increased scanning volume. This new delivery system will enable our customers to begin to increase their volumes as we transition many of them from pre-revenue test scanning to contracted primary workload cases," stated Jeff Collins, CEO of The Medipattern Corporation. "The company also introduced its wearable mobile health device, SMARTCOACH(TM), into its Visualize: Vascular(TM) customer base. The medical community appreciates the device's ability to highlight heart activity and monitor the intensity of physical activity. Zwanger-Pesiri Radiology is utilizing SMARTCOACH(TM) as a method to encourage all 600 of their employees to meet their individual wellness goals, emphasizing that the entire organization benefits when the team is in good health."

"A new case study shows that Visualize: Vascular(TM) improved the Physician's ability to better identify those patients at risk to stroke," Collins stated. "The paper was presented at the Annual Meeting of the Society of Radiologists in Ultrasound, a division of the American College of Radiology. The paper shows that Visualize's 3D rendering results have a greater than 99% correlation to Magnetic Resonance Angiography (MRA). Each case was run with the standard of care: Carotid Ultrasound and MRA, and then with Visualize. Angiography is the gold standard for determining vascular integrity. The study shows that the standard of care Carotid Ultrasound only agreed with MRA 75% of the time. Using Visualize's 3D with Carotid Ultrasound improved diagnostic accuracy to the same level as angiography, bringing the accuracy of angiography to ultrasound. Clinical results continue to strongly substantiate the benefits of our vascular product line."

Collins continues, "Medipattern is positioned well to continue growing its vascular product line and increase delivery of its mHealth division products through this channel."

Financial Highlights for Q1 Fiscal 2013:


--  Revenue totaled $100,743 for the three month period ended September 30,
    2012 (Q1 Fiscal 2013) versus $6,504 for Q1 Fiscal 2012. Of the $94,239
    increase, device and accessories sales from the new mHealth division
    accounted for $76,399, subscription fees for Visualize: Vascular(TM), B-
    CAD-FOR-LIFE(TM) and SMARTCOACH(TM) accounted for $14,344 and $10,000
    from the sale of B-CAD(r) licenses. Throughout Q1 2013 the Company
    continued to focus its core R&D resources and marketing expertise on
    meeting its iaHealth division deadlines for final commercialization of
    its Visualize: Vascular(TM) software, while improving the customer user
    experience and device interface on its mHealth division technology
    platform. As a consequence, no licensing or professional fees were
    earned in the quarter (Q1 2012 - $nil); 
    
--  Non-interest operating expenses in Q1 Fiscal 2013 totaled $1,291,287
    versus $581,029 for Q1 Fiscal 2012, an overall increase of 122%. Of the
    $710,258 increase, $403,492 was attributable to the addition of the new
    mHealth division, while related acquisition costs, increased patent fees
    and higher share-based compensation accounted for the balance of the
    increased expenses. The Company remains committed to controlling all
    discretionary non-interest spending until operating cash flow improves
    and new financing is arranged; 
    
--  Total interest expense (including accreted interest on Convertible Debt)
    for Q1 Fiscal 2013 increased 68% to $201,279 (Q1 2012 - $120,097) as a
    result of the commencement of 8% interest due on certain Convertible
    Notes starting on January 1, 2012; 
    
--  In Q1 Fiscal 2013 the Company also recorded 2 significant non-cash
    items; one, a fair value gain on embedded conversion options in its 2010
    Convertible Notes of $619,765 (Q1 - 2012 - $39,287) and two, a goodwill
    impairment provision on its recently acquired mHealth division of
    $1,764,584; 
    
--  Resulting net loss for Q1 Fiscal 2013 was $2,549,663 ($0.03 per share)
    versus $653,096 ($0.01 per share) for Q1 fiscal 2012; 
    
--  As at September 30, 2012, cash totaled $238,733 (June 30, 2012 -
    $348,732), current assets, including short-term investments of $272,689
    (June 30, 2012 - $271,665), were $1,549,431 (June 30, 2012 - $870,989)
    and current liabilities were $1,050,475 (June 30, 2012 - $355,636).
    Working capital at September 30, 2012 totaled $498,956 (June 30, 2012 -
    $515,353), total assets totaled $3,108,838 (June 30, 2012 - $922,373)
    and total liabilities were $6,814,934 (June 30, 2012 - $6,652,560).

Subsequent to September 30, 2012


--  The Company initiated significant cost reduction initiatives to minimize
    monthly cash expenses and allow available financial resources to focus
    specifically on revenue generation. Included in these cash containment
    measures is senior management's (including its NEO's) agreement to
    receive no or reduced salaries until sufficient new liquidity is
    achieved through either new capital financing or enhanced revenue
    generation. 
    
--  November 7, 2012, the Company announced it had arranged a term debt
    facility ('Facility") to provide up to $1,000,000 of working capital.
    The Facility calls for advances to be made monthly to the Company,
    initially for $100,000. The Notes will expire on June 30, 2013, and will
    bear interest at 6% per annum. The Notes will be secured by a general
    security agreement over all the assets of the Company, in priority to
    all existing security interests granted by the Company. The closing of
    the Facility and the initial $100,000 advance is subject to completion
    of definitive agreements and TSX Venture Exchange approval. Medipattern
    and its Board have agreed the holders of the Notes have the right to
    appoint up to two representatives as directors of Medipattern's Board.
    To date, this Facility has not closed and no funds have been advanced. 
    

                                                                            
                         THE MEDIPATTERN CORPORATION                        
                                                                            
     UNAUDITED CONDENSED STATEMENT OF OPERATIONS and COMPREHENSIVE LOSS     
           FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2012 AND 2011           
                                                                            
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                 Three Months  Three Months 
                                                        Ended         Ended 
                                                    September     September 
                                                          30,           30, 
                                                         2012          2011 
                                                 ---------------------------
                                                 ---------------------------
Revenues                                                                    
  Devices and accessories                         $    76,399   $         - 
  Licensing fees                                       10,000             - 
  Professional fees                                         -             - 
  Subscription rental fees                             14,344         6,504 
                                                 ------------- -------------
                                                      100,743         6,504 
                                                 ------------- -------------
Expenses                                                                    
  Cost of Sales                                        70,549             - 
  Research and development                            331,273       260,530 
  Administration and product support                  752,935       209,910 
  Sales and marketing                                 136,530       110,589 
  Interest on convertible debt                        117,547        49,943 
  Accretion of interest on convertible debt            83,732        70,154 
  Unrealized gain on convertible debt conversion                            
   option                                            (619,765)      (39,287)
  Goodwill impairment provision                     1,764,584             - 
  Foreign exchange loss (gain)                          6,488          (271)
  Investment income                                    (2,165)       (9,762)
  Depreciation of property and equipment                8,697         7,794 
                                                 ------------- -------------
                                                    2,650,406       659,600 
                                                 ------------- -------------
                                                                            
Net loss and total comprehensive loss             $(2,549,663)  $  (653,096)
                                                 ------------- -------------
                                                 ------------- -------------
                                                                            
Loss per share - basic and diluted                $     (0.03)  $     (0.01)
                                                 ------------- -------------
                                                 ------------- -------------
                                                                            
Weighted average number of common shares                                    
outstanding                                        75,286,469    57,404,579 
                                                 ------------- -------------
                                                 ------------- -------------

About the Medipattern Corporation:

Medipattern(r) is the award-winning leader in the development and commercialization of healthcare solutions that positively impact people's lives through the prevention of disease and analysis of medical images and data. Medipattern's Knowledge-based Informatics (MKI) platform enables delivery of these streamlined solutions. Medipattern mHealth uses patented prevention technologies to engage, coach and monitor people in achieving their personalized goals. Medipattern iaHealth uses patented pattern recognition technology to analyze medical data to aid medical practitioners in the assessment of disease and critical anatomy. For more information, please visit the Company's website: www.medipattern.com.

Medipattern(r) and B-CAD(r) are registered marks of The Medipattern Corporation. Visualize:Vascular(TM) is a trademark of the Medipattern Corporation.

Forward-looking statements

This document contains forward-looking statements relating to Medipattern's performance, operations, or business environment. These statements are based on what we believe are reasonable assumptions given currently available information and our understanding of Medipattern's current activities. We have tried, whenever possible, to identify these forward-looking statements using words such as "anticipates'', "believes'', "estimates'', "expects'', "plans'', "intends'', "potential'', and similar expressions. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict or control. A number of factors could cause actual outcomes and results to differ materially from those expressed in forward-looking statements. These factors include but are not limited to those set forth in the Company's corporate filings, (posted at www.sedar.com). In addition, these forward-looking statements relate to the date on which they are made. The Company disclaims any intention or obligation to update or revise any forward-looking statements for any reason. Readers should not rely on forward-looking statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
Hadoop as a Service (as offered by handful of niche vendors now) is a cloud computing solution that makes medium and large-scale data processing accessible, easy, fast and inexpensive. In his session at Big Data Expo, Kumar Ramamurthy, Vice President and Chief Technologist, EIM & Big Data, at Virtusa, will discuss how this is achieved by eliminating the operational challenges of running Hadoop, so one can focus on business growth. The fragmented Hadoop distribution world and various PaaS solutions that provide a Hadoop flavor either make choices for customers very flexible in the name of opti...
Even as cloud and managed services grow increasingly central to business strategy and performance, challenges remain. The biggest sticking point for companies seeking to capitalize on the cloud is data security. Keeping data safe is an issue in any computing environment, and it has been a focus since the earliest days of the cloud revolution. Understandably so: a lot can go wrong when you allow valuable information to live outside the firewall. Recent revelations about government snooping, along with a steady stream of well-publicized data breaches, only add to the uncertainty
The Workspace-as-a-Service (WaaS) market will grow to $6.4B by 2018. In his session at 16th Cloud Expo, Seth Bostock, CEO of IndependenceIT, will begin by walking the audience through the evolution of Workspace as-a-Service, where it is now vs. where it going. To look beyond the desktop we must understand exactly what WaaS is, who the users are, and where it is going in the future. IT departments, ISVs and service providers must look to workflow and automation capabilities to adapt to growing demand and the rapidly changing workspace model.
SYS-CON Events announced today that Dyn, the worldwide leader in Internet Performance, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Dyn is a cloud-based Internet Performance company. Dyn helps companies monitor, control, and optimize online infrastructure for an exceptional end-user experience. Through a world-class network and unrivaled, objective intelligence into Internet conditions, Dyn ensures traffic gets delivered faster, safer, and more reliably than ever.
As organizations shift toward IT-as-a-service models, the need for managing and protecting data residing across physical, virtual, and now cloud environments grows with it. CommVault can ensure protection &E-Discovery of your data – whether in a private cloud, a Service Provider delivered public cloud, or a hybrid cloud environment – across the heterogeneous enterprise. In his session at 16th Cloud Expo, Randy De Meno, Chief Technologist - Windows Products and Microsoft Partnerships, will discuss how to cut costs, scale easily, and unleash insight with CommVault Simpana software, the only si...
Cloud data governance was previously an avoided function when cloud deployments were relatively small. With the rapid adoption in public cloud – both rogue and sanctioned, it’s not uncommon to find regulated data dumped into public cloud and unprotected. This is why enterprises and cloud providers alike need to embrace a cloud data governance function and map policies, processes and technology controls accordingly. In her session at 15th Cloud Expo, Evelyn de Souza, Data Privacy and Compliance Strategy Leader at Cisco Systems, will focus on how to set up a cloud data governance program and s...
Roberto Medrano, Executive Vice President at SOA Software, had reached 30,000 page views on his home page - http://RobertoMedrano.SYS-CON.com/ - on the SYS-CON family of online magazines, which includes Cloud Computing Journal, Internet of Things Journal, Big Data Journal, and SOA World Magazine. He is a recognized executive in the information technology fields of SOA, internet security, governance, and compliance. He has extensive experience with both start-ups and large companies, having been involved at the beginning of four IT industries: EDA, Open Systems, Computer Security and now SOA.
The industrial software market has treated data with the mentality of “collect everything now, worry about how to use it later.” We now find ourselves buried in data, with the pervasive connectivity of the (Industrial) Internet of Things only piling on more numbers. There’s too much data and not enough information. In his session at @ThingsExpo, Bob Gates, Global Marketing Director, GE’s Intelligent Platforms business, to discuss how realizing the power of IoT, software developers are now focused on understanding how industrial data can create intelligence for industrial operations. Imagine ...
Operational Hadoop and the Lambda Architecture for Streaming Data Apache Hadoop is emerging as a distributed platform for handling large and fast incoming streams of data. Predictive maintenance, supply chain optimization, and Internet-of-Things analysis are examples where Hadoop provides the scalable storage, processing, and analytics platform to gain meaningful insights from granular data that is typically only valuable from a large-scale, aggregate view. One architecture useful for capturing and analyzing streaming data is the Lambda Architecture, representing a model of how to analyze rea...
SYS-CON Events announced today that Vitria Technology, Inc. will exhibit at SYS-CON’s @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Vitria will showcase the company’s new IoT Analytics Platform through live demonstrations at booth #330. Vitria’s IoT Analytics Platform, fully integrated and powered by an operational intelligence engine, enables customers to rapidly build and operationalize advanced analytics to deliver timely business outcomes for use cases across the industrial, enterprise, and consumer segments.
The Internet of Things (IoT) promises to evolve the way the world does business; however, understanding how to apply it to your company can be a mystery. Most people struggle with understanding the potential business uses or tend to get caught up in the technology, resulting in solutions that fail to meet even minimum business goals. In his session at @ThingsExpo, Jesse Shiah, CEO / President / Co-Founder of AgilePoint Inc., showed what is needed to leverage the IoT to transform your business. He discussed opportunities and challenges ahead for the IoT from a market and technical point of vie...
Advanced Persistent Threats (APTs) are increasing at an unprecedented rate. The threat landscape of today is drastically different than just a few years ago. Attacks are much more organized and sophisticated. They are harder to detect and even harder to anticipate. In the foreseeable future it's going to get a whole lot harder. Everything you know today will change. Keeping up with this changing landscape is already a daunting task. Your organization needs to use the latest tools, methods and expertise to guard against those threats. But will that be enough? In the foreseeable future attacks w...
HP and Aruba Networks on Monday announced a definitive agreement for HP to acquire Aruba, a provider of next-generation network access solutions for the mobile enterprise, for $24.67 per share in cash. The equity value of the transaction is approximately $3.0 billion, and net of cash and debt approximately $2.7 billion. Both companies' boards of directors have approved the deal. "Enterprises are facing a mobile-first world and are looking for solutions that help them transition legacy investments to the new style of IT," said Meg Whitman, Chairman, President and Chief Executive Officer of HP...
Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 16th Cloud Expo at the Javits Center in New York June 9-11 will find fresh new content in a new track called PaaS | Containers & Microservices Containers are not being considered for the first time by the cloud community, but a current era of re-consideration has pushed them to the top of the cloud agenda. With the launch of Docker's initial release in March of 2013, interest was revved up several notches. Then late last...
Disruptive macro trends in technology are impacting and dramatically changing the "art of the possible" relative to supply chain management practices through the innovative use of IoT, cloud, machine learning and Big Data to enable connected ecosystems of engagement. Enterprise informatics can now move beyond point solutions that merely monitor the past and implement integrated enterprise fabrics that enable end-to-end supply chain visibility to improve customer service delivery and optimize supplier management. Learn about enterprise architecture strategies for designing connected systems tha...
The explosion of connected devices / sensors is creating an ever-expanding set of new and valuable data. In parallel the emerging capability of Big Data technologies to store, access, analyze, and react to this data is producing changes in business models under the umbrella of the Internet of Things (IoT). In particular within the Insurance industry, IoT appears positioned to enable deep changes by altering relationships between insurers, distributors, and the insured. In his session at @ThingsExpo, Michael Sick, a Senior Manager and Big Data Architect within Ernst and Young's Financial Servi...
The explosion of connected devices / sensors is creating an ever-expanding set of new and valuable data. In parallel the emerging capability of Big Data technologies to store, access, analyze, and react to this data is producing changes in business models under the umbrella of the Internet of Things (IoT). In particular within the Insurance industry, IoT appears positioned to enable deep changes by altering relationships between insurers, distributors, and the insured. In his session at @ThingsExpo, Michael Sick, a Senior Manager and Big Data Architect within Ernst and Young's Financial Servi...
PubNub on Monday has announced that it is partnering with IBM to bring its sophisticated real-time data streaming and messaging capabilities to Bluemix, IBM’s cloud development platform. “Today’s app and connected devices require an always-on connection, but building a secure, scalable solution from the ground up is time consuming, resource intensive, and error-prone,” said Todd Greene, CEO of PubNub. “PubNub enables web, mobile and IoT developers building apps on IBM Bluemix to quickly add scalable realtime functionality with minimal effort and cost.”
Sensor-enabled things are becoming more commonplace, precursors to a larger and more complex framework that most consider the ultimate promise of the IoT: things connecting, interacting, sharing, storing, and over time perhaps learning and predicting based on habits, behaviors, location, preferences, purchases and more. In his session at @ThingsExpo, Tom Wesselman, Director of Communications Ecosystem Architecture at Plantronics, will examine the still nascent IoT as it is coalescing, including what it is today, what it might ultimately be, the role of wearable tech, and technology gaps stil...
With several hundred implementations of IoT-enabled solutions in the past 12 months alone, this session will focus on experience over the art of the possible. Many can only imagine the most advanced telematics platform ever deployed, supporting millions of customers, producing tens of thousands events or GBs per trip, and hundreds of TBs per month. With the ability to support a billion sensor events per second, over 30PB of warm data for analytics, and hundreds of PBs for an data analytics archive, in his session at @ThingsExpo, Jim Kaskade, Vice President and General Manager, Big Data & Ana...