|By Marketwired .||
|November 30, 2012 06:00 AM EST||
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.
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.
We’ve worked with dozens of early adopters across numerous industries and will debunk common misperceptions, which starts with understanding that many of the connected products we’ll use over the next 5 years are already products, they’re just not yet connected. With an IoT product, time-in-market provides much more essential feedback than ever before. Innovation comes from what you do with the data that the connected product provides in order to enhance the customer experience and optimize busi...
May. 1, 2016 05:00 PM EDT Reads: 916
In his session at @ThingsExpo, Chris Klein, CEO and Co-founder of Rachio, will discuss next generation communities that are using IoT to create more sustainable, intelligent communities. One example is Sterling Ranch, a 10,000 home development that – with the help of Siemens – will integrate IoT technology into the community to provide residents with energy and water savings as well as intelligent security. Everything from stop lights to sprinkler systems to building infrastructures will run ef...
May. 1, 2016 04:00 PM EDT Reads: 875
So, you bought into the current machine learning craze and went on to collect millions/billions of records from this promising new data source. Now, what do you do with them? Too often, the abundance of data quickly turns into an abundance of problems. How do you extract that "magic essence" from your data without falling into the common pitfalls? In her session at @ThingsExpo, Natalia Ponomareva, Software Engineer at Google, will provide tips on how to be successful in large scale machine lear...
May. 1, 2016 01:45 PM EDT Reads: 1,200
Digital payments using wearable devices such as smart watches, fitness trackers, and payment wristbands are an increasing area of focus for industry participants, and consumer acceptance from early trials and deployments has encouraged some of the biggest names in technology and banking to continue their push to drive growth in this nascent market. Wearable payment systems may utilize near field communication (NFC), radio frequency identification (RFID), or quick response (QR) codes and barcodes...
May. 1, 2016 01:30 PM EDT Reads: 783
SYS-CON Events announced today that Stratoscale, the software company developing the next generation data center operating system, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Stratoscale is revolutionizing the data center with a zero-to-cloud-in-minutes solution. With Stratoscale’s hardware-agnostic, Software Defined Data Center (SDDC) solution to store everything, run anything and scale everywhere...
May. 1, 2016 01:30 PM EDT Reads: 1,558
Angular 2 is a complete re-write of the popular framework AngularJS. Programming in Angular 2 is greatly simplified – now it's a component-based well-performing framework. This immersive one-day workshop at 18th Cloud Expo, led by Yakov Fain, a Java Champion and a co-founder of the IT consultancy Farata Systems and the product company SuranceBay, will provide you with everything you wanted to know about Angular 2.
May. 1, 2016 01:00 PM EDT Reads: 1,738
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
May. 1, 2016 12:45 PM EDT Reads: 783
SYS-CON Events announced today that Men & Mice, the leading global provider of DNS, DHCP and IP address management overlay solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. The Men & Mice Suite overlay solution is already known for its powerful application in heterogeneous operating environments, enabling enterprises to scale without fuss. Building on a solid range of diverse platform support,...
May. 1, 2016 12:15 PM EDT Reads: 2,316
SYS-CON Events announced today that Peak 10, Inc., a national IT infrastructure and cloud services provider, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Peak 10 provides reliable, tailored data center and network services, cloud and managed services. Its solutions are designed to scale and adapt to customers’ changing business needs, enabling them to lower costs, improve performance and focus inter...
May. 1, 2016 12:00 PM EDT Reads: 1,116
You deployed your app with the Bluemix PaaS and it's gaining some serious traction, so it's time to make some tweaks. Did you design your application in a way that it can scale in the cloud? Were you even thinking about the cloud when you built the app? If not, chances are your app is going to break. Check out this webcast to learn various techniques for designing applications that will scale successfully in Bluemix, for the confidence you need to take your apps to the next level and beyond.
May. 1, 2016 11:45 AM EDT Reads: 1,485
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
May. 1, 2016 11:00 AM EDT Reads: 1,087
Artificial Intelligence has the potential to massively disrupt IoT. In his session at 18th Cloud Expo, AJ Abdallat, CEO of Beyond AI, will discuss what the five main drivers are in Artificial Intelligence that could shape the future of the Internet of Things. AJ Abdallat is CEO of Beyond AI. He has over 20 years of management experience in the fields of artificial intelligence, sensors, instruments, devices and software for telecommunications, life sciences, environmental monitoring, process...
May. 1, 2016 09:45 AM EDT Reads: 919
Increasing IoT connectivity is forcing enterprises to find elegant solutions to organize and visualize all incoming data from these connected devices with re-configurable dashboard widgets to effectively allow rapid decision-making for everything from immediate actions in tactical situations to strategic analysis and reporting. In his session at 18th Cloud Expo, Shikhir Singh, Senior Developer Relations Manager at Sencha, will discuss how to create HTML5 dashboards that interact with IoT devic...
May. 1, 2016 09:45 AM EDT Reads: 993
SYS-CON Events announced today that Ericsson has been named “Gold Sponsor” of SYS-CON's @ThingsExpo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. Ericsson is a world leader in the rapidly changing environment of communications technology – providing equipment, software and services to enable transformation through mobility. Some 40 percent of global mobile traffic runs through networks we have supplied. More than 1 billion subscribers around the world re...
May. 1, 2016 07:30 AM EDT Reads: 965
There is an ever-growing explosion of new devices that are connected to the Internet using “cloud” solutions. This rapid growth is creating a massive new demand for efficient access to data. And it’s not just about connecting to that data anymore. This new demand is bringing new issues and challenges and it is important for companies to scale for the coming growth. And with that scaling comes the need for greater security, gathering and data analysis, storage, connectivity and, of course, the...
May. 1, 2016 07:00 AM EDT Reads: 834
SYS-CON Events announced today that DatacenterDynamics has been named “Media Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY. DatacenterDynamics is a brand of DCD Group, a global B2B media and publishing company that develops products to help senior professionals in the world's most ICT dependent organizations make risk-based infrastructure and capacity decisions.
May. 1, 2016 06:30 AM EDT Reads: 2,494
Machine Learning helps make complex systems more efficient. By applying advanced Machine Learning techniques such as Cognitive Fingerprinting, wind project operators can utilize these tools to learn from collected data, detect regular patterns, and optimize their own operations. In his session at 18th Cloud Expo, Stuart Gillen, Director of Business Development at SparkCognition, will discuss how research has demonstrated the value of Machine Learning in delivering next generation analytics to im...
Apr. 30, 2016 04:15 PM EDT Reads: 1,693
This is not a small hotel event. It is also not a big vendor party where politicians and entertainers are more important than real content. This is Cloud Expo, the world's longest-running conference and exhibition focused on Cloud Computing and all that it entails. If you want serious presentations and valuable insight about Cloud Computing for three straight days, then register now for Cloud Expo.
Apr. 30, 2016 02:30 PM EDT Reads: 1,726
IoT device adoption is growing at staggering rates, and with it comes opportunity for developers to meet consumer demand for an ever more connected world. Wireless communication is the key part of the encompassing components of any IoT device. Wireless connectivity enhances the device utility at the expense of ease of use and deployment challenges. Since connectivity is fundamental for IoT device development, engineers must understand how to overcome the hurdles inherent in incorporating multipl...
Apr. 30, 2016 02:15 PM EDT Reads: 1,467
The increasing popularity of the Internet of Things necessitates that our physical and cognitive relationship with wearable technology will change rapidly in the near future. This advent means logging has become a thing of the past. Before, it was on us to track our own data, but now that data is automatically available. What does this mean for mHealth and the "connected" body? In her session at @ThingsExpo, Lisa Calkins, CEO and co-founder of Amadeus Consulting, will discuss the impact of wea...
Apr. 30, 2016 01:15 PM EDT Reads: 689