Click here to close now.

Welcome!

.NET Authors: Liz McMillan, Elizabeth White, Pat Romanski, Jaynesh Shah, Carmen Gonzalez

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
The true value of the Internet of Things (IoT) lies not just in the data, but through the services that protect the data, perform the analysis and present findings in a usable way. With many IoT elements rooted in traditional IT components, Big Data and IoT isn’t just a play for enterprise. In fact, the IoT presents SMBs with the prospect of launching entirely new activities and exploring innovative areas. CompTIA research identifies several areas where IoT is expected to have the greatest impact.
Every day we read jaw-dropping stats on the explosion of data. We allocate significant resources to harness and better understand it. We build businesses around it. But we’ve only just begun. For big payoffs in Big Data, CIOs are turning to cognitive computing. Cognitive computing’s ability to securely extract insights, understand natural language, and get smarter each time it’s used is the next, logical step for Big Data.
There's no doubt that the Internet of Things is driving the next wave of innovation. Google has spent billions over the past few months vacuuming up companies that specialize in smart appliances and machine learning. Already, Philips light bulbs, Audi automobiles, and Samsung washers and dryers can communicate with and be controlled from mobile devices. To take advantage of the opportunities the Internet of Things brings to your business, you'll want to start preparing now.
The 4th International Internet of @ThingsExpo, co-located with the 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - announces that its Call for Papers is open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo in Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal an...
P2P RTC will impact the landscape of communications, shifting from traditional telephony style communications models to OTT (Over-The-Top) cloud assisted & PaaS (Platform as a Service) communication services. The P2P shift will impact many areas of our lives, from mobile communication, human interactive web services, RTC and telephony infrastructure, user federation, security and privacy implications, business costs, and scalability. In his session at @ThingsExpo, Robin Raymond, Chief Architect at Hookflash, will walk through the shifting landscape of traditional telephone and voice services ...
The 17th International Cloud Expo has announced that its Call for Papers is open. 17th International Cloud Expo, to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, APM, APIs, Microservices, Security, Big Data, Internet of Things, DevOps and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal today!
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at Internet of @ThingsExpo, James Kirkland, Chief Architect for the Internet of Things and Intelligent Systems at Red Hat, described how to revolutioniz...
All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades. With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo, June 9-11, 2015, at the Javits Center in New York City. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be
The security devil is always in the details of the attack: the ones you've endured, the ones you prepare yourself to fend off, and the ones that, you fear, will catch you completely unaware and defenseless. The Internet of Things (IoT) is nothing if not an endless proliferation of details. It's the vision of a world in which continuous Internet connectivity and addressability is embedded into a growing range of human artifacts, into the natural world, and even into our smartphones, appliances, and physical persons. In the IoT vision, every new "thing" - sensor, actuator, data source, data con...
Container frameworks, such as Docker, provide a variety of benefits, including density of deployment across infrastructure, convenience for application developers to push updates with low operational hand-holding, and a fairly well-defined deployment workflow that can be orchestrated. Container frameworks also enable a DevOps approach to application development by cleanly separating concerns between operations and development teams. But running multi-container, multi-server apps with containers is very hard. You have to learn five new and different technologies and best practices (libswarm, sy...
SYS-CON Events announced today that DragonGlass, an enterprise search platform, 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. After eleven years of designing and building custom applications, OpenCrowd has launched DragonGlass, a cloud-based platform that enables the development of search-based applications. These are a new breed of applications that utilize a search index as their backbone for data retrieval. They can easily adapt to new data sets and provide access to both structured and unstruc...
There's Big Data, then there's really Big Data from the Internet of Things. IoT is evolving to include many data possibilities like new types of event, log and network data. The volumes are enormous, generating tens of billions of logs per day, which raise data challenges. Early IoT deployments are relying heavily on both the cloud and managed service providers to navigate these challenges. In her session at Big Data Expo®, Hannah Smalltree, Director at Treasure Data, discussed how IoT, Big Data and deployments are processing massive data volumes from wearables, utilities and other machines...
Buzzword alert: Microservices and IoT at a DevOps conference? What could possibly go wrong? In this Power Panel at DevOps Summit, moderated by Jason Bloomberg, the leading expert on architecting agility for the enterprise and president of Intellyx, panelists will peel away the buzz and discuss the important architectural principles behind implementing IoT solutions for the enterprise. As remote IoT devices and sensors become increasingly intelligent, they become part of our distributed cloud environment, and we must architect and code accordingly. At the very least, you'll have no problem fil...
SYS-CON Events announced today that MetraTech, now part of Ericsson, has been named “Silver Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. Ericsson is the driving force behind the Networked Society- a world leader in communications infrastructure, software and services. Some 40% of the world’s mobile traffic runs through networks Ericsson has supplied, serving more than 2.5 billion subscribers.
The worldwide cellular network will be the backbone of the future IoT, and the telecom industry is clamoring to get on board as more than just a data pipe. In his session at @ThingsExpo, Evan McGee, CTO of Ring Plus, Inc., discussed what service operators can offer that would benefit IoT entrepreneurs, inventors, and consumers. Evan McGee is the CTO of RingPlus, a leading innovative U.S. MVNO and wireless enabler. His focus is on combining web technologies with traditional telecom to create a new breed of unified communication that is easily accessible to the general consumer. With over a de...
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...
Cloud is not a commodity. And no matter what you call it, computing doesn’t come out of the sky. It comes from physical hardware inside brick and mortar facilities connected by hundreds of miles of networking cable. And no two clouds are built the same way. SoftLayer gives you the highest performing cloud infrastructure available. One platform that takes data centers around the world that are full of the widest range of cloud computing options, and then integrates and automates everything. Join SoftLayer on June 9 at 16th Cloud Expo to learn about IBM Cloud's SoftLayer platform, explore se...
SYS-CON Media announced today that 9 out of 10 " most read" DevOps articles are published by @DevOpsSummit Blog. Launched in October 2014, @DevOpsSummit Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that produce softw...
15th Cloud Expo, which took place Nov. 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA, expanded the conference content of @ThingsExpo, Big Data Expo, and DevOps Summit to include two developer events. IBM held a Bluemix Developer Playground on November 5 and ElasticBox held a Hackathon on November 6. Both events took place on the expo floor. The Bluemix Developer Playground, for developers of all levels, highlighted the ease of use of Bluemix, its services and functionality and provide short-term introductory projects that developers can complete between sessions.