Welcome!

Microsoft Cloud Authors: Dana Gardner, Jayaram Krishnaswamy, Yung Chou, David Bermingham, Pat Romanski

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
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 ad...
SYS-CON Events announced today that Alert Logic, Inc., the leading provider of Security-as-a-Service solutions for the cloud, 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. Alert Logic, Inc., provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures, delivering deep security insight and continuous protection for customers at a lower cost than traditional security solutions. Ful...
The Quantified Economy represents the total global addressable market (TAM) for IoT that, according to a recent IDC report, will grow to an unprecedented $1.3 trillion by 2019. With this the third wave of the Internet-global proliferation of connected devices, appliances and sensors is poised to take off in 2016. In his session at @ThingsExpo, David McLauchlan, CEO and co-founder of Buddy Platform, will discuss how the ability to access and analyze the massive volume of streaming data from mil...
Join us at Cloud Expo | @ThingsExpo 2016 – June 7-9 at the Javits Center in New York City and November 1-3 at the Santa Clara Convention Center in Santa Clara, CA – and deliver your unique message in a way that is striking and unforgettable by taking advantage of SYS-CON's unmatched high-impact, result-driven event / media packages.
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze 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, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management...
With an estimated 50 billion devices connected to the Internet by 2020, several industries will begin to expand their capabilities for retaining end point data at the edge to better utilize the range of data types and sheer volume of M2M data generated by the Internet of Things. In his session at @ThingsExpo, Don DeLoach, CEO and President of Infobright, will discuss the infrastructures businesses will need to implement to handle this explosion of data by providing specific use cases for filte...
WebSocket is effectively a persistent and fat pipe that is compatible with a standard web infrastructure; a "TCP for the Web." If you think of WebSocket in this light, there are other more hugely interesting applications of WebSocket than just simply sending data to a browser. In his session at 18th Cloud Expo, Frank Greco, Director of Technology for Kaazing Corporation, will compare other modern web connectivity methods such as HTTP/2, HTTP Streaming, Server-Sent Events and new W3C event APIs ...
SYS-CON Events announced today that Avere Systems, a leading provider of enterprise storage for the hybrid cloud, 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. Avere delivers a more modern architectural approach to storage that doesn’t require the overprovisioning of storage capacity to achieve performance, overspending on expensive storage media for inactive data or the overbuilding of data centers ...
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies adopt disruptive technologies to optimize revenue-generating systems, has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advanced analytics, and DevO...
Fortunately, meaningful and tangible business cases for IoT are plentiful in a broad array of industries and vertical markets. These range from simple warranty cost reduction for capital intensive assets, to minimizing downtime for vital business tools, to creating feedback loops improving product design, to improving and enhancing enterprise customer experiences. All of these business cases, which will be briefly explored in this session, hinge on cost effectively extracting relevant data from ...
Companies can harness IoT and predictive analytics to sustain business continuity; predict and manage site performance during emergencies; minimize expensive reactive maintenance; and forecast equipment and maintenance budgets and expenditures. Providing cost-effective, uninterrupted service is challenging, particularly for organizations with geographically dispersed operations.
With the Apple Watch making its way onto wrists all over the world, it’s only a matter of time before it becomes a staple in the workplace. In fact, Forrester reported that 68 percent of technology and business decision-makers characterize wearables as a top priority for 2015. Recognizing their business value early on, FinancialForce.com was the first to bring ERP to wearables, helping streamline communication across front and back office functions. In his session at @ThingsExpo, Kevin Roberts...
As enterprises work to take advantage of Big Data technologies, they frequently become distracted by product-level decisions. In most new Big Data builds this approach is completely counter-productive: it presupposes tools that may not be a fit for development teams, forces IT to take on the burden of evaluating and maintaining unfamiliar technology, and represents a major up-front expense. In his session at @BigDataExpo at @ThingsExpo, Andrew Warfield, CTO and Co-Founder of Coho Data, will dis...
SYS-CON Events announced today that iDevices®, the preeminent brand in the connected home industry, 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. iDevices, the preeminent brand in the connected home industry, has a growing line of HomeKit-enabled products available at the largest retailers worldwide. Through the “Designed with iDevices” co-development program and its custom-built IoT Cloud Infrastruc...
Eighty percent of a data scientist’s time is spent gathering and cleaning up data, and 80% of all data is unstructured and almost never analyzed. Cognitive computing, in combination with Big Data, is changing the equation by creating data reservoirs and using natural language processing to enable analysis of unstructured data sources. This is impacting every aspect of the analytics profession from how data is mined (and by whom) to how it is delivered. This is not some futuristic vision: it's ha...
Silver Spring Networks, Inc. (NYSE: SSNI) extended its Internet of Things technology platform with performance enhancements to Gen5 – its fifth generation critical infrastructure networking platform. Already delivering nearly 23 million devices on five continents as one of the leading networking providers in the market, Silver Spring announced it is doubling the maximum speed of its Gen5 network to up to 2.4 Mbps, increasing computational performance by 10x, supporting simultaneous mesh communic...
The cloud promises new levels of agility and cost-savings for Big Data, data warehousing and analytics. But it’s challenging to understand all the options – from IaaS and PaaS to newer services like HaaS (Hadoop as a Service) and BDaaS (Big Data as a Service). In her session at @BigDataExpo at @ThingsExpo, Hannah Smalltree, a director at Cazena, will provide an educational overview of emerging “as-a-service” options for Big Data in the cloud. This is critical background for IT and data profes...
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,...
One of the bewildering things about DevOps is integrating the massive toolchain including the dozens of new tools that seem to crop up every year. Part of DevOps is Continuous Delivery and having a complex toolchain can add additional integration and setup to your developer environment. In his session at @DevOpsSummit at 18th Cloud Expo, Miko Matsumura, Chief Marketing Officer of Gradle Inc., will discuss which tools to use in a developer stack, how to provision the toolchain to minimize onboa...
SYS-CON Events announced today that VAI, a leading ERP software 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. VAI (Vormittag Associates, Inc.) is a leading independent mid-market ERP software developer renowned for its flexible solutions and ability to automate critical business functions for the distribution, manufacturing, specialty retail and service sectors. An IBM Premier Business Part...