|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.
Akana has announced the availability of version 8 of its API Management solution. The Akana Platform provides an end-to-end API Management solution for designing, implementing, securing, managing, monitoring, and publishing APIs. It is available as a SaaS platform, on-premises, and as a hybrid deployment. Version 8 introduces a lot of new functionality, all aimed at offering customers the richest API Management capabilities in a way that is easier than ever for API and app developers to use.
Aug. 25, 2016 06:00 AM EDT Reads: 1,415
DevOps at Cloud Expo, taking place Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. 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 dev...
Aug. 25, 2016 02:30 AM EDT Reads: 2,144
Is the ongoing quest for agility in the data center forcing you to evaluate how to be a part of infrastructure automation efforts? As organizations evolve toward bimodal IT operations, they are embracing new service delivery models and leveraging virtualization to increase infrastructure agility. Therefore, the network must evolve in parallel to become equally agile. Read this essential piece of Gartner research for recommendations on achieving greater agility.
Aug. 25, 2016 02:15 AM EDT Reads: 476
Personalization has long been the holy grail of marketing. Simply stated, communicate the most relevant offer to the right person and you will increase sales. To achieve this, you must understand the individual. Consequently, digital marketers developed many ways to gather and leverage customer information to deliver targeted experiences. In his session at @ThingsExpo, Lou Casal, Founder and Principal Consultant at Practicala, discussed how the Internet of Things (IoT) has accelerated our abil...
Aug. 25, 2016 02:00 AM EDT Reads: 1,895
SYS-CON Events announced today that 910Telecom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...
Aug. 25, 2016 02:00 AM EDT Reads: 1,783
With so much going on in this space you could be forgiven for thinking you were always working with yesterday’s technologies. So much change, so quickly. What do you do if you have to build a solution from the ground up that is expected to live in the field for at least 5-10 years? This is the challenge we faced when we looked to refresh our existing 10-year-old custom hardware stack to measure the fullness of trash cans and compactors.
Aug. 25, 2016 01:15 AM EDT Reads: 1,607
The emerging Internet of Everything creates tremendous new opportunities for customer engagement and business model innovation. However, enterprises must overcome a number of critical challenges to bring these new solutions to market. In his session at @ThingsExpo, Michael Martin, CTO/CIO at nfrastructure, outlined these key challenges and recommended approaches for overcoming them to achieve speed and agility in the design, development and implementation of Internet of Everything solutions wi...
Aug. 25, 2016 12:45 AM EDT Reads: 1,904
19th Cloud Expo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterpri...
Aug. 25, 2016 12:00 AM EDT Reads: 2,977
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
Aug. 24, 2016 09:15 PM EDT Reads: 1,675
SYS-CON Events announced today that Venafi, the Immune System for the Internet™ and the leading provider of Next Generation Trust Protection, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Venafi is the Immune System for the Internet™ that protects the foundation of all cybersecurity – cryptographic keys and digital certificates – so they can’t be misused by bad guys in attacks...
Aug. 24, 2016 04:15 PM EDT Reads: 2,562
Pulzze Systems was happy to participate in such a premier event and thankful to be receiving the winning investment and global network support from G-Startup Worldwide. It is an exciting time for Pulzze to showcase the effectiveness of innovative technologies and enable them to make the world smarter and better. The reputable contest is held to identify promising startups around the globe that are assured to change the world through their innovative products and disruptive technologies. There w...
Aug. 24, 2016 04:15 PM EDT Reads: 381
SYS-CON Events announced today Telecom Reseller has been named “Media Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
Aug. 24, 2016 04:15 PM EDT Reads: 514
Smart Cities are here to stay, but for their promise to be delivered, the data they produce must not be put in new siloes. In his session at @ThingsExpo, Mathias Herberts, Co-founder and CTO of Cityzen Data, will deep dive into best practices that will ensure a successful smart city journey.
Aug. 24, 2016 02:15 PM EDT Reads: 1,446
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices 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 opportuni...
Aug. 24, 2016 12:00 PM EDT Reads: 3,855
In today's uber-connected, consumer-centric, cloud-enabled, insights-driven, multi-device, global world, the focus of solutions has shifted from the product that is sold to the person who is buying the product or service. Enterprises have rebranded their business around the consumers of their products. The buyer is the person and the focus is not on the offering. The person is connected through multiple devices, wearables, at home, on the road, and in multiple locations, sometimes simultaneously...
Aug. 24, 2016 09:45 AM EDT Reads: 2,260
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th 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 and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - comp...
Aug. 24, 2016 09:00 AM EDT Reads: 3,519
For basic one-to-one voice or video calling solutions, WebRTC has proven to be a very powerful technology. Although WebRTC’s core functionality is to provide secure, real-time p2p media streaming, leveraging native platform features and server-side components brings up new communication capabilities for web and native mobile applications, allowing for advanced multi-user use cases such as video broadcasting, conferencing, and media recording.
Aug. 24, 2016 07:45 AM EDT Reads: 2,098
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
Aug. 24, 2016 07:15 AM EDT Reads: 1,668
Amazon has gradually rolled out parts of its IoT offerings in the last year, but these are just the tip of the iceberg. In addition to optimizing their back-end AWS offerings, Amazon is laying the ground work to be a major force in IoT – especially in the connected home and office. Amazon is extending its reach by building on its dominant Cloud IoT platform, its Dash Button strategy, recently announced Replenishment Services, the Echo/Alexa voice recognition control platform, the 6-7 strategic...
Aug. 24, 2016 04:30 AM EDT Reads: 2,191
Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is expected in the amount of information being processed, managed, analyzed, and acted upon by enterprise IT. This amazing is not part of some distant future - it is happening today. One report shows a 650% increase in enterprise data by 2020. Other estimates are even higher....
Aug. 24, 2016 12:00 AM EDT Reads: 2,859