IMRIS Announces Receipt Of Nasdaq Notice Of Bid Price Deficiency
Apr 22 15
IMRIS Inc. announced that the Company received a letter, dated April 20, 2015, from the NASDAQ Stock Market LLC (Nasdaq) stating that for the previous 30 consecutive business days the bid price of the Company's common stock closed below the minimum $1.00 per share required for continued listing under Nasdaq Listing Rule 5450(a)(1). In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has a period of 180 calendar days, or until October 19, 2015, to regain compliance with the minimum bid requirement. If at any time during the 180 calendar day grace period, the closing bid price per share of the Company's common stock is at or above $1.00 for a minimum of ten consecutive business days, the Company will regain compliance and the matter will be closed. In the event the Company does not regain compliance, the Company may be eligible for an additional period to regain compliance, subject to satisfying certain Nasdaq requirements. If it appears to the Nasdaq staff that the Company will not be able to cure the deficiency or if the Company is not otherwise eligible for the additional compliance period, the Company's common stock will be subject to delisting by Nasdaq.
IMRIS, Inc.'s VISIUS® iCT Receives Health Canada License Allowing for Sales and Marketing in the Country
Mar 26 15
IMRIS Inc. announced that VISIUS® iCT, ceiling-mounted intraoperative computed tomography scanner, has received Health Canada licensing allowing for sales and marketing in the country. VISIUS iCT provides dose management together with diagnostic quality imaging during the surgical procedure to assist surgeons in critical decision making. Developed for the neurosurgery and spine surgery markets, VISIUS iCT has the 64-slice Siemens SOMATOM® Definition AS scanner as its core technology – making it the quality computed tomography imagery in an operating room. Unlike other mobile intraoperative CT systems on the market, the VISIUS iCT can support complex brain tumor resection and neurovascular procedures. The scanner effortlessly moves into and out of the operating room during surgery using ceiling-mounted rails to ease workflow. This enables multiple room configurations to meet both clinical requirements and increase utilization without compromising image quality or exam speed. Patient transport and the need for floor-mounted rails used in other systems is eliminated which opens up valuable OR space and allows unimpeded movement of surgical equipment and simplified infection control. In addition, VISIUS iCT features a suite of software applications such as 3D volume rendering to aid in surgical planning and dose reduction which considers each patient's characteristics to maximize image quality and minimize dose. The system software allows healthcare practitioners to visualize dosage prior to scan and adjust settings based on the specific clinical need with detailed dosage reports produced after each scan.
IMRIS, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Provides Revenue Guidance for the First Quarter of 2015 and Earnings Guidance for the Full Year of 2015
Mar 4 15
IMRIS, Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported total revenue of USD 9,558,000 against USD 9,985,000 a year ago. Operating loss was USD 4,270,000 against USD 19,834,000 a year ago. Net loss before taxes was USD 6,472,000 against USD 21,503,000 a year ago. Net loss was USD 6,846,000 or USD 0.13 per basic and diluted share against USD 21,615,000 or USD 0.42 per basic and diluted share a year ago. Adjusted LBITDA was USD 3,286,000 against USD 18,767,000 a year ago.
For the full year, the company reported total revenue of USD 28,891,000 against USD 46,042,000 a year ago. Operating loss was USD 22,919,000 against USD 39,305,000 a year ago. Net loss before taxes was USD 29,924,000 against USD 41,856,000 a year ago. Net loss was USD 6,472,000 or USD 0.58 per basic and diluted share against USD 21,503,000 or USD 0.83 per basic and diluted share a year ago. Net loss was USD 30,166,000 against USD 42,000,000 a year ago. Net cash used in operating activities was USD 10,910,000 against USD 40,581,000 a year ago. Acquisition of property, plant and equipment was USD 2,510,000 against USD 9,179,000 a year ago. Acquisition of intangible assets was USD 140,000 against USD 227,000 a year ago. Adjusted EBITDA was USD 6,472,000 against USD 21,503,000 a year ago. Adjusted LBITDA was USD 18,559,000 against USD 33,934,000 a year ago.
The company anticipates its 2015 first quarter revenues will be in the range of USD 3.5 million to USD 4.5 million, with the strongest quarterly revenue following in the second half of 2015.
The company’s full-year 2015 revenues, comprised of systems, service, upgrades and disposables sales, are expected to be in the range of USD 40 million to USD 55 million. For the 2015 year, the company anticipates a higher gross profit margin of approximately 42% to 45%. The expected increase is a result of the company's multi-source sales strategy, growing services contribution that carry higher margins and completion of lower margin beta sites in prior years. The company forecasts capital expenditures in 2015 to be approximately USD 2.5 million.