Click here to close now.

Welcome!

AJAX & REA Authors: Lori MacVittie, AppDynamics Blog, Hovhannes Avoyan, Liz McMillan, 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.

@CloudExpo Stories
T-Mobile has been transforming the wireless industry with its “Uncarrier” initiatives. Today as T-Mobile’s IT organization works to transform itself in a like manner, technical foundations built over the last couple of years are now key to their drive for more Agile delivery practices. In his session at DevOps Summit, Martin Krienke, Sr Development Manager at T-Mobile, will discuss where they started their Continuous Delivery journey, where they are today, and where they are going in an effort ...
The Domain Name Service (DNS) is one of the most important components in networking infrastructure, enabling users and services to access applications by translating URLs (names) into IP addresses (numbers). Because every icon and URL and all embedded content on a website requires a DNS lookup loading complex sites necessitates hundreds of DNS queries. In addition, as more internet-enabled ‘Things' get connected, people will rely on DNS to name and find their fridges, toasters and toilets. Acco...
You often hear the two titles of "DevOps" and "Immutable Infrastructure" used independently. In his session at DevOps Summit, John Willis, Technical Evangelist for Docker, will cover the union between the two topics and why this is important. He will cover an overview of Immutable Infrastructure then show how an Immutable Continuous Delivery pipeline can be applied as a best practice for "DevOps." He will end the session with some interesting case study examples.
SYS-CON Media named Andi Mann editor of DevOps Journal. DevOps Journal is focused on this critical enterprise IT topic in the world of cloud computing. DevOps Journal brings valuable information to DevOps professionals who are transforming the way enterprise IT is done. Andi Mann, Vice President, Strategic Solutions, at CA Technologies, is an accomplished digital business executive with extensive global expertise as a strategist, technologist, innovator, marketer, communicator, and thought lea...
Even though it’s now Microservices Journal, long-time fans of SOA World Magazine can take comfort in the fact that the URL – soa.sys-con.com – remains unchanged. And that’s no mistake, as microservices are really nothing more than a new and improved take on the Service-Oriented Architecture (SOA) best practices we struggled to hammer out over the last decade. Skeptics, however, might say that this change is nothing more than an exercise in buzzword-hopping. SOA is passé, and now that people are ...
Enterprises are fast realizing the importance of integrating SaaS/Cloud applications, API and on-premises data and processes, to unleash hidden value. This webinar explores how managers can use a Microservice-centric approach to aggressively tackle the unexpected new integration challenges posed by proliferation of cloud, mobile, social and big data projects. Industry analyst and SOA expert Jason Bloomberg will strip away the hype from microservices, and clearly identify their advantages and d...
There is little doubt that Big Data solutions will have an increasing role in the Enterprise IT mainstream over time. 8th International Big Data Expo, co-located with 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - has announced its Call for Papers is open. As advanced data storage, access and analytics technologies aimed at handling high-volume and/or fast moving data all move center stage, aided by the cloud computing bo...
The 5th International DevOps Summit, co-located with 17th International Cloud Expo – being held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the...
The Internet of Things promises to transform businesses (and lives), but navigating the business and technical path to success can be difficult to understand. In his session at @ThingsExpo, Sean Lorenz, Technical Product Manager for Xively at LogMeIn, demonstrated how to approach creating broadly successful connected customer solutions using real world business transformation studies including New England BioLabs and more.
Today’s enterprise is being driven by disruptive competitive and human capital requirements to provide enterprise application access through not only desktops, but also mobile devices. To retrofit existing programs across all these devices using traditional programming methods is very costly and time consuming – often prohibitively so. In his session at @ThingsExpo, Jesse Shiah, CEO, President, and Co-Founder of AgilePoint Inc., discussed how you can create applications that run on all mobile ...
The OpenStack cloud operating system includes Trove, a database abstraction layer. Rather than applications connecting directly to a specific type of database, they connect to Trove, which in turn connects to one or more specific databases. One target database is Postgres Plus Cloud Database, which includes its own RESTful API. Trove was originally developed around MySQL, whose interfaces are significantly less complicated than those of the Postgres cloud database. In his session at 16th Cloud...
There are 182 billion emails sent every day, generating a lot of data about how recipients and ISPs respond. Many marketers take a more-is-better approach to stats, preferring to have the ability to slice and dice their email lists based numerous arbitrary stats. However, fundamentally what really matters is whether or not sending an email to a particular recipient will generate value. Data Scientists can design high-level insights such as engagement prediction models and content clusters that a...
It's time to face reality: "Americans are from Mars, Europeans are from Venus," and in today's increasingly connected world, understanding "inter-planetary" alignments and deviations is mission-critical for cloud. In her session at 15th Cloud Expo, Evelyn de Souza, Data Privacy and Compliance Strategy Leader at Cisco Systems, discussed cultural expectations of privacy based on new research across these elements
In today's application economy, enterprise organizations realize that it's their applications that are the heart and soul of their business. If their application users have a bad experience, their revenue and reputation are at stake. In his session at 15th Cloud Expo, Anand Akela, Senior Director of Product Marketing for Application Performance Management at CA Technologies, discussed how a user-centric Application Performance Management solution can help inspire your users with every applicati...
As enterprises engage with Big Data technologies to develop applications needed to meet operational demands, new computation fabrics are continually being introduced. To leverage these new innovations, organizations are sacrificing market opportunities to gain expertise in learning new systems. In his session at Big Data Expo, Supreet Oberoi, Vice President of Field Engineering at Concurrent, Inc., discussed how to leverage existing infrastructure and investments and future-proof them against e...
The consumption economy is here and so are cloud applications and solutions that offer more than subscription and flat fee models and at the same time are available on a pure consumption model, which not only reduces IT spend but also lowers infrastructure costs, and offers ease of use and availability. In their session at 15th Cloud Expo, Ermanno Bonifazi, CEO & Founder of Solgenia, and Ian Khan, Global Strategic Positioning & Brand Manager at Solgenia, discussed this shifting dynamic with an ...
Due of the rise of Hadoop, many enterprises are now deploying their first small clusters of 10 to 20 servers. At this small scale, the complexity of operating the cluster looks and feels like general data center servers. It is not until the clusters scale, as they inevitably do, when the pain caused by the exponential complexity becomes apparent. We've seen this problem occur time and time again. In his session at Big Data Expo, Greg Bruno, Vice President of Engineering and co-founder of StackI...
Once the decision has been made to move part or all of a workload to the cloud, a methodology for selecting that workload needs to be established. How do you move to the cloud? What does the discovery, assessment and planning look like? What workloads make sense? Which cloud model makes sense for each workload? What are the considerations for how to select the right cloud model? And how does that fit in with the overall IT transformation?
The recent trends like cloud computing, social, mobile and Internet of Things are forcing enterprises to modernize in order to compete in the competitive globalized markets. However, enterprises are approaching newer technologies with a more silo-ed way, gaining only sub optimal benefits. The Modern Enterprise model is presented as a newer way to think of enterprise IT, which takes a more holistic approach to embracing modern technologies.
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.