MONTREAL, Feb. 13 /CNW Telbec/ - LMS Medical Systems (TSX: LMZ), a
healthcare technology company and developer of the CALM(R) clinical
information system and risk management software tools for obstetrics, today
reported its unaudited financial results for the third quarter ended December
31, 2008. All amounts are in Canadian dollars. Revenues totaled $651,000 for
Q3 2009, down from $952,000 for Q3 2008. For the nine-month period this year,
the revenues totaled $2.34 million, compared to $2.65 million last year.
Recurring revenues for the quarter totaled $571,000, compared to $411,000
for the same period in fiscal 2008. Our backlog increased to $4.6 million.
For the third quarter, operating expenses improved by 34% to $1.37
million compared to $2.08 million during the third quarter of last year.
Diluted loss per share also decreased from $0.06 to $0.03 per share for the
third quarter. Total overall expenses decreased by 23% to $5.71 million for
the nine months ended December 31, 2008, from $7.38 million for the same
period in fiscal 2008. Basic and diluted loss per share also decreased from
$0.23 per share for the first nine months of fiscal 2008 to $0.13 per share
for the same period in fiscal 2009.
To date, we have funded our research and development phase and the
regulatory process with equity issuance. The company is currently exploring
all strategic alternatives focused at achieving increased shareholder value.
HIGHLIGHTS FOR THE THIRD QUARTER ENDED DECEMBER 31, 2008 AND SUBSEQUENT
- We have provided our US distributor a notice of intention to not extend
our current distribution agreement under existing terms and conditions.
This will be effective October 9th, 2009.
- In November 2008, we completed a strategic restructuring initiative
where we reduced the work force by approximately 50% as well as
reducing other operating expenses.
- We announced the resignation of 5 members of the Board of Directors,
leaving 5 members, 2 of whom joined the Board as of the last Annual
General Meeting held in August 2008.
- In November, 2008, we were advised that TSX is reviewing the
eligibility for continued listing on TSX. We were granted an extension
until March 13, 2009, subject to certain conditions, to meet
requirements and regain compliance.
- In December 2008, we announced the replacement of the CEO and appointed
Yves Grou, the current CFO, as interim CEO and as a member of the Board
of Directors. Bruno Bendavid was appointed interim COO and CTO.
LMS complete results for the third quarter ended December 31, 2008, along
with an expanded Management's Discussion and Analysis will be released in
normal course on or about February 12th and will be available at www.sedar.com
and at www.lmsmedical.com.
LMS is a leader in the application of advanced mathematical modeling and
neural networks for medical use. The LMS CALMTM Suite provides physicians,
nursing staff, risk managers and hospital administrators with clinical
information systems and risk management tools designed to improve outcomes and
patient care for mothers and their infants during childbirth.
Except for historical information contained herein, the matters discussed
in this news release are forward-looking statements. Because these
forward-looking statements involve risks and uncertainties, there are
important factors that could cause actual results to differ materially from
those expressed implied by the forward-looking statements including, but
without limitation, economic conditions in general and in the healthcare
market, the demand for and market for our products in domestic and
international markets, our current dependence on the CALM product suite, the
challenges associated with developing new products and obtaining regulatory
approvals if necessary, research and development activities, the uncertainty
of acceptance of our products by the medical community, the lengthy sales
cycle for our products, third party reimbursement, competition in our markets,
including the potential introduction of competitive products by others, our
dependence on our distributors, physician training, enforceability and the
costs of enforcement of our patents, potential infringements of our patents
and the other factors set forth from time to time in the Company's filings
with the Canadian Securities Commissions. The Company has no intention of or
obligation to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
For further information:
For further information: Yves Grou, Interim CEO and CFO, LMS Medical
Systems Inc., (514) 488-3461 Ext. 238, Fax: (514) 488-1880,
firstname.lastname@example.org, www.lmsmedical.com; Grant Howard, The Howard Group
Inc., 1-888-221-0915, email@example.com; Dave Burwell, The Howard Group
Inc., 1-888-221-0915, firstname.lastname@example.org; www.howardgroupinc.com