BTI cuts red ink as sales boom

Biomagnetic Technologies of San Diego reported a sharp increase in sales and a lower net loss for fiscal 1997 (end-September) as the company began recognizing revenue from magnetic source imaging systems that had been delayed from shipping in 1996. BTI also reported that a European customer is developing a new version of its Magnes technology for applications other than the brain.

For the year, BTI posted revenues of $11 million, compared with $1.4 million in fiscal 1996, while the company's net loss shrank to $3 million, compared with $14.8 million the year before. BTI's revenues for the year included sales from the company's first Magnes 1300C system, which is being developed at the European site.