BTI’s net loss narrows in first quarter

Magnetic source imaging developer Biomagnetic Technologies ofSan Diego reported a lower net loss for its first quarter of 1997(end-December), due to lower R&D costs. Revenues for the quarterwere up slightly, but did not include any systems sales becausethe company is still awaiting the completion of a hardware upgradebefore it can record revenue from eight installations of its newMagnes 2500 Whole Head system.

For the quarter, BTI posted revenue of $317,000, compared with$195,000 in the same period the year before. The firm's net lossfor the most recent quarter stood at $2.1 million, compared with$3.1 million in the first quarter of 1996.

BTI has been hit hard by a delay in shipments of its Magnes 2500WH system, and was forced to restructure in December as a meansof conserving cash until it begins recognizing revenue from Magnesshipments (SCAN 2/5/97). That will happen once final customeracceptances are received following the installation of a hardwareupgrade that was not anticipated at the time of shipment, accordingto the company.

There are eight Magnes 2500 WH systems installed worldwide, andBTI's backlog as of Dec. 31 stood at $16.2 million, compared with$12.1 million the year before.