Positron reports positive financial results

Based on sales of its Posicam PET systems during the past nine months, Positron of Houston has announced record earnings. Growth in the modality has helped fuel Positron's recovery.

The company reported third quarter (ended Sept. 30) revenue of $3.4 million, compared with $385,000 for the same period a year ago. In addition, Positron had a $1.1 million profit for the first nine months, compared with $108,000 for the same period in 1999.

Positron was plucked from the financial brink a year and a half ago by EBCT manufacturer Imatron (SCAN, 5/13/98). That company saw an opportunity in Japan, where hospitals were developing cardiac scanning facilities that would employ both PET and ultrafast CT. As Imatron gained majority ownership of Positron, Imatron CFO Gary Brooks took over as Positron's CEO.

Imatron has divested most of its Positron shares, and now owns 16% of its stock, Brooks said. Imatron CEO Lewis Meyer remains Positron's board chairman.

"We're gearing up and settling some obligations from years past," said Mike Golden, Positron's controller. "We're looking for incremental growth."