Revenues drop in 1998 at Norland
Bone densitometry firm Norland Medical Systems of White Plains, NY, published its 1998 financial results this month, posting revenue for the fourth quarter (end-December) of $3.3 million, compared with $5.7 million in 1997. The net loss for the
Bone densitometry firm Norland Medical Systems of White Plains, NY, published its 1998 financial results this month, posting revenue for the fourth quarter (end-December) of $3.3 million, compared with $5.7 million in 1997. The net loss for the quarter was $4.3 million, compared with $2.8 million the previous year. The companys fiscal 1998 revenues fell to $14.4 million, down from 1997s $20.5 million. The net loss for the year was $9.7 million, compared with $18.6 million the year before.
The company attributed its decreased revenues to debt and unresolved litigation related to the acquisition of its manufacturing partner, Norland Corp. The distractions affected the companys sales efforts, according to Reynald Bonmati, chair and CEO. But on Dec. 31, the firm signed an agreement to settle the lawsuit, a move that contributed to the reduction of the companys debt by about 66%.
In other news, Norland also this month began shipping Excell DXA, an axial scanner that is the first table scanner in the U.S. listed below $30,000. The company introduced the unit at last years Radiological Society of North America meeting.