• AI
  • Molecular Imaging
  • CT
  • X-Ray
  • Ultrasound
  • MRI
  • Facility Management
  • Mammography

Shareholder battle affects ISG results

Article

Uncertainty over the outcome of a shareholder proxy battle hindered1997 second-quarter revenues for medical imaging software developerISG Technologies. The Mississauga, Ontario, firm reported lastweek that revenues dropped 11% in the period

Uncertainty over the outcome of a shareholder proxy battle hindered1997 second-quarter revenues for medical imaging software developerISG Technologies. The Mississauga, Ontario, firm reported lastweek that revenues dropped 11% in the period (end-December).

ISG in December fended off a bid for control of the company launchedby Quorum Growth, a dissident shareholder group (SCAN 1/8/97).Quorum proposed to bring back former president and CEO ThomasCafarella, divest the company's image-guided surgery business,and refocus the firm on PACS software development.

While ISG won the battle, the turmoil resulted in a slowdown inthe company's sales, particularly in the image-guided surgerybusiness that Quorum said it would sell, according to chairmanand CEO Dr. Michael Greenberg.

For the quarter, ISG's revenues were $6.3 million (Canadian),down from $7.2 million in the second quarter of 1996. The firmhad a loss of $1.8 million (which included a $1.5 million one-timecharge), compared with an $88,000 profit in the second quarterof 1996. The one-time charge included costs for the proxy battleand for writing off inventory for ISG's Pulsus product line.

In announcing the results, Greenberg said that ISG's revenue growthresumed once the proxy battle was over, and the company expectsto post improved results in its third and fourth quarters.

Related Videos
Emerging Research at SNMMI Examines 18F-flotufolastat in Managing Primary and Recurrent Prostate Cancer
Could Pluvicto Have a Role in Taxane-Naïve mCRPC?: An Interview with Oliver Sartor, MD
New SNMMI President Cathy Cutler, PhD, Discusses Current Challenges and Goals for Nuclear Medicine
Where the USPSTF Breast Cancer Screening Recommendations Fall Short: An Interview with Stacy Smith-Foley, MD
A Closer Look at MRI-Guided Transurethral Ultrasound Ablation for Intermediate Risk Prostate Cancer
Improving the Quality of Breast MRI Acquisition and Processing
Can Fiber Optic RealShape (FORS) Technology Provide a Viable Alternative to X-Rays for Aortic Procedures?
Does Initial CCTA Provide the Best Assessment of Stable Chest Pain?
Making the Case for Intravascular Ultrasound Use in Peripheral Vascular Interventions
Can Diffusion Microstructural Imaging Provide Insights into Long Covid Beyond Conventional MRI?
Related Content
© 2024 MJH Life Sciences

All rights reserved.