Vital Images reports record quarter

Executives at imaging software pioneer Vital Images are celebrating results from a strong first quarter, ended March 31. The company reported April 22 that revenues grew 53% to $6.8 million in the first fiscal quarter compared with the same period a year ago. Jay D. Miller, company president and CEO, forecast 35% to 45% growth in core revenue components for the rest of 2003 as products meet well-defined clinical needs in the imaging marketplace. For the first quarter, revenue from the company's core components-software license fees and maintenance and services-rose 61% to $6.3 million from $3.9 million for 1Q 2002. Net income was $654,000 versus a net loss of $247,000 in the year-ago period. The company cited revenue from Toshiba, which distributes Vital Images' Vitrea workstation with its multidetector scanners, as having been especially strong, contributing 45% of first quarter revenues. Revenue from Toshiba also accounted for 45% of Vital Images' revenue in the first quarter of last year. Vital Images executives also noted the company had reached a milestone during the quarter: the sale of its 1000th Vitrea.