1st Quarter Results (5284G)

TIDMMDST

RNS Number : 5284G

Medicsight Plc

13 May 2011

 
 Press release   13 May 2011 
 

Medicsight PLC

("Medicsight" or "the Company")

First Quarter Summary Trading Update

Medicsight PLC (AIM: MDST), industry leader in the development of Computer-Aided Detection (CAD) and image analysis software to assist in the early detection and diagnosis of disease, is pleased to announce its unaudited results for the three months ended 31 March 2011.

Highlights

 
       --   Group cash balance at 31 March 2011 of GBP4,373,000 
             (31 December 2010: GBP5,336,000) 
       --   Total assets position at 31 March 2011 was GBP5,123,000 
             (31 December 2010: GBP6,520,000) 
       --   Net revenue from external customers was GBP30,000 
             (31 March 2010: GBP39,000) of which GBP26,000 was 
             for ColonCAD (2010: GBP39,000) and GBP4,000 was for 
             the MedicCO(2) LON Insufflator (2010: GBPNil) 
       --   Operating loss before interest and tax of GBP1,467,000 
             (31 March 2010: GBP1,299,000) 
       --   Responded to US Food and Drug Administration ("FDA") 
             in March on a series of informal questions including 
             a request for additional statistical analysis on 
             the submission data for ColonCAD 
       --   Received European (CE) approval and launched ColonCAD 
             4.1 on 25 March 2011 
 

Allan Rowley, Chief Executive of Medicsight, commented "During the first quarter of this year we recorded GBP30,000 of revenue. Although sales of ColonCAD have fallen marginally, we are pleased to see GBP4,000 revenue from our MedicCO(2) LON Insufflator. We hope MedicCO(2) LON revenue may be significantly higher in the second quarter as we anticipate completing delivery of an order as announced in our full year preliminary results.

"Following the release of ColonCAD 4.1, we continue to work closely with partners to increase market awareness and sales. We will also be exhibiting at the annual European Society of Gastrointestinal and Abdominal Radiology (ESGAR) conference in Venice from 21 - 24 of this month.

"Whilst our underlying operating expense run rate is broadly in line with the prior year and plan, in total, operating expenses were higher in the quarter compared to last year. The increase is due to the timing of certain costs, including final professional fees relating to the response to FDA, third party work on product development and severance costs relating to previous employees.

"With regards to regulatory approvals, following our response on 7 March to the FDA's informal questions, we have been in regular contact with the FDA. We are hopeful of feedback shortly. We also continue to work on the additional data requested by our reviewers at the Japanese Ministry of Health, Labour and Welfare (MHLW) and expect this to be submitted in Q2 this year."

- ENDS -

For further information:

 
 Medicsight plc 
 Allan Rowley, CEO                 Tel: [phone] 
                                   www.medicsight.com 
                                    follow us on twitter 
                                    @Medicsight 
 Daniel Stewart & Co 
 Noelle Greenaway / Oliver Rigby   Tel: [phone] 
                                    6550 
                                   www.danielstewart.co.uk 
 

Media enquiries:

 
 Abchurch 
                                    www.abchurch-group.com 
 Julian Bosdet                      Tel: [phone] 
                                     7700 
 [e-mail] 
 Adam Michael                       Tel: [phone] 
                                     7708 
 [e-mail] 
 Simone Elviss                      Tel: [phone] 
                                     7728 
 [e-mail] 
 Quincy Allan                       Tel: [phone] 
                                     7710 
 [e-mail] 
 

Notes to editors

Medicsight plc is a UK-headquartered, research driven, leading developer of computer-aided detection (CAD) and image analysis software for the medical imaging market. The CAD software automatically highlights suspicious areas on computerised tomography (CT) scans of the colon, helping radiologists to identify, measure and analyse potential disease and early indicators of disease. Medicsight's CAD software has been developed using a large and population diverse database of verified patient CT scan data. Medicsight's ColonCAD(TM) software products are seamlessly integrated with the advanced 3D visualisation workstations of several industry-leading imaging equipment partners.

About Computer-Aided Detection

With increasingly sophisticated radiological imaging hardware such as Multi-Detector CT scanners, radiologists are facing a growing challenge in the amount of detailed patient image data that they must review for each patient examination. Some CT scan examinations generate as many as 2000 images per patient. Review of this data by the radiologist is not only time-consuming but also prone to error due to reader fatigue. CAD software can help the reviewing radiologist by analysing the image data and automatically highlighting suspicious regions of interest for closer inspection. Without CAD software some potential abnormalities or areas of disease may be overlooked. This can be critical for diagnosis and the management of patient outcomes as early detection of disease greatly increases the probability of successful treatment and a positive therapeutic outcome. In addition to supporting individual radiologists CAD also has the potential to help standardise CT interpretation across both individuals and institutions thereby supporting population based screening programmes.

About Medicsight's CAD software

Medicsight's ColonCAD(TM) software uses an advanced CAD algorithm to analyse CT scans of the colon and automatically highlight suspicious areas that may be indicators of disease. CAD may highlight areas easily overlooked by the reviewing radiologist, such as small lesions or regions that are hidden from view behind folds in the colon.

ColonCAD can be seamlessly integrated with advanced 3D visualisation platforms of industry-leading imaging equipment partners. The integrated systems provide sophisticated image viewing capabilities, including 3D reconstructed image data, with the added advantage of demonstrating automatic CAD findings to assist clinical end users in the detection and analysis of disease. This allows clinical end users to perform either a 'second read', where CAD findings are displayed to the user after completion of an initial review of the CT scan data, or a 'concurrent read' where CAD findings are displayed during the user's initial review of the original CT scan images.

Since inception, Medicsight has developed close and lasting relationships with some of the world's foremost clinicians in product related areas. This provides the Company with a wealth of clinical expertise and dedicated clinical research to support ongoing product development. Medicsight also collaborates with a number of leading academic institutions and clinical research programmes worldwide to develop the Company's comprehensive database of population diverse verified patient CT scan data, thus allowing Medicsight's products to be validated to the highest possible standards.

This information is provided by RNS

The company news service from the London Stock Exchange

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