Imatron Announces Record Fourth Quarter and 2000 Year End Financial Results Revenues Increase 66% Net Income Increases by $12.9 Million to $6.3 Million
SO. SAN FRANCISCO, Calif., Jan 30, 2001 (BUSINESS WIRE) -- Imatron Inc. (Nasdaq: IMAT chart, msgs) announced today record revenues and net income for the fiscal year ended December 31, 2000. Revenues for the fiscal year increased 66% to $62.4 million, compared to revenues of $37.5 million for the prior year. Net income after taxes for the fiscal year increased $12.9 million to $6.3 million, or $0.06 per diluted share, compared to a net loss of $6.6 million, or $0.07 per diluted share, for the same period one year ago. System sales for the fiscal year were 33 compared to 19 system sales in 1999.
Revenue for the three months ended December 31, 2000 increased 39% to $17.9 million compared to revenues of $12.9 million for the same three month period one year ago. The Company reported net income after taxes of $3.5 million for the three months ended December 31, 2000, or $0.03 per diluted share, compared to net income of $45,000 for the same period last year. We continued to improve product gross margins to 44% and total gross margins to 41% for the year ended December 31, 2000. As of December 31, 2000, Imatron's balance sheet reflected $31.8 million in working capital and a current ratio of 3.2 to 1. Shareholders' equity increased 37% to $37 million as of December 31, 2000 compared to $27 million as of December 31, 1999.
S. Lewis Meyer, Imatron's Chief Executive Officer, stated, "We are extremely pleased to report our record fiscal year 2000 results to our shareholders. Our efforts throughout the year allowed us to achieve all of the aggressive business objectives we set forth at the beginning of the year, which were: sell at least 30 EBT scanners, report quarterly increases in revenues and earnings, and most importantly, we reported a dramatic $12.9 million improvement in bottom line performance on a 66% increase in revenue. Clearly, fiscal year 2000 represents an important transition year for Imatron. This significant business growth is a direct result of Imatron's investment in our expanded sales force and, undoubtedly, increasing demand for access to EBT technology driven by increased public awareness and medical community acceptance. We expect these factors to continue to contribute to Imatron's further growth in 2001."
Meyer continued, "Sales of EBT scanners are ultimately propelled by growing patient demand for the unique clinical applications offered by Imatron's proprietary technology. During the past 18 months, Imatron has received specific 510(k) market clearances from the Food and Drug Administration (FDA) for electron beam angiography (EBA), low dose lung scanning and EB-Colonography. These clinical applications now offer our customers expanded business opportunities and support the underlying rationale for outpatient 'preventive' imaging centers. As a result, we are now experiencing major growth in the number of multi-system
purchasers who are developing national or regional networks of EBT centers. These facilities are dedicated to the early detection of diseases in which early intervention has been demonstrated to be effective in avoiding the catastrophic consequences of waiting until a specific patient has begun to exhibit symptoms. This new paradigm in healthcare delivery is inevitable because of the massive demand created by the 'baby boom' generation as this population group enters the critical 'at risk' age for a wide variety of both serious and treatable diseases. We anticipate that the forces now combining to create and accelerate demand for Imatron's EBT technology will continue to drive revenue and profitability in 2001."
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