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Ophthalmic Imaging Systems Q1 net revenue declines

Ophthalmic Imaging Systems (OIS) has reported net revenue of $3.5m for the three months ended 31 March 2011, compared with net revenue of $4.1m for the first quarter of 2010.

Lower product sales in the 2011 quarter are attributable primarily to the introduction of improved software in March for the OIS EyeScan, which delayed product sales for two months during the quarter.

Further, decrease in product sales can also be attributed to fall in EMR/PM product sales due to a shift of focus and priorities at OIS’ wholly owned subsidiary Abraxas Medical Systems, following the appointment of a full-time CEO.

Operating expenses were $3.2m, compared with $2.9m for the first quarter of 2010.

Net loss was $1.5m, or $0.05 per share, compared with net loss of $1.5m, or $0.06 per share, for the first quarter of 2010.

OIS CEO Gil Allon said to better capitalize on favorable market dynamics in the informatics solutions market, they appointed Garret Erskine as full-time CEO of Abraxas.

"We also introduced improved software for the OIS EyeScan toward the end of March, which delayed product sales for two months during the quarter. Our ultraportable, modular EyeScan imaging device has capabilities to capture images of both the anterior and posterior of the eye, opening new marketing opportunities in international markets as well as within the domestic optometry market," Allon said.

OIS designs, develops, manufactures and markets digital imaging systems, image management and integrated EMR and PM solutions for the eye care market.

Through its wholly owned subsidiary, Abraxas, the company provides EMR and PM software to OB/GYN, orthopedic and primary care physicians.