Third Quarter Summary Trading Statement
Medicsight PLC (AIM:MDST), industry leader in the development of Computer-Aided Detection (CAD) and image analysis software which assists in the early detection and diagnosis of disease, is pleased to announce summary Interim Results for the quarter ended 30 September 2007.
Highlights
o First commercial bookings
o Regulatory approval granted in Australia for ColonCAD™
David Sumner, Chief Executive of Medicsight PLC, commented: "I am delighted to announce that the Company's first revenue bookings have taken place this quarter. This is an important commercial milestone for the Company and paves the way for anticipated profitability in 2008. In addition our contract pipeline also continues to grow and regulatory approvals continue as planned, including the initial regulatory approval for our ColonCAD™ product in Australia. In relation to future product delivery, the development group is making good progress and is on schedule to deliver against the revised product roadmap.
"The most important news item however for this quarter is the recent announcement from The American College of Radiology Imaging Network (ACRIN), a national cancer research organization sponsored and funded by the US National Cancer Institute, in relation to the ACRIN 6664 study. This large multi-centre study demonstrates that CT Colonography is as sensitive as Optical Colonoscopy when screening for colorectal polyps with a diameter in excess of 1 cm. We believe that this landmark clinical study now provides the data required to enable CT Colonography to be included in the major screening guidelines for colorectal cancer in the USA. This also makes the reimbursement landscape look very encouraging for CT Colonography in the world's largest medical imaging market."
Summary Financial Data
For the three months to 30 September 2007 net revenue to external customers was £6,000 (2006: nil) with an operating loss before interest and tax of £1,883,000 (2006: £551,000). For the nine months to 30 September 2007 net revenue to external customers was £6,000 (2006: nil) with an operating loss before interest and tax of £5,449,000 (2006: £3,706,000). Reflecting the funds raised in the initial public offering in June this year, the Group's total assets at 30 September 2007 were £27,412,000 (30 September 2006: £1,169,000).
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For Further Information:
Medicsight PLC
David Sumner
Tel: +44 (0)20 7605 7950
www.medicsight.com
Collins Stewart Europe Limited
Tim Mickley
Tel: +44 (0)20 7523 8350
Jonny Sloan
Tel: +44 (0)20 7523 8302
Media Enquiries:
Abchurch
Ashley Tapp
Tel: +44 (0) 20 7398 7700
ashley.tapp@abchurch-group.com
Stephanie Cuthbert
Tel: +44 (0) 20 7398 7700
stephanie.cuthbert@abchurch-group.com
www.abchurch-group.com
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 and lung, helping radiologists to identify, measure and analyse potential disease and early indicators of disease. Medicsight's computer-aided detection (CAD) software has been validated using one of the world's largest and most population diverse databases of verified patient CT scan data. Medicsight's ColonCAD™ and LungCAD™ 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 1000 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 is 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.
About Medicsight's CAD software
Medicsight's ColonCAD™ and LungCAD™ software use an advanced CAD algorithm to analyse CT scans of the colon and lung 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 or normal structures and surrounding tissue in the lung.
Both CAD products seamlessly integrate with the 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.