Merge Healthcare Incorporated, a leading medical imaging solutions provider, today announced financial results for the first quarter of 2009.
First quarter net sales of 2009 totaled $15.3 million, compared to $13.7 million in the first quarter of 2008 and $15.1 million in the fourth quarter of 2008.
Operating income in the first quarter of 2009 was $3.5 million, compared to an operating loss of $8.4 million in the first quarter of 2008 and operating income of $3.7 million in the fourth quarter of 2008.
Net income in the first quarter of 2009 was $2.8 million, or $0.05 earnings per basic and diluted share, compared to a net loss of $7.8 million, or $0.23 loss per basic and diluted share, in the first quarter of 2008; and a net income of $1.9 million, or a $0.03 earnings per basic and diluted share, in the fourth quarter of 2008.
In the first quarter of 2009, the cash balance increased by $1.8 million to $19.7 million at March 31, 2009. In addition, net accounts receivable increased by $0.6 million to $13.4 million, while deferred revenue decreased by $2.0 million to $14.8 million at March 31, 2009.
Merge Healthcare has started 2009 with a solid quarter in a difficult economic environment, states Justin Dearborn, CEO. We are pleased to deliver a third consecutive quarter of EPS growth, and look forward to discussing the results in more detail on the call later today.
Conference Call Information:
Merge will hold a public web cast today at 4:15 p.m. EDT to review financial results for the first quarter of 2009 and to provide an update on business operations and strategy. Immediately following, there will be a question and answer session.
Investors will have the opportunity to listen to the conference call via telephone or over the Internet at Merge Healthcare Web Cast. To access the call, dial 1.800.221.2015 or 706.634.2159. The Conference ID Number to reference is 96808446. A replay via the Internet or telephone will be available shortly after the call at http://www.merge.com/investor/conferencecall.asp.
Merge Healthcare's solutions solve mission-critical issues for radiology practices, outpatient imaging centers, hospitals, pharmaceutical companies and device manufacturers worldwide. For additional information, visit www.merge.com.