Surgical technology

IMRIS announces growing sales, order backlog

WINNIPEG – IMRIS Inc. has reported its financial results for the year and fourth quarter ended December 31, 2007.

The company experienced substantial sales growth year-over-year, due to an increase in IMRISneuro installations. Its order backlog rose 62% year-over-year to $31.7 million, but gross profit percentage decreased year-over-year due to establishment of demonstration sites as part of commercialization strategy.

As well, net losses increased year-over-year, primarily due to increased staff levels as part of the company’s commercialization strategy

“Our ability to execute against our business strategies has resulted in strong growth year-over-year,” said David Graves, Chairman, President and Chief Executive Officer. “Sales increased from $4.3 million in 2006 to $17.4 million in 2007, and our backlog of signed orders increased to almost $32 million at the end of the year, reflecting the market’s growing acceptance of our product.”

Mr. Graves added, “We also received our first two orders from international customers in the year and opened sales offices in India, China and Europe to support our global expansion strategy. We expect that our order backlog will continue to grow as we expand our addressable markets and secure more agreements with leading hospitals around the world. Another highlight of the year was the successful completion of our initial public offering in November. The proceeds provide us with the necessary working capital to further the commercialization of our IMRISneuro product and the development of additional applications for our core technology, which we believe will open new markets for the company.”

About IMRIS
IMRIS (TSX: IM) is a global leader in providing advanced surgical imaging solutions designed to measurably improve patient outcomes. The company’s flagship product, IMRISneuro, is a fully integrated operating room that combines a unique, moveable MR imaging scanner with the IMRIS surgical information management system. The wide range of benefits, including real-time high resolution MR images, improved patient safety, enhanced surgical efficiency and increased financial viability for hospitals, results in a breakthrough imaging product unparalleled in today’s marketplace. The unique and innovative IMRISneuro has been validated by leading neurosurgeons around the world for use in world-class neuroscience centers. For more information, see www.imris.com.