Medical imaging software vendor Merge Technologies has announced it may not have the cash to continue operating beyond June 30 and may have to seek bankruptcy protection.
The Milwaukee-based company also announced its first quarter financial results, showing continued losses and reduced revenue. The quarterly net loss totaled $7.8 million, compared with a loss of $9.7 million during the same period last year. Merge now has generated losses from operations during nine consecutive quarters. Its 23 cents per share loss in the first quarter, however, was two cents less than investment analysts expected. Quarterly revenue was $13.7 million, down 14% from the same period a year ago.