Vital takes hit for 2008, despite cutting losses for Q4

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Vital Images, an advanced visualization and analysis company, has reported net losses for the fourth quarter and 2008  fiscal year, which ended Dec. 31.

For the fourth quarter, the Minneapolis-based company posted revenues of $17.4 million, an upturn compared with sales of $16.7 million in the fourth quarter of 2007. The firm reduced its net loss for the period to $386,000, compared with a net loss of $1.6 million for the 2007 fourth quarter.

For the fiscal year, Vital reported a net loss of $2.8 million, a downturn compared with net income of $1.37 million in 2007.

"Our fourth quarter results were solid in light of the difficult economic environment. We continue to see progress from our strategic investment in enterprise solutions, specifically ViTAL Enterprise," according to Michael H. Carrel, Vital's president and CEO. "ViTAL is healthy and financially strong, with nearly $150 million in cash and 2008 cash from operations of $8.6 million."