3D Diagnostic Imaging, makers of the CarieScan Pro caries detection device, is seeking a partner in the dental market after reporting lower-than-expected revenues in the second half of its most recent fiscal year (end-December 31, 2011).
Revenues for the six-month period were £68,000 ($107,500), a 90% drop from revenues of £566,000 ($895,000) for the corresponding six-month period in 2010. Losses before tax amounted to £987,000 ($1.56 million), compared to losses of £981,000 ($1.55 million) for the same period in 2010.
"What has proved frustrating has been the company's difficulties in achieving any meaningful level of sales traction in the period under review," said David Snow, interim non-executive chairman of 3D Diagnostic Imaging, in a press release. "This in part can be attributed to the high levels of stock held by certain distributors at the beginning of the period and the negative impact of the manufacturing defect that was experienced and fully resolved in the earlier part of the calendar year."
The company's performance has also been affected by the general economic uncertainty and the company's reliance on third-party distribution partners, "a number of whom have not performed as we had hoped," Snow stated.
As a result of these issues, "the board is taking active steps to explore the possibility of there being a suitable entity, with adequate resources and an existing international distribution infrastructure, with whom to partner in the dental sector," he added.
