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Ophthalmic Imaging Systems, MediVision end merger agreement

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SACRAMENTO, Calif. — Ophthalmic Imaging Systems and MediVision have decided to terminate their merger agreement, OIS announced in a press release. Under the agreement, which the companies announced in March 2008, MediVision would have become a subsidiary of OIS.

OIS, a majority-owned subsidiary of MediVision, attributed the agreement's dissolution to the estimated inflation of costs the companies and their respective stockholders would incur related to regulatory requirements.

"While we have terminated the merger, we are currently considering alternatives to consolidate our operations with MediVision," Gil Allon, chief executive officer of OIS, said in the release.

Also in the release, OIS reported $3 million in net revenues for the fourth quarter of 2008, a decrease compared with net revenues of $3.6 million for the fourth quarter of 2007.

The company posted a fourth quarter net loss of $1.7 million, or $0.10 per basic and diluted share, compared with a net income of $100,000, or $0.01 per basic and diluted share, reported during the same period in 2007.

For the full-year 2008, OIS reported $12.5 million in net revenues, representing a decline compared with net revenues of $14.5 million in 2007. The company also reported a full-year net loss of $1 million, or $0.06 per basic and diluted share, compared with net income of $1.6 million, or $0.09 per basic and diluted share, reported in 2007. The company's total net loss for 2008 includes $800,000 that was ascribed to newly formed subsidiary Abraxas Medical Solutions. Abraxas launched electronic medical record and practice management solutions during the fourth quarter and expects to boost sales this year, according to the release.