VeriChip hit with broader losses

VeriChip Corp. posts a wider net loss (all figure in US$) of $2.6 million ($.29 a share) in Q2, more than double its $1.2-million ($.21) loss in the same period VeriChip.JPGlast year. On the positive side, the Florida-based company, which maintains offices in Ottawa, raised revenue by 17.4% to $8.2 million. VeriChip attributes the higher loss to, in large part, increased spending on marketing for its new VeriMed patient identification system, an implantable technology that helps emergency room staff rapidly identify patients who are unable to communicate. CEO Scott Silverman credits the company’s Ottawa operations for much of the stronger revenue in Q2, fiscal 2007. “Our team in Ottawa continues to do an excellent job of securing new customers and solidifying our leading positions in [infant protection and wander prevention technology] markets,” he says.

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