May 12, 2011 / 9:07 PM / 7 years ago

UPDATE 2-Imris loss widens, sees higher costs; shares fall

* Q1 rev fell 8 pct to $11.1 mln

* Sees lower gross profit for next two quarters (Updates share movement, adds outlook, details)

May 12 (Reuters) - Imris Inc’s first-quarter loss widened as the maker of surgical imaging devices was hurt by higher expenses and a drop in product installations, sending its Nasdaq-listed shares down as much as 13 percent in after market trade.

Imris expects gross margins to be lower in the next two quarters as it spends more to launch some new products.

The company’s losses for the first quarter more than doubled as operating expenses rose 41 percent to $9.5 million on higher spending on its radiation therapy and surgical robotics programs.

The company expects operating expenses this year to be higher than last year.

January-March net loss was $4.6 million, or 10 cents per share, compared with $2.1 million, or 6 cents a share, a year earlier.

Revenue for the quarter fell 8.3 percent to $11.1 million.

The company’s backlog of confirmed equipment sales and service contracts rose 11 percent to $115.1 million.

Imris’ U.S.-listed shares were down at $7.18 in after-market trade on Thursday. They closed at $8.26. (Reporting by Maneesha Tiwari in Bangalore; Editing by Saumyadeb Chakrabarty)

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