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The software involved in the Dominion isn't really at issue from my perspective for booking revenue, there may be other issues I am not considering and this really isn't the forum for me to give SEC legal or accounting advice or opinion.
It is true for service contracts which we currently offer and recieve funds in advance for, but must book that income over a twelve month period. It doesn't effect yearly income, just quarterly income. So you are correct in that attribute.
Dean
Frank,
Good question. The answer is no, since PACS has been around now for several years it has become a mature market and product with general compatibilities, especially DICOM standards. What will be more difficult is our proprietary 3D modeling techniques and how to encompass those images in a fast, safe and accurate transfer, which is of course something we are working on, but not really worried about. Connectivity is very important for hospitals today and the future of medicine.
Dean
Poppo,
Well since you've been married to your wife for 50 years, sounds like you should trade her in for a newer model, lol...
Thanks for being an investor at any level.
Dean
Poppo,
We will offer "inservice" training on our equipment when it is installed and work towards certification for continuing education credits for this training, which most technologists need for their licenses. This article relates more to the problem of retention versus training as there is a great dealing of training available for x-ray techs in this area. Our technology is far superior in that it requires less technical interaction to perform the 3D imaging, our technology is a point and shoot, versus complicated computer modeling processes. The future in medical imaging is 3D and there are terminologies that are required learning for the technologist and physician to understand for image orientation, but fortunately the medical community has taken steps for preparing and educating its technologists and physicians....
Dean
Poppo,
No those are old images from our proof of concept prototype. We will be adding a new skull with a vascular injection soon which is totally cool...
Thanks for all the investor faith here with the exception of Raider Nation, who would expect a Raider fan to hold his shares, lol, I'm only kidding about that comment so please don't get upset. Since I was born and raised in Denver, I have to take ANY opportunity to rub a Raider fan I can get.
Our stock traded the most volume in a week since being public this week, so I hate to disagree with the charts but next week looks very interesting as well.
Dean
Bluebird,
Yes that would be possible, but the expense far outweighs the benefit right now. European countries have the CE mark which also isn't very straight forward, but something we will have along with the UL process. We will have more influence in foreign markets with FDA approval as it is somewhat a stamp of legitimacy and quality.
We plan to address foreign markets along side the US markets and we won't have long to wait.
Thanks for your interest....
Dean
Interesting, Mike Nessen actually purchased the book he descibes in his article, "The End of Medicine", which is a very good read with ideas I agree with, ofcourse most especially 3D imaging. Another good future predictor is a series on the Discovery or Science Channel called 2057, in one portion they show us the future of medicine with 3D scanners and 3D image guided surgery, which is where medicine will be in the future. I'm glad you have picked up some shares and hope you do so into the future as we have just begun and have only been a public company for 18 months!!
The FDA is fickle and difficult to nail a solid time frame. I have personally filed three 510k's and they shortest was 90 days the longest 6 months. The SEC in our submission required me to inform investors it could take up to 2 years, which is more typical of class III invasive devices requiring extensive clinical studies. Anyway, lets hope for the best and plan for the worst as government agencies defy logic.
Dean
taylorbabe,
We will be releasing that info once we have a solid committment ironed out. There are other things attached to that trip I can't talk about yet, but should be able to discuss and press release by the end of summer. My hands are tied right now and remember lawyers always make things more complicated.
Dean
Gentleman Jim,
I'm glad someone saw that and posted it. Have everyone you know view this video on youtube. I'd like to get many views so it becomes more prominant. Their isn't alot new here, but it is a practice run for our media push, which will be much more sophisticated and will new images we have promised. Tell all of you friends and family to watch this.
Thanks,
Dean
Spunkman,
I know you are concerned, but we aren't just sitting around and not releasing information, look at the last few press releases. The last one was the FDA filing which should have sparked some interest in that we are serious in making this product. We release earlier this year our first sale, before FDA approval and were rewarded with a dip in PPS. We are moving forward cautiously right now as the bigger milestones lie ahead. Again I appreciate your frustration, but I cannot pander to the market.. We are preparing for as I have said in a previous posting, for a BIG media campaign. This takes time and needs to be done flawlessly as you only get one chance at this type of campaign.
Dean
Raider Nation,
The response is simple the radiation dose for exposure is well within the legal limits so the FDA will have no problem with that aspect. Secondly, the radiation is comparable to a c-arm dose and in many instances far less, up to 52% less, which is part of our FDA application which they will be very happy with. Lastly, the CT dose range we use is extremely lower than standard CT, especially the new 64, 128 and 256 slice CT models, which the medical community is having a debate on whether the exposure is worth the diagnosis. Our CT uses cone beam CT which has been proven to be not only as effective, but does so at much lower exposure levels since it still remains in the fluoroscopy exposure range, not the significantly higher film or spot shot range. Our dose difference in the CT mode would be in the range of 100% to 1000% less depending upon what type of CT your are comparing it to.
Basically, we are providing advanced 3D imaging with the worst case being the same does as a c-arm exposure, best case 52% less.
Dean
The difference between our product and the Siemens Iso C is that our product works in 3D real time exclusively, where-as the Iso C can create a 3D reconstruction. It cannot ever get into the real time 3D catagory since it must scan exterior to the patient, meaning the C rotates around the patient and can strike the patient, table or physician so it cannot scan very quickly safely.
The Siemens product, like so many other 3D products has 3D as a novelty option and their imagery isn't very good as well. What we are creating is analogous to CT or MRI in its uniqueness and impact in medical imaging, so it isn't hard to understand peoples confusion at this time. This is why we are currently working on creating relevant imagery to explain the impact of our technology to the extent the differences will be obvious.
3D real time will change medical imaging forever and leave physicians wondering how they ever lived without it.
Dean
HighHopes,
I am not sure what the international market size is, or to be more precise what the exact number is. All of the estimates vary too much for us to accurately nail down a reliable figure. The rule of thumb is that the entire international medical imaging market is 1/2 of the US market, if that helps. Yes we are very proactive in this market and have several leads overseas, some wishing to be luminary sites. The international business will be addressed simultanious with the US market, but we will need to get the CE mark, which is something we have planned when we get our UL mark.
Fortunately RSNA has over 70,000 physicians in attendance from all over the world and we have collected several leads since 2003.
Dean
Madtig6,
Why so little?? Just kidding, thanks for believing.
Dean
Raider Nation,
We fully intend to do a wide spread full press PR/IR campaign towards the end of this year including beta, imagery, luminary sites and FDA. We are only releasing information about milestones and timelines right now, I think I explained the issues of beta and why we cannot talk about that.
The new imagery is being delayed as we constantly are improving the 3D display construct and working on FDA protocol simultaniously. We hope to have some new images very soon, remember we also have to compress them to show on our website and that takes time as well.
Our goal is imagery that defines what our product does and how it will impact the average persons life. They say a picture is worth 1000 words and that couldn't be more true with our product. We in the development team have been working to that end and hope to make a big splash with the media. Since we only get ONE chance at this we need perfection, which is the reason for the delay.
Oregon Health & Science will not take delivery of their system until the end of the year and definitely not until FDA approval. We are working to have two production prototype by year end, one for OHSU and the other for RSNA.
Lastly, I know there has been a great deal of frustration with our stock, no one more than I as to what our PPS is. This will improve as we get further down the road with milestones. Let whomever wants to sell to get out, they will just pull us down in the future.
Dean
Wow, I think I am going to sign up to Scottrade, my detail info reports doesn't show their names once they have registered street name stock. I know all of these investors except for Blair Capital, never heard of them?? None are "insiders" and three of them I know sold shares to buy more, I can't say which...
Dean
Raider Nation,
I don't know why we aren't listed, I had our sales rep fly out to Chicago to get us a better location, not sure what the outcome was but we are definitely an exhibitor for this and next year.
Dean
Looking for loot,
Your guess is as good as mine, if they were TRUE insiders they would have to report it, otherwise once their stock is in street name it is a blind transaction to the company. No one associated with management has or ever will trade their shares.
Dean
No the FDA approval is a pass or fail and you will only be informed whether or not a device is approved or not. If a device isn't approved the process can continue until they are satisfied the device is safe & effective and follows Federal Guidelines.
To answer another question, technically you can ship before approval, but it isn't wise and comes with some liabilities.
Dean
Manalo84,
We are all working our tails off to show new images and file the FDA 510k. As things usually work out they will all probably happen at the same time or within days of each other, but that is the news you should see fairly soon. How soon I cannot speculate as when I get tied to a date and miss that date the PPS is usually punished. We have purposely not let fluff press out at this time as we will have real news and serious milestones this year. But as I've seen when we released our first sale it doesn't always effect the PPS positively either. Our hope is we will do a full out media blitz when we can show more relevant and easy to understand imagery, which should effect the PPS positively by added new potential buyers.
I hope this helps, probably not what you wanted exactly, but as always it is the truth. Let the non-believers leave or short sell, I'll definitely have the last laugh...
Dean
Guys,
I know we haven't done a press release in awhile, but hang in there some really good things happening here now and in the future.
Dean
TB,
These are all left over from the fire and should be off our books very soon. Most if not all have been settled with maybe one or two left to settle. The rest is legal mumbo jumbo, SEC required risk factor statements.
Dean
Poppo,
Yes we are currently working on it. We had hoped to file it in April, but with my trip to Korea it was delayed. We expect to file it by the end of this month.
Dean
No, we just aren't releasing images just yet...
Dean
Waka,
Thanks for the tip, I'll have Mike check them out....
Dean
Great Question,
The short answer is yes, but since we are a visual product we need good clinical images before we attempt to do so. We are working on getting those soon enough. We have several contacts with several news and media sources, so once we are ready it should be pretty exciting. It is also good to be in Burbank since there are many media groups based here and throughout LA.
Dean
tryn2makamil,
You are right the timing was extremely poor. What most of you don't know is this was scheduled for Friday March 30th, but my Korean trip was extended and I couldn't make it. I guess we aren't good Christians as all of us didn't realise last Friday was Good Friday! We were left with a dilema, but we felt after releasing the info via press release we should continue as scheduled. We also felt it would seem very flaky for us to release a rescheduled press release, who knows it could of been better if we had, but hindsight is always 20/20.
As to the rest, the Mn1 people are to blame for the slow and sloppy posting of the interview. Mike Nessen and others on this site get the credit for lighting the fire under there feet to get the video posted.
Lastly, I think there was an earlier post that totally rings true, it is almost as difficult to get our company promoted as it is developing the Dominion. It is especially difficult as an over the counter penny stock. We did not pay for this interview so that should lend some extra credibility as well as explain there slow response.
Dean
Taylorbabe,
The trip went well, though very exhausting as most overseas trips are. We visited several manufactures sites throughout Korea and we are finalizing our discussions on manufacturing the Dominion as well as a private labled new c-arm.
I'll provide more info via press release within the next few weeks/months as we firm up the important details.
Dean
Looking for loot,
There should be a picture of it on the website. There are several pictures from the RSNA tradeshow's showing it along with our booth. Also later this week, the video of the Dominion working will be posted on our site as well. It will take some work compressing it, but it should be up this week.
Dean
Looking for loot,
Now you guys have me confused!!! I don't remember who posted what, but as you could guess I like it when people see the opportunity to buy IMGG. Yes we are all very disappointed in the PPS and quite frankly from my end there really isn't a great deal we can do about it. We here at Imaging3 are focused on our business plan and are working to make this product a winner. I can't promise anyone a sure thing, would you like me to pay your taxes on your gains, lol... We are however a great team and company taking a great product to the market.
Hang in there all those who're going long, those who are selling don't have an unlimited supply. I'd also like to note there is someone on the other end buying. It isn't like we are trading 10K a day, we have traded over 4Millon shares in about 4 weeks...
Take care I won't be able to post for awhile I'm going overseas to discuss potential production.
Dean
Thats what I like to hear!
Tom,
I'd like to chime in on that question.. If you consider we expect to start selling these devices by year end and hopefully move to full production in 2008 and beyond the longer term prospect is much more positive.
The Dominion with 3D real time and the CT option will retail for approximately $500K and our margin is expected to be in the 30 to 50% range. With approx 10,000 hospitals and 3,000 freestanding surgery centers in the US alone all potentially purchasing one or more, you can do the math and see what potential there is....
I hope that answers your question.
Dean
Poppo,
No not a stupid question at all. In fact it will be another asset of the dominion. It is funny you ask this as last year a Physicist asked me the same question at RSNA and he left vey excited. Pet CT will be another of very many important aspects or modalities the Dominion will be very compatible with, especially with its portability.
Dean
Poppo,
Most definitely, especially in Cardiac and ER environments. With ofcourse the added bonus of a significantly lower dose and true 3D real time imaging to guide invasive procedures.
Dean
Waka,
If I came off as complaining to you directly I appologise. That was a general frustration statement, it just seems odd with such good news our PPS is where it is.
Dean
Frank,
Excellent question. The short version is they will be using the Dominion to align and assist with treatment planning. Many may not know but radiation therapy typically lasts more than one visit. When the patient shows up for the treatment planning and then for the treatment, a few days to a month could have gone by. The Dominion will allow instant reference of the current tumor location and allow them to align the patient for treatment. There will most definitetly be some interfacing required as well as customization of certain elements of the Dominion, primarily software. Mostly to interface with MRI & CT data sets and the varying software used for the treatment planning and alignement.
Another element is the speed of acquizition, the Dominion will be able to acquire its 3D data in .2 to .8 seconds per revolution which will allow to compensate for respiration more effectively and accurately.
That is why it is particularly important and exceptional news that we found a partner willing to assist us in developing and customizing our product for this very important and lucrative niche market.
Dean
Waka,
Wow, I am so suprised about people and the markets response to the Luminary Site. Here we are ahead of our schedule in the business plan and make our first sale prior to beta and FDA and we loose a penny in PPS?? It is important to align ourselves with these key sites and close them when we can as they are an important element in our marketing and business plan. FDA approval is a contigency, but it is nice that a facility wishes to be the first install despite FDA & Beta, an acknowledgement of how significant they feel this technology is.
For all of those wanting or skeptical of potential sales and our ability to sell, this should be quieting their doubts somewhat, especially once we have closed a few more.
Beta still hasn't started and we will let you know when it does as well as provide images once we have them.
Dean
Dave,
Thanks, I won't use it at all. I really want this board to be open to any and all opinions/questions. I just resent people comparing this board/company to scams out there. I think there is a good group of people that will call these people out when the present unfair or bias to this board, including myself.
Thanks,
Dean
I resent the fact that you even compare this board with the link you posted. We at Imaging3 agreed to participate on this board to assist potential investors in their Due Dilligence and nothing more! Gentleman Jim has been a very good moderator of this board directing people to perform their own DD and actually encourages questions. I feel this board is a great tool for investors and with Imaging3, it actually gives them some direct access to management.
Dean
Steve,
Service will be provided by distributers throughout the country, some of these relationships already exist with our existing products. Others will be developed per region and trained and supported by Imaging3 employees. In certain instances technicians will fly out from California, but only major problems. This is a tried and tested approach used by many companies which had to grow into sales and support in the US, Toshiba being one of my favorite examples and a previous empoyer of mine.
Service is also very lucrative in the medical field as service contracts typically cost 10% of the purchase price with product life expectancy between 5 to 10 years depending upon who you talk to. So if we sell a $500k high end system, we have the potential to earn another $500k over ten years, excluding the warranty period which is one year.
I hope that answers your question...
Go Army!!!, we don't have a latin motto..
Dean