Image Plus Consultants Limited which provides MRI medical scans made a $16 million loss in its second-quarter ending August 2024 as its operating costs rocketed during the quarter.

It was also empty on cash ending the quarter in negative $12.5 million in cash and equivalent. That's coming from $110 million in cash a year earlier.

Higher staff costs and depreciation related to its new scanning equipment resulted in the company burning through cash in the period. It reflects the wider difficulty in the micro economy as other firms are also posting losses.

The company recorded a 3.4 per cent decline in revenues for the quarter to $245.3 million, compared to the same period in the previous year. Over the six-month-period ending August 2024, total revenues amounted to $539 million, representing a 2.8 per cent decrease from the prior year.

"We are also actively scanning the market for inorganic growth opportunities that would add value to our performance," the company said.

The company’s management said that the shortfall was attributed to a 6.0 per cent reduction in scan volumes, with the total number of scans dropping to 26,955 during the review period.